Joe Biden withdraws from 2024 race, backs Kamala Harris
United States President Joe Biden announced he will not seek re-election in 2024, endorsing Vice President Kamala Harris as the Democratic nominee. This decision follows pressure from Democrats concerned about Biden’s ability to campaign and serve another term. Biden’s move leaves the Democratic field open for potential challenges from Governors Gavin Newsom, Gretchen Whitmer, and J.B. Pritzker. Republicans, led by Donald Trump and his running mate JD Vance, have called for Biden to resign, arguing he is unfit to serve if unfit to run. Harris aims to unite the party and improve its chances against Trump in the upcoming election.
[Source: Moneyweb]
Ramaphosa signs Pension Funds Amendment Bill, launching Two-Pot system
President Cyril Ramaphosa has signed the Pension Funds Amendment Bill, enabling the two-pot retirement system. Starting September 1, South Africans can access a portion of their retirement savings while preserving the rest. The FSCA urges fund administrators to finalise rule amendments by July 31. The retirement industry expects a surge in claims, but experts warn of potential delays as administrative preparations are still needed. This marks a significant milestone in South Africa’s retirement landscape.
[Source: Moneyweb]
Meta seeks stake in Ray-Ban maker to enhance smart glasses development
Meta Platforms is in talks to buy a 3-5% stake in Ray-Ban maker EssilorLuxottica, valued at around €4.5 billion ($4.9 billion), to boost its smart glasses efforts. This investment, already cleared by US antitrust authorities, would deepen Meta’s partnership with the world’s largest eyewear company, enhancing its AR initiatives. EssilorLuxottica shares rose 2.3%, while Meta gained 1.1% following the news.
[Source: Moneyweb]
Market moves
Metals showed mixed results following the worst weekly slump in nearly two years, with China’s rate cut helping to stabilise the market. The LMEX Index, which tracks six base metals, fell 5.6% last week due to weak Chinese demand and rising global inventories. However, China’s central bank cut a key short-term policy rate to spur growth, easing some concerns. Zinc rose 0.4% to $2,786.50 a ton, tin increased 0.3%, copper declined 0.2%, aluminium fell 0.4%, and iron ore dropped 0.3% to $104.25 a ton in Singapore.
[Source: Moneyweb]
The week ahead
On Tuesday, South Africa will release its Leading Indicators data, while the Eurozone will report on Consumer Confidence. Wednesday features South Africa’s Consumer Price Index (CPI), the United States’ Goods Trade Balance, and Retail Inventories data. On Thursday, South Africa will announce its Producer Price Index (PPI), and the United States will release Gross Domestic Product (GDP) figures and the Reserve Balance with the Federal Reserve Bank. Finally, Friday will bring the United States Personal Income and Spending data.
[Source: Investing.com]
Market Performance as at 19 July 2024
Source: FundFocus. Data as at 19 July 2024. Past performance is not a reliable guide to future performance. For illustrative purposes only and not indicative of any investment.
