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Subject: Relationship Banking Investments Newsletter - November 2023
Date: Mon, 11 Dec 2023 13:00:00 +0200
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 Content preview:  Investment Newsletter December 2023 Dear Emmerentia Geldenhuys
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ntrum </span></p></td>
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span=3D"2" class=3D"Tablecopy"><strong>Market Insights</strong></td>
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              <td><span class=3D"Tablecopy"><strong>South Africa&#x2019;s A=
nnual consumer price index (CPI)</strong></span></td>
            </tr><tr><td colspan=3D"2">&#xA0;</td>
            </tr><tr><td colspan=3D"2"><span class=3D"Tablecopy">Annual CPI=
 inflation increased further in October to 5.9% from 5.4% in September and =
was largely driven by fuel and food prices. With fuel prices having fallen =
sharply in November and set to fall further in December, it is expected tha=
t annual CPI inflation will ease then continuing into 2024. The average CPI=
 for 2023 is expected to be 5.8% reducing to 4.9% in 2024.</span></td>
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              <td><span class=3D"Tablecopy"> <strong>Medium term budget spe=
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            </tr><tr><td colspan=3D"2">&#xA0;</td>
            </tr><tr><td colspan=3D"2"><span class=3D"Tablecopy">The MTBS p=
resented a weaker public finance outlook than the budget speech in February=
 2023. The National Treasury now expects gross domestic product to grow by =
0.8% in 2023 and revenue projections decreased, particularly from corporate=
 tax. The government has announced its intention to contain some of the det=
erioration of public services through tightening of government spending, wh=
ile also taking steps to support growth. However, the proposed spending cut=
s are not enough to offset weaker revenue, leaving the deficit and debt tra=
jectory worse than targeted in February.</span></td>
              </tr><tr><td>&#xA0;</td>
              <td>&#xA0;</td>
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              <td><span class=3D"Tablecopy"> <strong>International gross do=
mestic product (GDP))</strong></span></td>
            </tr><tr><td colspan=3D"2">&#xA0;</td>
            </tr><tr><td colspan=3D"2"><span class=3D"Tablecopy">The final =
estimate of the US Q2 real GDP was 2.1% quarter-on-quarter (q/q) seasonally=
 adjusted annualised rate, which was 0.1% lower than the revised first quar=
ter Q1 GDP of 2.2% q/q. In  Eurozone, the GDP slightly increased by 0.1% fr=
om Q1 to Q2. The final UK Q2 GDP recorded moderate growth of 0.2% in Q2 fro=
m Q1 which was 0.3% q/q.</span></td>
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        <td height=3D"18" align=3D"left" valign=3D"top" bgcolor=3D"#500a28"=
>&#xA0;</td>
        <td height=3D"18" align=3D"center" valign=3D"top" bgcolor=3D"#fffff=
f">&#xA0;</td>
      </tr><tr><td height=3D"18" align=3D"center" valign=3D"top" bgcolor=3D=
"#ffffff">&#xA0;</td>
        <td height=3D"18" align=3D"left" valign=3D"top" bgcolor=3D"#500a28"=
>&#xA0;</td>
        <td height=3D"18" align=3D"left" valign=3D"top" bgcolor=3D"#500a28"=
 class=3D"ContentTEXT"><table width=3D"738" border=3D"0"><tbody><tr><td wid=
th=3D"729" class=3D"Tablecopy"><strong class=3D"RedContentTEXTbold" style=
=3D"color: #dc0032">The South African poultry industry counts the costs of =
the bird flu outbreak</strong></td>
            </tr><tr><td>&#xA0;</td>
            </tr><tr><td><p class=3D"Tablecopy">=09
The South African poultry industry counts the costs of the bird flu outbrea=
k
=20
Since the initial outbreak of the avian influenza or bird flu in the Wester=
n Cape in April this year, over seven million chickens have been culled (sl=
aughtered). That is 20 to 30% of the country&#x2019;s total chicken stock, =
according to the South African Poultry Association (SAPA). The outbreak has=
 also led to a shortage of eggs in the country.
