2

The concept of quantitative easing and other heterodox

policy tools had their purpose early on in the crisis, but the

continued use of these tools has decreased significantly

their benefits and are now proving to be damaging for

global financial stability. Gerardo Rodriguez, Emerging Market Allocation Fund at

Blackrock

In this Issue Weekly Wrap Up……………………………… 1

Local Company Events…..………………… 1

In the News Local Company’s…………….. 2

Offshore Company Events…………………. 4

In the news Offshore Companies…………. 4

World Economic Events……………………... 5

Conclusion…………………………………….. 14

This Week’s Highlights RBA Meeting Minutes (Tuesday)

FOMC minutes (Wednesday)

Fed Bullard Speech (Wednesday)

Fed Williams Speech Thursday)

Japanese Balance of Trade (Thursday)

Week Ahead Issue 09 15 August – 19 August

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Sinayo Securities 2 Maude Street 14th Floor The Forum Building

Weekly Market Wrap up

Below is a brief synopsis of what happened in the markets in case you missed out on some key

stories and events that moved the market. The stronger than expected US job reports continued to

reverrate still during the beginning of the week. The dollar continued to weaken despite indications

of a strong economy. Crude oil followed also weekend on increases in inventories and supply.

Monday began with markets still looking to fully

discount the stronger than anticipated US non-

farm pay roll numbers. Steinhoff also announced

its acquisition of US Mattress firm for $ 2.4

Billion. Steinhoff offered $64 a share in cash,

more than double last week Friday’s $29.74

closing price. Tuesday saw a pause in the oil rally

as OPEC members are scheduled to meet next

month. BP has announced that it is looking to

sell its 50% stake in SECCO a Chinese

petrochemical Joint Venture. Gap posted smaller

than expected decline in sales. On Wednesday

Turkey and Russia amend ties that were broken

in November after the bombing of a Russian

airplane, UK and Iran were also on talks to repair

relations. Disney’s earnings topped estimates.

Thursday opened up with crude oil retreating 2%

overnight following the record high inventories

in the US at 523.6 million and Saudi Arabia

output reaching 10.67million barrels per day.

Chinese data was released on Friday.

.

2

Local Company Events

This week’s company events are comparatively a bit more exciting with 39 companies reported

