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Good morning Voornaam,

Welcome to a new week! I hope you had a fantastic weekend and that you're ready to dive in.

While you're feeling fresh this week, make time to engage with the world of factor investing. This is a great example of just how interesting ETFs can get, with practically endless creativity that can be applied in creating the rules that they follow. To unpack the opportunities and risks, Nico Katzke from Satrix joined me for an incredibly insightful discussion. The podcast and transcript are available here>>>

In company news, Bell shareholders may end up looking back on the failed take-private offer with significant regret. It looks like the second half of the financial year is weak to say the least, with Bell releasing an incredibly early trading statement that flags a sharp drop in earnings.

Over at Coronation, they've announced a B-BBEE deal that feels like someone turned back the clock on how these things are structured. There are so many ways to do creative things in this space, yet Coronation seems to have learnt very little from the past two decades of observing these deals in the market. What a missed opportunity!

These stories plus the latest from Zeder and all the director dealings etc. in the Nibble section are available in Ghost Bites at this link>>>

Other stuff to entertain you today includes the latest Magic Markets podcast on stimulus in China and the impact that it has on equities around the world. Justine Brophy of AnBro joined us for that discussion. There's also the latest piece from Dominique Olivier, in which she tells the story of Michelin Stars and how a tyre company decided that restaurant ratings were a great marketing opportunity.

Have a great start to your week and don't forget to register for Calgro M3 on Unlock the Stock on Thursday - the last time that the outgoing management team will be presenting on the platform.

FEATURED: Does factor investing work?

Satrix: Factor investing takes ETFs to the next level. Instead of tracking a stock index (like the JSE Top 40), these ETFs have a set of rules based on investment fundamentals like valuation multiples or even levels of debt. The sky is the limit with the creativity that goes into these factors, but do they actually work?

To unpack these types of ETFs and the thinking behind them, Nico Katzke of Satrix joined me for an insightful discussion. Find it here>>>

FEATURED: The Trader's Handbook Ep 8

IG Markets Episode 8: In Episode 8 of The Trader’s Handbook, learn why indices are an attractive option for traders, providing broad market exposure, lower risk compared to single stocks and significant cost advantages. We also discussed practical tips on technical indicators such as RSI and stochastic oscillators. Enjoy it here>>>

Key market themes locally and abroad with Satrix

Satrix: There are many sources of risk that might concern investors currently – making the case for diversification as strong today as it ever was. Satrix highlights some of these risks and the opportunities they present. Find it here>>>

Global Mobility - Common Mistakes by Employers and Employees

Ghost Stories podcast: Elzahne Henn of Forvis Mazars in South Africa sheds light on the common mistakes and misconceptions related to cross-border employment. These insights are valuable for employers and employees alike. Enjoy it here>>>

What does a tyre business know about fine dining?

Dominique Olivier: The Michelin Guide is like the Oscars of the restaurant world. Chefs dream of them, diners flock to them, and some restaurants even wish they could send them back. But how did we end up in a world where a tyre company’s opinion of your dinner is worth so much?. Find out here>>>

Ghost Bites - local company news:

Ghost Bites: The latest on Bell Equipment, Coronation, Zeder and numerous Nibbles in Ghost Bites here>>>

Investec podcast: responsible investing

Investec Wealth & Investment International has launched a comprehensive guidebook on responsible investing. In the latest episode of the No Ordinary Wednesday, Jeremy Maggs speaks to the authors, Boipelo Rabothata and Maxine Gray. Enjoy it here>>>

International Business Snippet:

JPMorgan (one of my core offshore holdings) beat estimates for revenue and profit in the latest quarter. This is despite profit falling 2%, so that tells you something about what was expected. Credit losses were worse than estimates though, with Jamie Dimon describing the overall environment as "treacherous and getting worse" - not a great thing to hear for investors, especially when you remember that Berkshire Hathaway has recently been reducing its banking exposure.

Boeing's troubles continue, with a plan to cut 10% of its workforce (which works out to a whopping 17,000 people) as factory strikes continue into their fifth week. Between all the damage to the brand from quality issues and now the terrible relationship with the union, it's little wonder that the share price is down 40% year-to-date.

Our latest research in Magic Markets Premium is on Nike. We've been bearish on that stock since the first time we covered it in Magic Markets Premium and time has proven that approach to be correct. How do we feel now? You'll find out in the latest report for our subscribers this week.

Magic Markets: The China Effect

Magic Markets: It's not easy to understand the stimulus that we are now seeing in China. The impact on equity portfolios is substantial, as China is such a huge market globally. Justine Brophy of AnBro joined us to make more sense of what's going on there. Get it here>>>

IG Markets Morning Call: daily macroeconomic update

While US and European benchmarks hover near short-term highs, we are expecting low volume trade today as the US and Japan have banking holidays and the economic calendar is light in terms of scheduled data.

Asian equity markets are trying to rebound this morning, following a mixed review of fiscal stimulus measures announced out of China this last weekend.

In turn we are expecting a flat to marginally positive start for the JSE All-Share Index today.

The dollar and US treasury Yields remain firm and the rand is tracking sideways in early trade.

Oil prices are flat this morning while gold looks to be etching out minor gains despite a firm dollar.

Key Indicators: USD/ZAR R17.43/$ | US 10yr 4.09% | Gold $2,659/oz | Platinum $976/oz | Brent Crude $77.84

The macroeconomic update is based on the morning call update by IG Markets