| Market sentiment took turn for the worse yesterday, sending the JSE 1.5% lower and ending the rand's recent winning streak. There's concern in the market that countries across the globe could reimpose lockdown restrictions due to rising Covid-19 infections. US second-quarter GDP numbers revealed the damage caused by the pandemic, with the economy contracting by close to a third on an annualised basis in the three months to end-June. It's no wonder then that diamond producer De Beers has suffered a decline in sales. Production was also impacted due to Covid-19 lockdowns in SA and Botswana, according to Anglo American's first-half results. Anheuser-Busch InBev has suffered a decline in sales as well. However, with the obvious exception of SA, it says beer drinkers are returning. Meanwhile, it's engaging the government on measures that would meaningfully combat the public health crisis, while supporting the country's much-needed economic recovery. More on those stories to follow in your final newsletter for the week, along with the surprising news that AngloGold Ashanti CEO Kelvin Dushnisky has resigned after just two years in the post. Results from Steinhoff International and Sappi, too. And a big pull back in Europa Metals' share price following its recent rally. Finally, look out for all the latest mergers and acquisitions news courtesy of DealMakers. I hope you have a good weekend. Stephen Gunnion Managing Editor, InceConnect
Recent notes from Ingham Analytics Notes of interest this week include "I'm Forever Blowing Bubbles" which identifies potential excesses or imbalances in the markets that will prove pivotal to asset positioning going forward whilst, with Tencent looking to buy out NYSE-listed search operator Sogou, "Tencent on top of its games" is timely in this regard - focusing, as the name suggests, an equally ferocious battle in the gaming area (Prosus meantime continues to be heavily discounted relative to Tencent). Also, with Amazon and Alphabet reporting, "Tech and the Treasury 10s" will also be of interest. | 