Michael Avery and guests put the week in perspective
Asian equities rose in early trade this morning after a strong performance on Wall Street overnight ahead of a key US jobs data release, while crude held most of the previous day’s gains after an Opec output hike disappointed traders. Still, a rally in beaten-down tech firms helped drive healthy gains on Wall Street, and Asia managed to ride on the coattails.
Today’s jobs data will be keenly watched. Hopes that Opec and other major crude producers could ease pressure on inflation by ramping up output were dealt a blow when they agreed to pump just 50% more per month. Locally, all eyes were on the energy sector this week, with the first signing of any power under the energy minister’s three-year tenure, with the awarding of a 150MW renewable project to Scatec. And we have 16 projects under the 100MW cap listed on Nersa’s schedule for Monday.Reform is happening.
Lots to discuss with Warwick Lucas, head of Galileo Securities; Raymond Parsons, professor in the School of Business and Governance at Northwest University and Isaah Mhlanga, chief economist at Alex Forbes.
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