Happy Thursday! I feel like it's that time of year when Happy Friday moves a day earlier.

Of course, things are anything but restful in the US right now. The aftermath of the election has seen quite the buzz around Trump's policies and what they could mean for the global economy.

There are two podcasts today that can give you great insights into this. I recommend listening to as many different voices as possible. On Investec's No Ordinary Wednesday, Jeremy Maggs spoke to Annabel Bishop and Ellie Henderson about MAGAnomics and what impact Trump could have on the global economy and emerging markets. You'll find it here>>>

On Magic Markets, which I co-host with Mohammed Nalla, we welcomed global geopolitical specialist Dimitri Zabelin to the show to talk about some of Trump's policies and related trade ideas, including the positioning of Elon Musk and Tesla in all this. For that angle, you'll find the podcast here>>>

Moving on from the Trump double-header, we land at the gym. Things are looking much better at Virgin Active, with memberships up despite pricing increases. This is great news for Brait, especially alongside the great recent results at Premier (the other important asset at Brait.

In the hotel sector, Southern Sun released a further trading statement that reflects excellent growth along with exciting recent momentum in the business.

In property, Dipula Income Fund and Emira released rather uninspiring numbers unfortunately, reminding us that certain sectors (like office) aren't out of the woods yet by any means.

Ethos Capital gave the market an update to their NAV, taking into account numerous corporate actions in the last three months.

For details on these stories and the other Nibbles, read Ghost Bites here>>>

Keen to learn more about Calgro M3? You'll enjoy their latest appearance on Unlock the Stock. The dynamic duo in the management team also spoke about why they are moving on from the group after so many years and what the future holds for Calgro M3, so don't miss it.

Our next Unlock the Stock session is with TWK, a group operating across various agriculture verticals. You can register to attend on 21 November for free here.

Have a great day!

Tencent reported revenue growth of 8% in the latest quarter. That's nothing compared to profits, which jumped 47% and smashed estimates despite revenue coming in below market expectations. Domestic stimulus in China is hoped to drive more payments through the platform, while the gaming side continues to do the heavy lifting with 14% domestic revenue growth.

Now for a completely different trajectory, with Cisco having just reported a revenue dip of 5%. This is the fourth consecutive quarter of declining revenue, which naturally did no favours for the share price. The segmental volatility is incredible, with networking revenue down 23% and security revenue doubling. It happens quite often with technology groups that we see them on a treadmill of needing to replace legacy revenue with new sources of growth.

Our latest research in Magic Markets Premium is on Microsoft. The world's most important tech business from an enterprise computing standpoint isn't just adapting to the world of AI - it's driving that world forward. But does that change the Microsoft investment case? You'll find out in our research for subscribers this week.

The dollar and US Treasury Yields continue to gain as the ‘Trump Trade’ continues to play out in the market place. US equity benchmarks were mixed overnight with the S&P500 and Dow Jones indices closing in positive territory and the Nasdaq100 closing in negative territory.

European benchmarks closed well off intraday lows yesterday and are looking undecided about direction this morning. The Hang Seng is trading well into negative territory.

On balance we are expecting a flat open for the JSE All-Share Index this morning.

The rand is trading at three month lows against the strengthening dollar.

Oil prices marginally firmer today.

Gold is on its fifth straight day of decline in an inverse correlation to movements on the US dollar. The stronger dollar is weighing on a broad basket of precious and industrial metal prices at the moment.

Traders will want to keep an eye out for local mining and manufacturing production data out late this morning. News out of the US, which includes weekly unemployment claims, PPI inflation data and a testimony from Fed Chair Jerome Powell are expected to be the high impact catalysts for markets today.

Key Indicators: USD/ZAR R18.27/$ | US 10yr 4.48% | Gold $2,560/oz | Platinum $935/oz | Brent Crude $71.90

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