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Speaker 1: For the money show for the market. Marcoufo is a

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Speaker 1: lead specialist for investment in trading sales at Absolute cib MARCO.

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Speaker 1: Good evening, Thanks so much for coming in. Okay, obviously,

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Speaker 1: markets kind of don't know what they what's going to happen.

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Speaker 1: Oil is sort of hovering. One hundred and ten dollars

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Speaker 1: a barrel would have been much higher. I suspect if

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Speaker 1: people were taking Trump as seriously as he believes he

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Speaker 1: should be taken.

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Speaker 2: Absolutely steven, another deadline, another standoff. You know, I think

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Speaker 2: our equity's probably showed a little bit more than the

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Speaker 2: oil market today. We saw Satle up nearly nine percent,

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Speaker 2: you know, really pushing into the clothes. And the other

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Speaker 2: ones that really led today were defenses, British American tobacco

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Speaker 2: and How's a bush. You know, these are stocks that

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Speaker 2: tend to do well in all sorts of environments, you know,

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Speaker 2: today up seventy five and fifty bases points. We saw

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Speaker 2: some of our more cyclical stocks someone's more exposed to

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Speaker 2: risk quite down quite badly on the day. In Parlor

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Speaker 2: down five percent, Goldfield's down about four. I think for me,

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Speaker 2: the interesting point on the oil trade is that we

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Speaker 2: see WTI up three and a half percent, first Print

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Speaker 2: only up fifty and that's been the trend over the

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Speaker 2: last two weeks. So despite Trump telling you know, a

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Speaker 2: lot of the Western world to go get your own oil,

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Speaker 2: what's actually being affected is the oil coming out of

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Speaker 2: the US and that the US users.

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Speaker 1: Yeah, I mean, it's going to be so interesting to

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Speaker 1: see what happens. And also it'll probably be a few

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Speaker 1: hours after Trump's latest deadline to kind of work out

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Speaker 1: what exactly is going on. First Rand pulling out of

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Speaker 1: the UK. So they own Eldermore Bank. They're pulling out.

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Speaker 1: This is because of a latest ruling by the regulator

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Speaker 1: I think is also called the Financial Conduct Authority there

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Speaker 1: and this is about a calmest selling issue. But this

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Speaker 1: line from their sense statement stood out for me. The

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Speaker 1: UK as a consumer finance jurisdiction will not deliver the

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Speaker 1: returns the group requires. I mean, I've seen one or

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Speaker 1: two bitter statements in my time, but they are furious

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Speaker 1: with the latest ruling.

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Speaker 2: Absolutely steven. I mean, if you look at it, they

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Speaker 2: even talk about reserving their legal rights. I wouldn't be

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Speaker 2: unsurprised if we see the banks in the UK try

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Speaker 2: and challenge this ruling again. You know, they're saying it's

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Speaker 2: really not in line with what the Supreme Court found

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Speaker 2: to be correct in the justification there. But you know,

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Speaker 2: taking another five hundred and ten million pounds, I mean

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Speaker 2: that's nearly twelve billion round. We're talking that the total

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Speaker 2: provision up to seventeen point seven billion Rand. Yet the

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Speaker 2: Stockton react today. I think a lot of South African

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Speaker 2: investors happy that it's behind us. I think people will

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Speaker 2: expecting them to recycle capital from the UK into the continent,

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Speaker 2: which is probably the right thing to do, you know,

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Speaker 2: so very interesting. What the other thing I found amazing

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Speaker 2: is that they spoke about looking to dispose of oldermore

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Speaker 2: and they're you know, do it in a responsible way.

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Speaker 2: They didn't speak about the motor finance business, so potentially

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Speaker 2: they could just walk away from that business after the fine.

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Speaker 2: So interesting to see what happens over the next coming

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Speaker 2: weeks and months.

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Speaker 1: Marco, thanks so much. Marco Southio is the lead Specialist

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Speaker 1: for Investments in Trading Sales at Absence cib