Cannon Asset Managers is a licensed asset management business based in South Africa that manages domestic assets as well as global investment portfolios. Since our formation we have successfully applied the philosophy and principles of value investing, an investment management approach that consistently has demonstrated a clear advantage over other philosophies.  Consequently, over the years Cannon Asset Managers has developed a reputation for successfully delivering portfolio results to our clients who include companies, pension funds, insurance companies, trusts, high net worth individuals and retail investors.

The US economy added a whopping 321,000 jobs in November which is one of the biggest bursts of hiring in nearly three years thus signalling that the US is outperforming the majority of the developed world. The additional jobs created should support steady growth in coming months. The unemployment rate remained steady at a six year low of 5.8 percent.

Evidence surfaced in Russia’s bond market that investors are concerned President Vladimir Putin will impose capital controls to stem the ruble’s 39 percent plunge this year. Bond buyers are demanding a growing premium to own ruble-denominated bonds traded in Moscow rather than ruble debt that trades in London and other international markets.

South Africa’s retail sales surprised on the upside in October. Economists had forecast retail sales would increase by 2.0 percent year-on-year (Y-o-Y) however, retail sales rose by 3.4 percent Y-o-Y. This is also above the 2.3 percent expansion in September. The highest annual growth rate (6.6 percent) was recorded for retailers in the food, beverages and tobacco category.

The official purchasing managers index (PMI) for China disappointed. The PMI fell from 50.8 in October to 50.3 in November.

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