Hello from Turkey! As part of my trip, I'm going to include an interesting fact or observation about Istanbul each day of this week.

First up, the cats. They really are around every street corner. They are seen as communally-owned pets rather than strays and I've now witnessed that many times, with people stopping for a moment or two to give the nearest cat a tickle (and sometimes an offcut from a fishing haul on the Bosphorus bridge). It wasn't always this way, as it was only in 2021 that a change in laws gave the cats protection against that evil segment of socient that isn't so kind towards animals.

Why cats? From what I've read, it's a combination of an historical rat problem and the general love of cats by Islamic people, as cats are admired for their cleanliness. Personally, I am loving the city and the fact that my favourite little animal is usually playing in the bushes next to wherever I'm standing is a massive bonus.

Right, time for some market news. For those who include dividends as a big part of their investment strategy, I have two interesting updates for you today. The first is the flat dividend at Clientele despite the dip in HEPS and the tricky-to-understand numbers. When you're looking at that share price, you have to consider total return (not just share price return) as the dividend yield will make most property funds blush!

Speaking of such funds, Fairvest came out with the encouraging news that they expect to exceed the distribution per share guidance on the B shares. Also look out for Investec and an expectation of flattish earnings, with the UK business being a drag in this period. MTN Zakhele Futhi has released the circular for the meeting to extend the scheme, Orion Minerals has released its annual report and Renergen has resumed LNG production after a maintenance period.

Get it all in Ghost Bites, your one-click SENS summary at this link>>>
 
With another Satrix podcast due for release shortly after I'm back, make sure you are up to date on that great content by listening to my recent discussion with Siyabulela Nomoyi on researching ETFs and single stocks. I guarantee it will improve your market knowledge. Find it here>>>

Keen to understand more about market volatility? The Average True Range indicator is a really helpful tool, as explained in this piece by IG Markets South Africa. Trading is all about developing the right skillset and system and then sticking to it. The more you read, the better you'll do!

And as a light read today ahead of Heritage Day, it's amazing how the story of something's heritage can take flight and be... amended from what really happened. Although it's true that Levi Strauss played a major role in making jeans mainstream, he certainly didn't invent denim. Dominique Olivier tells the story of the world's favourite wardrobe item in this piece>>>

Have a great Monday. If you're taking a day of leave today, enjoy it!

With Boeing unable to bring the astronauts back that it sent to space, they are having to return on a SpaceX vehicle. This must've been the nail in the coffin for Ted Colbert, the head of Boeing's Defense unit. He's on his way with immediate effect, as the first major leadership change made by recently appointed CEO Kelly Ortberg. The company is in disarray at the moment, with the worker strike continuing.

In the consumer-facing part of the airline industry (and banking for that matter), American Airlines is reportedly negotiating with Citigroup to replace Barclays as its credit card partner. The economics are fascinating here, as these deals give the banks access to a vast client base at American Airlines, with the quid pro quo being the fees that the banks share with American Airlines on those cards. As you can imagine, the negotiations get very interesting.

Our latest research in Magic Markets Premium is on Uber. This is one of my favourite growth stocks at the moment and I hold it in my portfolio. You'll see why in the latest report for our subscribers this week.

Global equity markets remain on the front foot after the outsized rate cut delivered by the Federal Reserve last week. Adding to the easing cycle, we have seen the People's Bank of China (PBOC) lowering its repo rate by 10 basis points this morning.

The JSE All-Share Index is in turn expected to produce a positive open today as well.

The dollar index is trading flat in early trade, although remains near short-term lows. The rand has continued to firm after the South African Reserve Bank lowered the repo rate by only 25 basis points last week, helping protect some carry trade opportunity.

Oil prices have extended their rebound from oversold territory as escalating tensions in the Middle East meet some optimism around demand, following the US and Chinese rate cuts.

Gold is trading further into new high territory, supported by geopolitical risk and the weakened dollar.

Traders will be keeping an eye out for a slew of Services and Manufacturing PMI data out of Europe and the US throughout the day.

Key Indicators: USD/ZAR R17.38/$ | US 10yr 3.74% | Gold $2,629/oz | Platinum $978/oz | Brent Crude $74.45

The macroeconomic update is based on IG's morning call update