=20
</p>
                <p class=3D"Tablecopy">&#xA0;</p>
                <p class=3D"Tablecopy">SAPA estimates losses arising from t=
he bird flu outbreak to be around at least US$25 million, a huge devastatio=
n to an industry that is already battling South Africa&#x2019;s ongoing ele=
ctricity crisis. Loadshedding forced South African farmers to cull nearly 1=
0 million young chicks in January, after power outages caused production to=
 slow dramatically, leading to overcrowding on chicken farms.              =
    </p>
                <p class=3D"Tablecopy">&#xA0;</p>
                <p class=3D"Tablecopy">The industry has also urged the gove=
rnment to impose permanent duties on countries like Brazil, Denmark, Poland=
, Spain and the United States for what they refer to as the dumping of chea=
p chicken products in South Africa that threaten local businesses. In Augus=
t this year, the Minister of Trade and Industry, Ebrahim Patel, reimposed a=
nti-dumping duties against bone-in from Brazil, Poland, Ireland, Denmark an=
d Spain, after suspending the imposition for 12 months.                  </=
p>
                <p class=3D"Tablecopy">&#xA0;</p>
                <p class=3D"Tablecopy">However, in September, the Minister =
directed the International Trade Administration Commission (ITAC) to consid=
er a temporary rebate on poultry meat import duties to address the chicken =
supply shortage. While interested parties had until 16 October 2023 to subm=
it comments to the ITAC, the industry warned that this would be the final s=
traw to a sector already on its knees.
                 =20
                  </p>
                <p class=3D"Tablecopy">&#xA0; </p>
                <p class=3D"Tablecopy">Imports account for 25-30% of chicke=
n meat consumed in South Africa.</p></td>
            </tr><tr><td>&#xA0;</td>
            </tr></tbody></table></td>
        <td height=3D"18" align=3D"left" valign=3D"top" bgcolor=3D"#500a28"=
>&#xA0;</td>
        <td height=3D"18" align=3D"center" valign=3D"top" bgcolor=3D"#fffff=
f">&#xA0;</td>
      </tr><tr><td height=3D"18" align=3D"center" valign=3D"top" bgcolor=3D=
"#ffffff">&#xA0;</td>
        <td height=3D"18" align=3D"left" valign=3D"top" bgcolor=3D"#500a28"=
>&#xA0;</td>
        <td height=3D"18" align=3D"left" valign=3D"top" bgcolor=3D"#500a28"=
 class=3D"ContentTEXT">&#xA0;</td>
        <td height=3D"18" align=3D"left" valign=3D"top" bgcolor=3D"#500a28"=
>&#xA0;</td>
        <td height=3D"18" align=3D"center" valign=3D"top" bgcolor=3D"#fffff=
f">&#xA0;</td>
      </tr><tr><td height=3D"32" align=3D"center" valign=3D"top" bgcolor=3D=
"#ffffff">&#xA0;</td>
        <td align=3D"left" valign=3D"top" bgcolor=3D"#ffffff">&#xA0;</td>
        <td align=3D"left" valign=3D"top" bgcolor=3D"#ffffff" class=3D"Cont=
entTEXT">&#xA0;</td>
        <td align=3D"left" valign=3D"top" bgcolor=3D"#ffffff">&#xA0;</td>
        <td align=3D"center" valign=3D"top" bgcolor=3D"#ffffff">&#xA0;</td>
      </tr><tr><td height=3D"32" align=3D"center" valign=3D"top" bgcolor=3D=
"#ffffff">&#xA0;</td>
        <td align=3D"left" valign=3D"top" bgcolor=3D"#ffffff">&#xA0;</td>
        <td align=3D"left" valign=3D"top" bgcolor=3D"#ffffff" class=3D"Cont=
entTEXT"><p class=3D"RedContentTEXTbold"><strong>Absa launches a ground-bre=
aking Shari&#x2019;ah compliant Islamic Wealth Structured Note</strong></p>
          <p>&#xA0;</p>
          <p>Structured notes, a type of financial product that allows inve=
stors to enhance their returns while still enjoying capital protection, is =
one of the fastest-growing investment options globally. Yet, until now, Sou=
th Africans have not been able to access these products in a Shari&#x2019;a=
h compliant manner. In collaboration with BNP Paribas, Absa is eager to cha=
nge this with the launch of the BNP Islamic Wealth Structured Certificate, =
an enhanced yield offering that widens the universe of potential investment=
 products that are suitable for the needs of Islamic business clients.</p>
          <p>&#xA0;</p>
          <p> The product, a first-of-its kind in the local market, not onl=
y allows clients offshore exposure, but the ability to leverage possible up=
side returns while still enjoying capital protection, and having peace of m=
ind that the product has been certified as Shari&#x2019;ah-compliant by bot=
h the Islamic Boards of BNP Paribas and Absa Islamic Banking. In addition, =
the product offers exposure to international markets without externalising =
funds.</p>
          <p>&#xA0;</p>
          <p> Available to current and prospective Absa Business clients, t=
he product requires a minimum investment of R250 000 or $35 000 and has an =
investment period of five years. Interested clients are encouraged to speak=
 to a financial adviser to ensure that the offering is in line with their n=
eeds.</p>
          <p>&#xA0;</p>
          <p><em>Sources: Absa Investments, Stockbrokers and Portfolio Mana=
gement and Absa Research</em></p></td>
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        <td align=3D"center" valign=3D"top" bgcolor=3D"#ffffff">&#xA0;</td>
