The Bank of Japan indicated that they would keep their interest rates at -0.1% for the foreseeable future, stating that they will rather pursue alternative means of stimulus and will target zero percent on their 10-year government bond. The US Federal Reserve also kept their interest rates flat at 0.5%, citing that the relatively robust economic data seen coming out of the US wouldn’t justify a hike in September. All eyes on December. Gold rallied on the back of the Fed’s announcement as the ‘risk-on’ mind set was ignited yet again, while the South African rand also had a stronger week against the US dollar pulling back to as low as R13.40. Bain Capital has taken a step away from the Edcon revival, selling off their stake.
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Upward Mobility: North America | Cannon Asset Managers research