to release results this week. Companies

Company Name Company Ticker Date Date Type Time Type Period

JSE Ltd JSE SJ 2016/08/15 C 09:00 EC S1 2016

AngloGold Ashanti Ltd ANG SJ 2016/08/15 Confirmed 09:30 EC C2 2016

Mpact Ltd MPT SJ 2016/08/15 C 12:00 EC C2 2016

Aspen Pharmacare Holdings Ltd APN SJ 2016/08/15 14:00 SM Y 2016

AngloGold Ashanti Ltd ANG SJ 2016/08/15 C 15:00 EC S1 2016

Interwaste Holdings Ltd IWE SJ 2016/08/15 E ER S1 2016

JSE Ltd JSE SJ 2016/08/15 C ER S1 2016

AngloGold Ashanti Ltd ANG SJ 2016/08/15 C ER S1 2016

Group Five Ltd/South Africa GRF SJ 2016/08/15 C ER Y 2016

Randgold & Exploration Co Ltd RNG SJ 2016/08/15 E ER S1 2016

Bid Corp Ltd BID SJ 2016/08/15 E ER Y 2016

Curro Holdings Ltd COH SJ 2016/08/16 C ER S1 2016

Harmony Gold Mining Co Ltd HAR SJ 2016/08/17 C 07:05 ER Y 2016

Harmony Gold Mining Co Ltd HAR SJ 2016/08/17 C 07:50 EC C4 2016

Anchor Group Ltd ACG SJ 2016/08/17 C ER S1 2016

Clientele Ltd CLI SJ 2016/08/17 E ER Y 2016

Metair Investments Ltd MTA SJ 2016/08/17 C ER S1 2016

Distell Group Ltd DST SJ 2016/08/17 E ER Y 2016

Metair Investments Ltd MTA SJ 2016/08/18 C 10:00 EC S1 2016

Standard Bank Group Ltd SBK SJ 2016/08/18 C 10:00 EC S1 2016

Gold Fields Ltd GFI SJ 2016/08/18 C 16:00 EC S1 2016

Standard Bank Group Ltd SBK SJ 2016/08/18 C ER S1 2016

AdaptIT Holdings Ltd ADI SJ 2016/08/18 T ER Y 2016

Vunani Ltd VUN SJ 2016/08/18 E ER S1 2016

Exxaro Resources Ltd EXX SJ 2016/08/18 C ER S1 2016

Gold Fields Ltd GFI SJ 2016/08/18 C ER S1 2016

Truworths International Ltd TRU SJ 2016/08/19 E ER Y 2016

Ascension Properties Ltd AIA SJ 2016/08/18 E ER Y 2016

Emira Property Fund Ltd EMI SJ 2016/08/19 E ER Y 2016

Table Code EC = Earnings Call SM = Shareholders Meeting ER = Earnings Release

2

In case you missed a few announcement and events or need a brief recap, below are some of the

announcement and events that have taken place in the past few weeks in relation to some of the

companies that are releasing their earnings results this coming week from August 15 to August 19

2016. This week some of the big mining companies are releasing their results and it should be of

great interest to analysts and investors alike.

AngloGold Ashanti Ltd

The globally diversified gold mining company is

releasing its results today. The gold mining sector

has shown signs of recovery this year with the

gold price rising by 26%. Major factors that

investors will be looking out for is when

company will start paying its dividend, another

important issue will be the unrest in its Obuasi

mine in Ghana. There was a significant

improvement in its cash flow which increased to

a staggering amount of $ 108 million representing

a threefold increase from the previous year’s

reporting period. Headline earnings were also

up to $159 million compared with $61 million in

the previous year.

Harmony Gold Ltd

A key issue for Harmony will be financing it’s

Golpu copper/gold project in Papua New

Guinea (one of the world’s premier new gold

regions) remains a concern for investors. The

share price closed 1.82% lower on Friday at

R60.35 per share following a release of its trading

statement. Headline Earnings per share are

expected to be within the range of 202 cents and

240 cents per share which would be 391 and 429

cents above the previous comparable period

where a 189 cents per share headline loss was

reported.

2

Offshore Company Events

Earnings season in the US continues and below is a list of some of the companies that are

releasing results this week.

Company Name Company Ticker Date Date Type Type Period

JPMorgan Chase & Co JPM US 2016/08/15 Confirmed OT Cred-Card Charge Offs

Discover Financial Services DFS US 2016/08/15 Confirmed OT Cred-Card Charge Offs

Capital One Financial Corp COF US 2016/08/15 Confirmed OT Cred-Card Charge Offs

Bank of America Corp BAC US 2016/08/15 Confirmed OT Cred-Card Charge Offs

American Express Co AXP US 2016/08/15 Confirmed OT Cred-Card Charge Offs

Citigroup Inc C US 2016/08/15 Confirmed OT Cred-Card Charge Offs

Wal-Mart Stores Inc WMT US 2016/08/18 Confirmed ER Q2 2017

Wal-Mart Stores Inc WMT US 2016/08/18 Confirmed EC Q2 2017

Estee Lauder Cos Inc/The EL US 2016/08/19 Confirmed ER Q4 2016

Estee Lauder Cos Inc/The EL US 2016/08/19 Confirmed EC Q4 2016

In the news- Offshore Companies

In case you missed a few announcement and events or need a brief recap, below are some of the

announcement and events that have taken place in the past few weeks in relation to some of the

offshore companies that are releasing their earnings results this coming week from August 08 to

August 12 2016.

Credit-Card charge offs and

Delinquencies

This week we have US major banks releasing

their credit card charge offs and delinquencies.

