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Market Open 13/10/2008 – Bank rescues fuel tentative rally in global markets

October 13, 2008

9:00, Monday the 13th of October. Investor confidence on the South African markets should remain subdued this week as the deepening credit crisis pushes the global economy into recession. European leaders on Sunday agreed to provide capital or directly buy into new bank debt issues in a move that may inject cash into the region. We are finally seeing coordinated action by governments and central banks in an attempt to solve the financial crisis. This should attract bargain hunters and give stocks some support. We do however believe that this will just be a temporary bounce, with more downside to come.

Market Bid Offer Updated Change
Spot Gold
858.25
858.75
09:00
8.55
Spot Silver (5000oz)
1055.25
1060.25
09:00
50.75
Spot FX EUR/USD
13651.5
13653.5
09:00
248.6
Spot FX USD/ZAR
91619.0
91819.0
09:00
-2942.8
Spot FX GBP/ZAR
157286.0
157686.0
09:00
-3911.0
FTSE 100 Cash
4175.3
4177.3
09:00
229.8
Wall Street Cash
8750
8756
09:00
215
Brent Crude
7683
7697
09:00
337
Germany 30
4797.0
4799.0
09:00
343.2
Japan 225
7920
7940
01:00
0
Brent Crude
7859
7872
09:00
352
Platinum
1016.5
1020.0
09:00
16.5

News Headlines

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Market Open 08/10/2008 – Update: Market Crisis 2008

October 8, 2008

9:00, Wednesday the 8th of October. South African near dated all share futures are trading sharply lower this morning. This, after talk that the U.S. Federal Reserve may have to lower interest rates and the U.K. Government is expected to announce a rescue package this morning, that will provide much needed capital for their banking system. There is a lot more downside to world markets and the JSE is sure to follow. Investors seem to have lost faith in all the ” bail out” packages. Its seems to be a totally uncoordinated free for all, each country having to look out for themselves, said a dealer.

Market Bid Offer Updated Change
Spot Gold
904.30
904.80
09:00
16.55
Spot Silver (5000oz)
1170.75
1175.75
09:00
15.75
Spot FX EUR/USD
13561.8
13563.8
09:00
-25.5
Spot FX USD/ZAR
90702.5
90902.5
09:00
1152.5
Spot FX GBP/ZAR
159070.0
159470.0
09:00
2772.0
FTSE 100 Cash
4434.5
4436.5
09:00
-175.3
Wall Street Cash
9344
9350
09:00
-106
Brent Crude
8227
8242
09:00
-256
Germany 30
5116.8
5118.8
09:00
-217.5
Japan 225
9135
9155
08:29
-90
Brent Crude
8354
8369
09:00
-255
Platinum
987.5
996.5
09:00
-30.3

News Headlines

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Market Open 07/10/2008 – Stock markets in free fall

October 7, 2008

9:00, Tuesday the 7th of October. Stock markets remained in free fall yesterday despite a range of desperate measures to stabilise the world’s financial system. This morning, Australia’s central bank cut its interest rate by 1%, the most since a recession in 19 92. South African markets look like they are may be temporarily supported by the news. Rumors however, are circulating that today’s aggressive move by the Reserve Bank of Australia is the precursor for coordinated rate cuts by global central banks. We are not buying into this bounce because we think there is still more down-side to come.

Market Bid Offer Updated Change
Spot Gold
869.40
869.90
09:02
9.90
Spot Silver (5000oz)
1138.50
1143.50
09:02
36.75
Spot FX EUR/USD
13564.4
13566.4
09:02
66.0
Spot FX USD/ZAR
87195.0
87395.0
09:02
-1255.0
Spot FX GBP/ZAR
152627.0
153027.0
09:02
-1602.0
FTSE 100 Cash
4708.3
4710.3
09:02
126.3
Wall Street Cash
10064
10070
09:02
33
Brent Crude
8554
8563
09:02
172
Germany 30
5495.3
5497.3
09:02
123.3
Japan 225
10110
10130
08:29
-40
Brent Crude
8685
8694
09:02
166
Platinum
1014.7
1020.3
09:00
30.8

News Headlines

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Market Open 03/09/2008 – JSE over-all down trend still firmly intact 

October 3, 2008

9:00, Friday the 3rd of October. Yesterday, South African markets traded firmly lower on falling metal prices and nervousness surrounding the health of the U.S. economy. All eyes are on the U.S. House of Representatives who are widely expected to pass the proposed $ 700 billion financial rescue bill. Ahead of this however, we have U.S. non-farm payrolls. After yesterday’s big increase in weekly jobless claims however, there is a degree of caution as to what to expect. Today, we expect a slight recovery in our markets with the over- all down trend however, still firmly intact.

