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USDCAD TECHS

Consolidation Mode But Remains Bearish

AUDUSD TECHS

Fails To Hold Onto Thursday’s High

US

'Big Tech' Bill Goes To Senate

COMMODITIES

Oil Up For Fifth Week On Supply Disruption, Geopolitics

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LOCAL NEWS

  • SA records 19,842 new cases of Covid-19 & 36 deaths overnight. SA’s 7-day rolling average has now overtaken the peak of the first wave at 13k – reaching 13,493 yesterday.
    • Although hospitalisations are climbing, the number of patients on ventilators & in ICU remains low. Health Experts said they do not expect a material tightening in lockdown restrictions, however
  • Energy expert Mike Russouw calls for Eskom to shut 5 plants to reduce the impact of load-shedding as Eskom lacks the resources to maintain the existing fleet.
    • Highlights Arnot, Camden, Grootvlei, Hendrina & Komati as plants to shut as they only contribute 13% of SA’s energy capacity and resources would be better allocated to newer more efficient plants
  • Transnet CEO says the state-owned firm’s financial position may only start to improve in late 2022 with vandalism and the recent cyber attack still weighing on the company’s performance with a FY21 R8.4bn loss on the cards. This is its first loss in years and is the only SOE that funds its own operation capital.
    • Notes the company will need to retrench 10% of its workforce and warns that government’s localisation push may drive prices higher over the medium-term