Charge-offs are the value of loans and leases

removed from the books and charged against

loss reserves. Delinquent loans and leases are

those past due thirty days or more and still

accruing interest as well as those in nonaccrual

status.

Citizens have no control over when a debt is

charged off. That is determined by law and the

lender. Even if one has every intention of

repaying the loan, it may still be charged off. A

credit card account is usually charged off when

the customer fails to make minimum payments

for 6 months.

Given that major banks in the US will be

releasing these figures it will be interesting to see

how many citizens are behind in paying their debt

2

Source: Fred Economic Research

even if they have every intention of paying their

debts. The results of this will put the FED in the

limelight yet again, with many FED speakers

speaking this week it will be interesting to see

what comments are made regarding the financial

situation of debt payers in the US.

Walmart

This week Walmart releases its 2nd quarter

results and the consensus is to beat expectations

when it reports its fiscal second-quarter 2017

results on Aug 18, earnings are expected to be in

a range of 95 cents to $1.08 per share, compared

with the prior-year quarter’s earnings of $1.08 per

share.

Last quarter, Walmart posted a positive earnings

surprise of +11.36%. One must also note that

the company has posted positive earnings

surprises 3 out of the last 4 quarters and a

negative surprise in the remaining quarter,

translating to an average positive surprise of

4.01%.

The company has not updated its fiscal 2017

guidance but stated at the annual investor day

that fiscal 2017 sales will remain flat due to the

stronger-than-anticipated negative impact of the

dollar and store closures globally. Excluding the

impact of currency and store closures, the

company expects net sales growth in a range of

3% to 4%. Currency is expected to hurt sales by

+-$12billion.

Further, Wal-Mart expects its earnings in a range

of $4.00 to $4.30 per share for the year, compared

with $4.57 per share posted in fiscal 2016. The

decline in year-over-year growth is due to higher

2

wages and increased spending on e-commerce

activities. Higher wages and training costs are

expected to negatively impact earnings by $0.30

per share, while currency is expected to impact

earnings by $0.10 per share.

Though the company is making efforts to boost

its sales and regain investors’ confidence, it still

faces many headwinds, which will reduce

earnings in the near term due to large capital

intensive investments. Higher expenses, lower

margins at Wal-Mart U.S. and currency

headwinds are also expected to negatively impact

results.

World Economic Events

The table below shows the weekly calendar of economic events taking place the whole of this

week. This week the major events will be the FOMC minutes on Wednesday and the speeches

coming out of the US Federal Reserve. Figures coming out of the UK post Brexit will also be quite

directional for markets, with the slowdown in the UK expected to reverberate through into Europe.

