Archive for October, 2008

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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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