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

S.Africa rand falls 2 percent vs dollar on risk flight

Angola to keep growing at 15 pct: central banker

OPEC member Algeria keeps 4.1 percent growth forecast

Nigeria panel drafts soverign wealth fund plan

Guinea power protest halts RUSAL bauxite trains

Nigeria’s states approve power sector funding

Morocco’s ONA says planning overhaul by March

Africa franc zone warns of slower growth, less jobs

Oil back below $90 on demand worries

Gold slips after stock-led gain, ETF holdings up

SA employees are exhausted and bored, says online survey

Consumer confidence claws back lost ground

Nations due to review their monetary policy

Australia cuts its rate but ‘SA won’t follow’

Stocks gain, rand steadies

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