Monday August 15 2016

Time Country Event Actual Previous Consensus Forecast

01:50 AM JP GDP Private Consumption QoQ Prel Q2 0.20% 0.7% ® 0.20%

01:50 AM JP GDP Price Index YoY Prel Q2 0.80% 0.9%

01:50 AM JP GDP Growth Rate QoQ Prel Q2 0.00% 0.5% 0.20% 0.50%

01:50 AM JP GDP Growth Annualized Prel Q2 0.20% 2.0% ® 0.70% 2%

01:50 AM JP GDP Capital Expenditure QoQ Prel Q2 -0.40% -0.7% -0.10%

01:50 AM JP GDP External Demand QoQ Prel Q2 -0.30% 0.1% ® 0.00%

04:30 AM TH GDP Growth Rate QoQ Q2 0.80% 1.0% ® 0.50% 0.30%

04:30 AM TH GDP Growth Rate YoY Q2 3.50% 3.2% 3.20% 3.00%

06:00 AM ID Balance of Trade JUL $0.59B $0.89B ® $0.8B $1.3B

06:00 AM ID Exports YoY JUL -17.02% -4.42% 0.97% 1.40%

06:00 AM ID Imports YoY JUL -11.56% -7.41% 6.18% 3.00%

06:30 AM JP Capacity Utilization MoM JUN 1.50% -2.4%

06:30 AM JP Industrial Production YoY Final JUN -1.50% -1.9% ® -1.90% -1.90%

06:30 AM JP Industrial Production MoM Final JUN 2.30% 1.9% ® 1.90% 1.90%

07:00 AM SG Retail Sales MoM JUN 1.4% -1.30%

07:00 AM SG Retail Sales YoY JUN 3.0% 1.10%

08:00 AM FI Current Account JUN €78M € 86.4M

2

08:00 AM FI Inflation Rate YoY JUL 0.4% 0.30%

08:00 AM FI Inflation Rate MoM JUL 0% 0.20%

09:00 AM TR Unemployment Rate MAY 9.3% 9.20%

09:15 AM CH Producer & Import Prices MoM JUL 0.1% 0.30%

09:15 AM CH Producer & Import Prices YoY JUL -1% -1%

10:00 AM NO Balance of Trade JUL NOK7.0B NOK 8.9B

12:00 PM DE Bundesbank Monthly Report

12:00 PM IE Balance of Trade JUN €4.0B € 4.1B

12:45 PM SA Inflation Rate YoY JUL 4.1% 4.20%

02:30 PM US NY Empire State Manufacturing Index AUG 0.55 2 3.7

03:00 PM RU Industrial Production YoY JUL 1.7% 0.80% 1.30%

04:00 PM US NAHB Housing Market Index AUG 59 60 58

05:30 PM IL Inflation Rate YoY JUL -0.8% -1.00%

05:30 PM IL Inflation Rate MoM JUL 0.3% -0.10%

05:30 PM US 3-Month Bill Auction 0.285%

05:30 PM US 6-Month Bill Auction 0.395%

10:00 PM US Overall Net Capital Flows JUN $-11.0B $-59.0B

10:00 PM US Foreign Bond Investment JUN $-18.3B $-17.2B

10:00 PM US Net Long-term Tic Flows JUN $41.1B $ 39.9B

ID Car Sales YoY JUL 11.4% 23%

Tuesday August 16 2016

Time Country Event Actual Previous Consensus Forecast

03:30 AM AU RBA Meeting Minutes

03:30 AM AU New Motor Vehicle Sales MoM JUL 3.1%

03:30 AM AU New Motor Vehicle Sales YoY JUL 2.1%

08:30 AM IN WPI Inflation YoY JUL 1.62% 2.55% 1.94%

08:30 AM IN WPI Food YoY JUL 8.18%

08:30 AM IN WPI Fuel YoY JUL -3.62%

08:30 AM IN WPI Manufacturing YoY JUL 1.17%

10:30 AM GB Core Inflation Rate YoY JUL 1.4% 1.30% 1.50%

10:30 AM GB Retail Price Index MoM JUL 0.4% -0.10% 0.20%

10:30 AM GB Retail Price Index YoY JUL 1.6% 1.70% 1.70%

10:30 AM GB PPI Input MoM JUL 1.8% 1% 0.60%

10:30 AM GB PPI Input YoY JUL -0.5% 2% 0.50%

10:30 AM GB PPI Output MoM JUL 0.2% 0.20% 0.30%

