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Returning Lower

US TSYS SUMMARY

Risk-On Ahead July Employment Report

SOUTH AFRICA

New Finance Minister Godongwana Profile

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Bearish Focus

US VIEW
US VIEW: BNP economist Paul Mortimer-Lee said that the "impact of the corporate
tax reduction" within the recently passed major US tax reform bill "could be
adverse for highly leveraged companies, especially if corporate borrowing rates
rise significantly."
- He adds that the "value of deferred tax liabilities will drop - how will this
fall in net worth affect borrowing ability?"