It’s been an interesting week with the mighty rand fluctuating between R13.70 and R14.15 against the US dollar. The R14.00 mark seems to now be holding as a decent support level. S&P ratings agency releases their views on South Africa’s outlook going into 2017 after the closing bell this afternoon. Keep a keen eye on the rand later today. Anglo American sold their historic London headquarters of its De Beers diamond unit to Oaktree Capital for around £100 million. Stress test results on U.K. banks were released on Wednesday, highlighting that most banks, besides the Royal Bank of Scotland, were in good shape to weather another financial crash. Oil futures rose to over $53.00 (9% up) a barrel as OPEC came to an agreement of slashing their daily output by 1.2 million barrels a day. OPEC (Iran, Iraq, Saudi Arabia and Russia) control 1/3 of the global oil supply. Indonesia exited OPEC.
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