10:30 AM GB Inflation Rate YoY JUL 0.5% 0.50% 0.60%

10:30 AM GB Inflation Rate MoM JUL 0.2% -0.10% 0.20%

10:30 AM GB PPI Output YoY JUL -0.4% 0% -0.10%

11:00 AM EA Balance of Trade JUN €24.6B €21.1B

11:00 AM EA ZEW Economic Sentiment Index AUG -14.7 -9.4

2

11:00 AM DE ZEW Current Conditions AUG 49.8 50 50.8

11:00 AM DE ZEW Economic Sentiment Index AUG -6.8 2 1.7

11:00 AM ES 12-Month Letras Auction -0.187%

11:00 AM ES 6-Month Letras Auction -0.246%

12:00 PM IL GDP Growth Rate QoQ 1st Est Q2 0.4% 0.20%

12:00 PM IL GDP Growth Annualized 1st Est Q2 1.7% 1.50%

02:30 PM CA Manufacturing Sales MoM JUN -1% 0.90% 0.50%

02:30 PM US Building Permits JUL 1153K 1160K 1145K

02:30 PM US Building Permits MoM JUL 1.5% -0.50%

02:30 PM US Core Inflation Rate MoM JUL 0.2% 0.20% 0.40%

02:30 PM US Core Inflation Rate YoY JUL 2.3% 2.30% 2%

02:30 PM US Housing Starts JUL 1189K 1180K 1168K

02:30 PM US Housing Starts MoM JUL 4.8% -2%

02:30 PM US Inflation Rate YoY JUL 1% 1% 1%

02:30 PM US Inflation Rate MoM JUL 0.2% 0.10% 0.30%

02:55 PM US Redbook YoY 13/AUG 0.5%

02:55 PM US Redbook MoM 13/AUG -0.2%

03:00 PM FR 3-Month BTF Auction -0.583%

03:00 PM FR 12-Month BTF Auction -0.574%

03:00 PM FR 6-Month BTF Auction -0.587%

03:15 PM US Capacity Utilization JUL 75.4% 75.60% 75.50%

03:15 PM US Industrial Production YoY JUL -0.7% -0.60%

03:15 PM US Industrial Production MoM JUL 0.6% 0.20% 0.20%

03:15 PM US Manufacturing Production YoY JUL 0.4% 0.70%

04:00 PM BR Business Confidence AUG 47.3 49.34

04:00 PM MX Foreign Exchange Reserves JUN $179.35B $ 179.6B

05:30 PM US 4-Week Bill Auction 0.270%

05:30 PM US 52-Week Bill Auction 0.550%

07:30 PM US Fed Lockhart Speech

10:00 PM CO Industrial Production YoY JUN 4.5% 4.36%

10:00 PM CO Retail Sales YoY JUN -0.5% 0.88%

Wednesday August 17 2016

Time Country Event Actual Previous Consensus Forecast

02:30 AM AU Westpac Leading Index MoM JUL -0.2%

02:30 AM SG Balance of Trade JUL $5.2B $5.9B

02:30 AM SG Non-Oil Exports YoY JUL -2.3%

02:30 AM SG Non-Oil Exports MoM JUL -12.9%

03:30 AM AU Wage Price Index YoY Q2 2.1% 2% 2%

03:30 AM AU Wage Price Index QoQ Q2 0.4% 0.50%

10:30 AM GB Claimant Count Change JUL 0.4K 10K 5.5K

2

10:30 AM GB Unemployment Rate JUN 4.9% 4.90% 4.90%

10:30 AM GB Average Earnings excl. Bonus JUN 2.2% 2.30% 2.20%

10:30 AM GB Average Earnings incl. Bonus JUN 2.3% 2.40% 2.20%

11:00 AM CH ZEW Economic Sentiment Index AUG 5.9 7.4

01:00 PM ZA Retail Sales MoM JUN 3.4% 0.40%

01:00 PM ZA Retail Sales YoY JUN 4.5% 3.80% 4.10%

01:00 PM US MBA Mortgage Applications 12/AUG 7.1% -0.40%

01:00 PM US MBA 30-Year Mortgage Rate 12/AUG 3.65% 3.66%

02:00 PM PL Employment Growth YoY JUL 3.1% 3.20% 3.10%

02:00 PM PL Corporate Sector Wages YoY JUL 5.3% 4.50% 4.60%