Market Bid Offer Updated Change
Spot Gold
841.25
841.75
09:02
5.00
Spot Silver (5000oz)
1129.25
1134.25
09:02
47.25
Spot FX EUR/USD
13842.9
13844.9
09:02
24.0
Spot FX USD/ZAR
84551.0
84751.0
09:01
-515.0
Spot FX GBP/ZAR
149411.0
149811.0
09:02
-630.0
FTSE 100 Cash
4900.3
4902.3
09:02
28.0
Wall Street Cash
10567
10573
09:02
98
Brent Crude
9002
9017
09:02
-41
Germany 30
5689.5
5691.5
09:02
33.0
Japan 225
10900
10920
08:29
-10
Brent Crude
9127
9142
09:02
-38
Platinum
969.5
987.5
09:01
-8.0

News Headlines

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Market Open 01/10/2008 – Be afraid, but don’t be very afraid – experts

October 1, 2008

9:00, Wednesday the 1st of October. South Africa’s credit and money supply growth eased in August while our monthly trade deficit shrank, supporting the case for interest rates to remain unchanged next week. The South African rand is trading slightly firmer as calm returns to the markets. This, on hopes that a U.S. financial rescue plan may still succeed, providing support to our local stocks. We think there is still more downside for our financial sector, but less so than in the U.S. South African banks are fairly well capitalised and local regulation has protected us from the actual sub-prime fall-out.

Market Bid Offer Updated Change
Spot Gold
874.90
875.40
09:00
4.20
Spot Silver (5000oz)
1219.75
1224.75
09:00
18.75
Spot FX EUR/USD
14092.1
14094.1
09:00
-0.4
Spot FX USD/ZAR
82591.5
82791.5
09:00
-159.3
Spot FX GBP/ZAR
146878.0
147278.0
09:00
-458.0
FTSE 100 Cash
4987.5
4989.5
09:00
83.5
Wall Street Cash
10784
10790
09:00
-62
Brent Crude
9855
9866
09:00
46
Germany 30
5865.5
5867.5
09:00
30.0
Japan 225
11380
11400
08:29
15
Brent Crude
9994
10005
09:00
45
Platinum
1037.5
1046.5
08:55
15.8

News Headlines

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Market Open 30/09/2008 – World markets plunge, worst global sell-off in 21 years

September 30, 2008

9:00, Tuesday the 30th of September. World markets plunged in overnight trade extending the worst global sell-off in 21 years. This, after the 700 billion dollar bank rescue plan was rejected by U.S. lawmakers. After loosing almost 6% yesterday, South African markets look set to be dragged down further. Analysts are calling it a massive confidence crisis. Word on the street is that there is definitely further downside with others taking a long term view, saying it’s a good time to pick up value stocks, those with steady cashflows, high dividend yields and good earnings visibility.

Market Bid Offer Updated Change
Spot Gold
903.20
904.20
09:00
-5.80
Spot Silver (5000oz)
1305.00
1310.00
08:58
-5.50
Spot FX EUR/USD
14382.5
14384.5
09:00
-49.2
Spot FX USD/ZAR
83491.5
83691.5
09:00
-108.5
Spot FX GBP/ZAR
150736.0
151136.0
09:00
-453.0
FTSE 100 Cash
4689.5
4691.5
09:00
-124.8
Wall Street Cash
10600
10606
09:00
41
Brent Crude
9150
9158
09:00
-237
Germany 30
5687.8
5689.8
09:00
-137.0
Japan 225
11290
11310
08:29
-5
Brent Crude
9295
9303
09:00
-231
Platinum
1055.5
1065.5
09:00
-18.0

News Headlines

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Market Open 29/09/2008 – Oil falls on stronger dollar as US bailout nears

September 29, 2008

9:00, Monday the 29th of September. South African stocks fell almost 2% on Friday. Today, we are expecting further downside as investors remain uncertain about the proposed $ 700 billion bail out plan for the U.S. financial sector. European banks are also starting to buckle with central banks across the region having to rescue Fortis, a large European bank, over the weekend. The 11 billion Euro injection which partially nationalizes the bank, makes this the first major casualty of the credit crisis in the euro zone.