      </tr><tr><td height=3D"26" align=3D"center" valign=3D"top" bgcolor=3D=
"#ffffff">&#xA0;</td>
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        <td align=3D"left" valign=3D"top" bgcolor=3D"#ffffff" class=3D"Cont=
entTEXT">&#xA0;</td>
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      </tr><tr><td height=3D"32" align=3D"center" valign=3D"top" bgcolor=3D=
"#ffffff">&#xA0;</td>
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        <td align=3D"left" valign=3D"top" bgcolor=3D"#ffffff" class=3D"Cont=
entTEXT"><p class=3D"ContentTEXT">Kind regards<br/><strong>Relationship Ban=
king </strong></p>
          <p class=3D"ContentTEXT"><strong>Investments and Liquidity Soluti=
ons</strong></p></td>
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entTEXT">&#xA0;</td>
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0;</td>
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#960528">&#xA0;</td>
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>&#xA0;</td>
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textPlainWhite"><p class=3D"LegalTEXTwhite">Terms and conditions apply  Aut=
horised Financial Services Provider. Registered Credit Provider Reg No NCRC=
P7.<br/>
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e send an email to <a rel=3D"noopener" style=3D"color: #ffffff; text-decora=
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emoved.</p>
          <p class=3D"LegalTEXTwhite">&#xA0;</p>
          <p class=3D"LegalTEXTwhite">Disclaimer
The information contained in this communication from the sender is confiden=
tial. It is intended solely for use by the recipient and others authorised =
to receive it. If you are not the recipient, you are hereby notified that a=
ny disclosure, copying, distribution or taking action in relation of the co=
ntents of this information is strictly prohibited and may be unlawful. This=
 commentary is for information purposes only and you must not regard this a=
s a prospectus for any security or financial product or transaction. Absa d=
oes not expressly, tacitly or by implication represent, recommend, or propo=
se that the securities and/or financial or investment products or services =
(the &#x201C;Products&#x201D;) referred to in this commentary are appropria=
te and/or suitable for your particular investment objectives or financial s=
ituation or needs. This commentary is not, nor is it intended to be, advice=
 as defined and/or contemplated in Financial Advisory and Intermediary Serv=
ices Act, 37 of 2002 (&#x201C;FAIS&#x201D;), or any other financial, invest=
ment, trading, tax, legal, accounting, retirement, actuarial or other profe=
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s and significant issues related to or associated with the Products are not=
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ly understand the Products and any risks and significant issues related to =
or associated with them. This commentary is neither an offer to sell nor a =
solicitation of an offer to buy any of the Products, which shall always be =
subject to Absa&#x2019;s internal approvals and the execution of all requis=
ite documentation between you and Absa. You have to obtain your own advice =
prior to making any decision or taking any action based hereon and neither =
Absa, nor any affiliate, nor any of their respective officers, directors, p=
artners, or employees (in whose favour this constitutes a stipulation on be=
half of another) accepts any liability whatsoever for any direct, indirect =
or consequential damages or loss arising from any use of or reliance on thi=
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obtained independent advice. Any and all forecasts, illustrations, hypothet=
ical data and/or expectations used and/or referred to herein, are not guara=
nteed but merely provided for illustrative and demonstrative purposes only.=
 This communication (&#x201C;this communication&#x201D;) has been provided =
by the Relationship Banking Division of Absa Bank Limited a registered bank=
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company registration number: 1986/004794/06 and with its registered office =
at: Absa Towers East, 3rd Floor, 170 Main Street, Absa Towers West, 15 Troy=
e Street, Johannesburg 2001, Republic of South Africa (&#x201C;Absa&#x201D;=
). Absa is regulated by the South African Reserve Bank. Absa has provided t=
his communication for information purposes only and you must not regard thi=
s as a prospectus for any security or financial product or transaction. Thi=
s communication is from Relationship Banking and is not a product of the Ab=
sa Research department. This communication has not been produced, reviewed =
or approved by the Absa Research Department, and is not subject to any proh=
ibition on dealing ahead of the dissemination of research. The views in thi=
s communication are not a personal recommendation and do not take into acco=
unt whether any product or transaction is suitable for any particular inves=
tor.<br/><br/>EGSENDI005 </p></td>
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