The JSE ended 4.5% lower in May - almost nowhere to hide as the emerging markets risk off trade continues. The Rand hasn’t reacted very well either, and in fact, was lower after the trade balance and PMI manufacturing numbers were released. Oil has come off from $80/bbl. Europe’s having a bad week as political tension in Italy continues and Spain’s Rajoy steps down ahead of his vote of no confidence. US non-farm payrolls printed at 223k, beating Wall Street’s expectations of the US economy adding 193k – unemployment now 3.8%. In company results worth mentioning: Spar, Tongaat and Mr Price all reported. And finally, how much would you pay to have lunch with a famous person? Someone paid R3.3m to have lunch with Warren Buffett... and they’re not even allowed to ask him what his next investment is going to be!