Market Bid Offer Updated Change
Spot Gold
873.50
874.00
09:00
-5.00
Spot Silver (5000oz)
1314.25
1319.25
09:00
-14.00
Spot FX EUR/USD
14398.3
14400.3
09:00
-214.2
Spot FX USD/ZAR
81453.0
81653.0
09:00
794.0
Spot FX GBP/ZAR
148146.0
148546.0
09:00
-625.0
FTSE 100 Cash
5021.3
5023.3
09:00
-57.7
Wall Street Cash
11027
11033
09:00
-133
Brent Crude
10187
10198
09:00
-155
Germany 30
5990.5
5992.5
09:00
-83.3
Japan 225
11735
11755
08:30
5
Brent Crude
10291
10302
09:00
-156
Platinum
1118.5
1131.4
08:58
4.5

News Headlines

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Market Open 26/09/2008 – S.Africa finance minister Manuel reappointed, inflation up

September 26, 2008

9:00, Friday the 26th of September. Asian markets and the U.S. dollar fell in overnight trade after a 700 billion dollar plan to save the financial system ran into problems. This, together with the closure of Washington Mutual, the biggest ever U.S. bank failure, dashed hopes for a quick recovery. Back at home, South Africa’s new president re-appointed Trevor Manuel as finance minister yesterday, good news for investors. We also saw P.P.I. or factory gate inflation edging higher. Its acceleration slowed however, raising hopes that we may be at the peak of our interest rate cycle.

Market Bid Offer Updated Change
Spot Gold
876.80
877.30
09:00
-0.80
Spot Silver (5000oz)
1321.00
1326.00
09:00
2.50
Spot FX EUR/USD
14634.5
14636.5
09:00
26.7
Spot FX USD/ZAR
81420.5
81620.5
08:59
372.7
Spot FX GBP/ZAR
149721.0
150121.0
09:00
811.0
FTSE 100 Cash
5130.8
5132.8
09:00
-76.5
Platinum
1152.5
1159.5
21:29
9.6
Wall Street Cash
10867
10873
09:00
-150
Brent Crude
10307
10318
09:00
-154
Germany 30
6097.5
6099.5
09:00
-78.0
Japan 225
11920
11940
08:29
25
Platinum
1184.1
1210.7
08:52
6.4

News Headlines

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Market Open 23/09/2008 – S.Africa’s Mboweni says inflation to stay high

September 23, 2008

9:00, Tuesday the 23rd of September. South African resource stocks are likely to be supported by strong oil and precious metal prices. Although South African financial institutions have minimal exposure to the U.S. sub prime crisis, they are unfortionately guilty by association. On this note, we think there is still more downside to this sector. Buyers beware, its a liquidity crisis and the smart money is looking for a safe home. We think resources are going to support our market over the next few days and are buyers of Impala Platinum if it pulls back to the 1 70 level.

Market Bid Offer Updated Change
Spot Gold
889.35
889.85
09:04
-8.00
Spot Silver (5000oz)
1320.25
1325.25
09:03
-22.25
Spot FX EUR/USD
14726.8
14728.8
09:04
-48.7
Spot FX USD/ZAR
79610.0
79810.0
09:04
-184.0
Spot FX GBP/ZAR
147435.0
147835.0
09:04
-538.0
FTSE 100 Cash
5204.5
5206.5
09:04
-28.0
Platinum
1152.500
1159.500
21:29
9.550
Wall Street Cash
11080
11086
09:04
70
Brent Crude
10429
10439
09:04
-171
Germany 30
6080.0
6082.0
09:04
-36.5
Japan 225
11850
11870
22:14
0
Platinum
1239.100
1248.400
09:03
-2.850

News Headlines

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Market Open 22/09/2008 – Mbeki’s resignation just a blip in money markets

September 22, 2008

9:00, Monday the 22nd of September. Today, South African markets look set to shrug off local political turmoil and instead, track world financial markets firmer. This, as details about the U.S. government’s $700 billion bank bail- out plan and moves by regulators in the U.S. and U.K. to curb short selling, provide much needed support to our markets. Last week U.S. regulators adopted rules to protect against naked short selling and the U.K. also temporarily banned all short selling of financial stocks. We are not buying into this rescue plan, and think that there is still more downside to our markets.

Market Bid Offer Updated Change
Spot Gold
871.08
872.08
09:03
-1.97
Spot Silver (5000oz)
1268.00
1273.00
09:02
7.50
Spot FX EUR/USD
14516.5
14518.5
09:02
50.4
Spot FX USD/ZAR
80030.5
80230.5
09:02
980.5
Spot FX GBP/ZAR
147000.0
147400.0
09:03
2226.0
FTSE 100 Cash
5316.5
5318.5
09:03
-14.8
Platinum
1152.500
1159.500
21:29
9.550
Wall Street Cash
11288
11294
09:02
-92
Brent Crude
10119
10127
09:02
139
Germany 30
6187.3
6189.3
09:03
-4.7
Japan 225
12080
12100
08:29
0
Platinum
1184.700
1193.100
09:02
33.250

News Headlines

Posted in Market Open | Leave a Comment »

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