• US April CPI 8.3%; Core CPI 6.2% (month-on-month core was +0.6%)
• FOMC
• Sibanye-Stillwater* (JSE code: SSW) update the market hated.
• Kaap Agri (JSE code: KAL) results
• Wandile Sihlobo on agri in SA.
• New Satrix global healthcare ETF.
• Thungela Resources (JSE code: TGA) could pay an R100 dividend this year, putting them on a +40% DY.

1-year FAANG returns ° Meta ° Apple ° Amazon ° Netflix ° Alphabet pic.twitter.com/VybsCoWDfh

— Simon Brown (@SimonPB) May 9, 2022

* I hold ungeared positions.

• Combined Motor Holdings* (JSE code: CMH) results, Best ever.
• Renergen* (JSE code: REN) cold commissioning of phase 1 going well.
• New global healthcare ETF coming from Satrix. Currently in IPO and listing 26 May.
• EU unveils a proposal to ban Russian oil imports within 6 months, all refined oil products by the end of the year.
  • OPEC+ Sees Production From Non-Opec Participants in OPEC+ at 18.2 mln Bpd in May, 600,000 Bpd Lower Than Last Forecast
• Lyft (Nasdaq code: LYFT) shares fall 26% on disappointing forecast (earnings 75% below expectations) as they say they'll pay drivers more.
• Intel says chip storage till 2024 at least.

"Stagflation is most commonly referred to as the simultaneous experience of three separate negative economic phenomena: rising inflation, rising unemployment, and the declining demand for goods and services."

The best defence is generally commodities.

* I hold ungeared positions.

The world's oldest exchanges starting in India all the way through to Amsterdam.

Staring in Kimberly in 1881 through to the present Simon details the history of stock exchanges in South Africa.

• US inflation 8.5%, UK 7.0%
• Capitec* (JSE code: CPI) results and a special dividend.
• Dave Segall asking about "Looming food and fertiliser shortages" and impact on local agriculture stocks.
• Purple Group* (JSE code: PPE) trading update (here are my previous expectations).

* I hold ungeared positions.

• I have closed my Nasdaq long position. Still long FTSE100.
• Purple Group* (JSE code: PPE) trading update. Looks a little better than I expected.
• MTN (JSE code: MTN) more Nigerian woes.
• Reports that Woolies* (JSE code: WHL) may be selling David Jones.
• Elon Musk buys 9.2% of Twitter (NYSE code: TWTR).
• Moodys upgrades sovereign and banks from negative to stable.
• Deutsche Bank says: US recession in 2023 and stocks to fall 20% by summer 2023

20% interest rates, capital controls, no foreign selling on the Moscow Exchange, selling oil & gas in Roubles (maybe), reports of paying interest on debt with Roubles and of course traders in for a buck.

• Just One Lap is 11 years old :)
• FOMC, as expected. Local MPC tomorrow.
• Nasdaq, time to buy? Also FTSE100. Both a technical buy, not taking a view on the fundamentals.

Brent almost back at US$120.

• China opened up already, well Foxcon at least.
• Tencent results, flat-lining.

The end of an era! So says Tencent as revenue grows in single digits, the lowest quarterly number since listing back in 2004. Tencent’s declaration is resignation that any expansion will be cautious and controlled. Prosus down 8.2%, Naspers down 8.4%. Prices still look vulnerable

— David Shapiro (@davidshapiro61) March 23, 2022

• Thungela Resources (JSE code: TGA) results and 1800c dividend.
  • "developments in terms of new thermal coal projects which have been hampered by financing opportunities, given ESG pressures on carbon fuels"

* I hold ungeared positions.

• Big banks now all have released results, mostly good albeit off low base.
• Covid cases in China surge, new lockdowns.
  • Hello, more supply chain mess.
• People asking if I updated my view on Purple Group* (JSE code: PPE). Nope, volatility likely helping the revenue, but I need new data (results) first.
• Commodities weak, brent oil now in a technical bear market.

China's state council has in one move just: *Pledged to keep capital markets stable *Vowed to support overseas stock listings *Said dialogue with US re ADRs is 'good' *Promised to handle risks for property developers *Clarified regulation of Big Tech will end 'soon' *BOOM pic.twitter.com/xHYgcbchCo

— Sofia Horta e Costa (@SofiaHCBBG) March 16, 2022

* I hold ungeared positions.

• Shoprite* (JSE code: SHP) results, it's all about innovation.
• Strong un International* (JSE code: SUI) update.
• War in Europe, commodities still the story. Very volatile, that's expected. But I expect more upside and I am happy to hold.

• • 17 March ~ JSE Power Hour: Geopolitics, inflation and markets

Tencent has been under pressure

Naspers and Prosus have been hit even harder

Live Prosus discount to net asset value (NAV) is now some 55% after hitting 60%. 

VK (old mail.ru) has been written down to zero.

Generally unlisted is worth a lot less than stated?

• VIE structure
• China has not taken sides in the war, so far
• Tax on profits if they sell Tencent
• More Chinese crackdowns?
• Prosus has been wasting money from the sale of 2% stake in Tencent?
• Buying back shares
• Buying Delivery Hero (Frankfurt code: DHER)

* I hold ungeared positions.