- U.S. business activity crept up to a 26-month high in June amid a rebound in employment, but price pressures subsided considerably, offering hope that a recent slowdown in inflation was likely to be sustained. S&P Global said on Friday that its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, nudged up to 54.6 this month. (Read more on Reuters)
- Nvidia, Wall Street’s artificial intelligence poster child, is now the most valuable company in the world, taking the crown from Microsoft. Nvidia’s market capitalization closed at roughly $3.34 trillion on Tuesday, edging past Microsoft’s $3.32 trillion value. Apple is the third most valuable company in the US with a $3.27 trillion market cap. (Read more on CNN)
- The Bank of England has held interest rates at 5.25% for the seventh consecutive time in what it described as a “finely balanced” decision. Dashing Rishi Sunak’s hopes of a pre-election cut in the cost of borrowing, a majority of the Bank’s monetary policy committee (MPC) said they wanted to see further evidence that price growth would remain subdued. Financial markets expected the decision, despite a fall in inflation in May to the Bank’s 2% target. (Read more on The Guardian)
- The Swiss National Bank cut interest rates on Thursday for the second time running, pointing to easing price pressures that allowed it to maintain its position as a front-runner in the global policy easing cycle now underway. The Swiss franc weakened against other currencies and stocks gained after the central bank cut its policy rate by 25 basis points to 1.25%, as expected by two-thirds of analysts polled by Reuters, following a quarter-point reduction in March. (Read more on Reuters)
- Japan's core inflation accelerated in May due to energy levies but an index that strips away the effect of fuel slowed for the ninth straight month, data showed on Friday, complicating the central bank's decision on how soon to raise interest rates. The slowdown in so-called "core core" inflation, which is closely watched by the Bank of Japan as a key gauge of demand-driven price moves, casts doubt on the bank's view that rising wages will underpin consumption and keep inflation on track to durably hit its 2% target. (Read more on Reuters)
- China’s retail sales beat expectations in May, climbing 3.7% compared with a year ago, beating expectations of a 3% rise from a Reuters poll of economists. However, other economic metrics, such as industrial output and fixed asset investment, missed Reuters forecasts. Industrial output grew by 5.6% year-on-year, compared to the 6% increase expected, while fixed asset investment rose 4% compared to last May, just shy of the 4.2% forecast by the Reuters poll. (Read more on CNBC)
- South Africa’s JSE All Share Index broke through the key 81 000 points mark, hitting a record high on inauguration day on Wednesday. Africa’s biggest bourse hit 81 364 points for the first time in morning trade, with SA Inc stocks again leading the charge. However, the stock exchange lost some traction in the afternoon and closed at 80 714 – just over 1.2% firmer. In a welcome bout of optimism to hit the JSE, the bourse saw around R36 billion in trade on Tuesday, to close 3.5% stronger. (Read more on MoneyWeb)
- South Africa has begun a "new era", President Cyril Ramaphosa announced as he was sworn in for a second full term in office. He remains in office even though his party, the African National Congress (ANC), failed to secure a majority in parliament during last month's election. The ANC subsequently made a deal with its long-time rival Democratic Alliance (DA) and other parties to form a coalition government. (Read more on BBC)
- Mauritius's monthly trade statistics for April 2024 revealed a widening trade deficit of MUR 15.8 billion, up from MUR 13.1 billion in April 2023, as reported by Statistics Mauritius. However, the deficit narrowed compared to the previous month. The data showed that overall export value increased by 14.4% year-on-year to Rs 9.1 billion and by 2.8% month-on-month. On the other hand, imports surged by 18.3% year-on-year but decreased by 4.4% compared to March 2024. (Read more on Statistics Mauritius)
- Sun Limited has announced a strategic decision to split its operations into two separate listed companies. One will focus on owner-managed resorts, while the other will oversee resorts managed by international luxury operators. This move is aimed at enhancing shareholder value by providing clearer transparency and distinct investment opportunities. SUN plans to proceed with a Scheme of Arrangement under Mauritius Companies Act 2001, pending shareholder approval and Supreme Court sanction. Details will be provided to shareholders in due course. (Read more on the website of Sun Limited)
Source: CNBC, The Guardian, Reuters, CNN, BBC, MoneyWeb, Statistics Mauritius, Official Website of Sun Limited
Source: Yahoo Finance, Investing.com, Stock Exchange of Mauritius
