Articles:

• Ghost Bites: Astral Foods has a much happier story to tell, but how does it compare to prior periods? Alphamin and Raubex also released numbers. BHP commented on Samarco and Kore Potash is close to concluding the EPC contract. Read Ghost Bites, with thanks to Fedgroup.

• Investec: The demographic shift in the world has major impacts on retirement planning. How can structured products help? Read it here>>>

• ​Dominique Olivier: The case for secondhand luxury business models - especially for younger consumers. Read it here>>>

• Satrix: The MSCI ACWI helps investors capture global equity opportunities, with around 60% of exposure in the US. Read it here>>>

• ​Fedgroup: Does incorporating alternatives into your portfolio make sense? Get their views in this entertaining article>>>

Local company news:


Ghost Bites is brought to you by Fedgroup.

Astral Foods is thoroughly enjoying improved conditions for poultry, with HEPS for the interim period up by between 435% and 445! A rather daft percentage like that doesn't tell you much. Instead, we need to look at prior periods, with information going back to 2021 included in Ghost Bites this morning to give you context.

Alphamin has released detailed first quarter results. Although the quarter-on-quarter numbers benefit from an incredibly soft base due to sales delays, the year-on-year story also looks solid.

Speaking of good numbers, Raubex released an updated trading statement reflecting expected HEPS growth of between 15% and 25%. That's quite the outcome when you remember that the Beitbridge Border Post project was in the base.

In other news, BHP has commented on the Samarco settlement in response to press speculation and Kore Potash is close to concluding the EPC contract, with an important meeting scheduled in Beijing in May.

Get the details in Ghost Bites at this link>>> 
 

International business news:


Starbucks has been dealing with tough discussions with employee union Workers United, which represents around 400 of its cafes. This has been going on for over two years now and no amount of flowery corporate language seems to be working. People want to be paid more and have more consistent scheduling. Simple as that. A joint statement by the parties suggests that they are making "significant progress" in contract talks - whatever that may mean. Markets don't like uncertainty.

For more in this space, McDonald's is due to report earnings later today. The fourth quarter was poor and the company had to deal with boycotts related to Israel. To avoid any further issues in Israel that impact the entire group, McDonald's announced earlier this month that it would be buying back the restaurants in Israel from its franchisee and will run them as corporate-owned stores. This gives them full control over the marketing and messaging in the region.

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Macroeconomic Update

Markets are cautious ahead of the FOMC, with US monetary policy as the major driver of markets. In Japan, speculation of government intervention helped the yen improve from the worst levels seen in 34 years!

Chinese PMI data disappointed markets, leading to a negative view on emerging market currencies. Still, the rand held it together and has had a strong three days, with risk of some consolidation ahead of the FOMC.

Gold, platinum and palladium are all weaker this morning off the back of the firmer dollar and pre-FOMC jitters.

Key indicators: USD/ZAR R18.69; US 10-year 4.61%; Gold $2,325; Platinum ZAR R17,683; Brent Crude $88.30

This macroeconomic update is based on TreasuryONE's morning update.