03:00 PM RU PPI MoM JUL 2.7% -0.20%

03:00 PM RU PPI YoY JUL 5.1% 5.00%

03:00 PM RU Retail Sales YoY JUL -5.9% -5.70% -5.50%

03:00 PM RU Unemployment Rate JUL 5.4% 5.40% 5.30%

03:00 PM RU Real Wage Growth YoY JUL 1.4% 1.50% 0.60%

04:00 PM BE Balance of Trade JUN €2041M € 1693.6M

04:00 PM CO Consumer Confidence JUL -11.3 -12.93

04:30 PM US EIA Crude Oil Stocks Change 12/AUG 1.055M -0.9M

04:30 PM US EIA Gasoline Stocks Change 12/AUG -2807K -1425.9K

08:00 PM US FOMC Minutes

08:00 PM US Fed Bullard Speech

IR Inflation Rate YoY JUL 6.8% 7.00%

Thursday August 18 2016

Time Country Event Actual Previous Consensus Forecast

01:50 AM JP Balance of Trade JUL ¥693B ¥283.7B ¥ 466.3B

01:50 AM JP Exports YoY JUL -7.4% -14%

01:50 AM JP Foreign Bond Investment 13/AUG ¥891.8B ¥512B

01:50 AM JP Stock Investment by Foreigners 13/AUG ¥-492.2B ¥-195B

01:50 AM JP Imports YoY JUL -18.8% -20.60%

03:30 AM AU Employment Change JUL 7.9K 11K -5K

03:30 AM AU Full Time Employment Chg JUL 38.4K -6.7K

03:30 AM AU Participation Rate JUL 64.9% 64.90% 64.85%

03:30 AM AU Part Time Employment Chg JUL -30.6K 21K

03:30 AM AU Unemployment Rate JUL 5.8% 5.80% 5.90%

03:30 AM CN House Price Index YoY JUL 7.3% 6%

04:00 AM PH GDP Growth Rate QoQ Q2 1.1% 0.90%

04:00 AM PH GDP Growth Rate YoY Q2 6.9% 6.70%

05:00 AM PH Budget Balance JUN PHP-45.2B -29.6B

06:30 AM NL Consumer Confidence AUG 1 5

06:30 AM NL Household Consumption YoY JUN 1.4% 2%

2

07:30 AM FR Unemployment Rate Q2 10.2% 10.10%

07:30 AM NL Unemployment Rate JUL 6.1% 6%

09:00 AM AT Inflation Rate YoY JUL 0.6% 0.70%

09:00 AM AT Inflation Rate MoM JUL 0.1% 0.20%

10:00 AM EA Current Account JUN €15.4B € 34B

10:30 AM HK Unemployment Rate JUL 3.4% 3.50%

10:30 AM GB Retail Sales ex Fuel MoM JUL -0.9% 0.40% 0.40%

10:30 AM GB Retail Sales ex Fuel YoY JUL 3.9% 3.90% 3.60%

10:30 AM GB Retail Sales MoM JUL -0.9% 0.10% 0.30%

10:30 AM GB Retail Sales YoY JUL 4.3% 4.20% 4.00%

11:00 AM EA Construction Output YoY JUN -0.8% -0.50%

11:00 AM EA Core Inflation Rate YoY Final JUL 0.9% 0.90% 0.90%

11:00 AM EA Inflation Rate YoY Final JUL 0.1% 0.20% 0.20%

11:00 AM EA Inflation Rate MoM JUL 0.2% -0.50% -0.20%

11:10 AM ES 3-Year Bonos Auction -0.061%

11:10 AM ES 5-Year Bonos Auction 0.168%

11:10 AM ES 10-Year Obligacion Auction 1.061%

12:00 PM IL Industrial Production YoY JUN 3.8% -0.70%

12:00 PM IL Industrial Production MoM JUN -0.8% -0.51%

12:00 PM PT PPI MoM JUL 1.3% 0.40%

12:00 PM PT PPI YoY JUL -3.2% -2.90%

12:30 PM PT Current Account JUN €-939M €-561.2M

01:30 PM CL GDP Growth Rate QoQ Q2 1.3% 0.60%

01:30 PM CL GDP Growth Rate YoY Q2 2% 1.70%

01:30 PM EA ECB Monetary Policy Meeting Accounts

02:00 PM IL Money Supply M1 YoY JUL 23.8% 23%

02:00 PM NG Food Inflation YoY JUL 15.3% 15.90%

02:00 PM NG Inflation Rate YoY JUL 16.5% 17.15% 17%

02:00 PM PL Industrial Production YoY JUL 6% 1.30% 6.50%

02:00 PM PL PPI YoY JUL -0.7% -0.40% -0.60%

02:00 PM PL Retail Sales YoY JUL 4.6% 4.20% 5.10%

02:30 PM CA Foreign Securities Purchases JUN C$14.73B C$ 6.9B

02:30 PM CA Foreign Securities Purchases by Canadians JUN C$5.05B

02:30 PM US Continuing Jobless Claims AUG/06 2155K 2151K

02:30 PM US Initial Jobless Claims AUG/13 266K 265K 262K

02:30 PM US Philadelphia Fed Manufacturing IndexAUG -2.9 1.5 -0.75

04:00 PM US CB Leading Index MoM JUL 0.3% 0.20% 0.20%

04:30 PM US EIA Natural Gas Stocks Change 12/AUG 29Bcf 17Bcf

05:50 PM CL Current Account Q2 $515M $ -961.3M

2

11:00 PM KR PPI MoM JUL 0.2% -0.50%

11:00 PM KR PPI YoY JUL -2.7% -2.90%

11:00 PM US Fed Williams Speech

Friday August 19 2016

Time Country Event Actual Previous Consensus Forecast

01:00 AM JP Reuters Tankan Index AUG 3

06:30 AM JP All Industry Activity Index MoM JUN -1%

08:00 AM DE PPI MoM JUL 0.4% 0.10% 0.20%

08:00 AM DE PPI YoY JUL -2.2% -2.10% -2%

09:30 AM SE Capacity Utilization QoQ Q2 0.9% 0.40%

10:00 AM GR Current Account JUN €-0.412B € -1B

10:00 AM ES Balance of Trade JUN €-0.94B € -2.6B

10:10 AM TW Current Account Q2 $20.72B $ 18.7B

10:30 AM GB Public Sector Net Borrowing JUL £-7.31B £ -3.3B

11:00 AM ID Deposit Facility Rate AUG 4.5% 4.50%

11:00 AM ID Interest Rate Decision 6.5% 6.50%

11:00 AM ID Lending Facility Rate AUG 7% 7%

11:00 AM IT Current Account JUN €3189.1M € 3412M

12:00 PM AE Loan Growth YoY JUL 6.7%

12:00 PM AE M3 Money Supply YoY JUL 2%

01:30 PM IN Foreign Reserves 12/AUG $365.75B $ 365.4B

01:30 PM IN Deposit Growth YoY 5/AUG 9.5%

01:30 PM IN Bank Loan Growth 5/AUG 9.7%

02:30 PM CA Core Inflation Rate YoY JUL 2.1% 2.10% 2.10%

02:30 PM CA Inflation Rate YoY JUL 1.5% 1.50% 1.40%

02:30 PM CA Inflation Rate MoM JUL 0.2% 0% 0.10%

02:30 PM CA Retail Sales MoM JUN 0.2% 0.50% 0.40%

02:30 PM CA Retail Sales YoY JUN 3.6% 3.70%

02:30 PM CA Retail Sales Ex Autos MoM JUN 0.9% 0.40% 0.20%

03:00 PM BE Consumer Confidence AUG -4 -5

04:00 PM MX Current Account Q2 $-6991M $ -7137M

07:30 PM BR Federal Tax Revenues JUL BRL98.1B BRL110.3B

10:00 PM CO Balance of Trade JUN $-0.9B $ -1.1B

10:00 PM CO Imports YoY JUN -19.3% -12.30%

Conclusion

The Japanese data has kicked off this week’s

trading with data coming out less than forecast at

0.2 % annualized versus a consensus estimate of

0.7% annualized. Chinese data also came out

Friday last week, which should set the tone for

this week.

On the local front this week the rand has been

recovering from its lows seen on the 24 of June.

This will be good for importers, and for inflation

expectations.

Have a fantastic week ahead!

.