Financial News Network

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

gearedtrading — Mon, 13 Oct 2008 07:34:20 +0000

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

Bank rescues fuel tentative rally in global markets

Barclays to go it alone

S.African stocks seen up on global bank rescue

Rand gains vs dollar on global bank rescue plans

Bank stresses rising in emerging markets: IMF chief

Asia stocks rally on hopes for bank rescues

Oil climbs $3 after dive, Europe moves raise hope

Gold up 2 pct on dollar, eyes global rescue plan

Malaysia’s Petronas awarded two exploration blocks

Egypt’s central bank says will act to support growth

Algeria to renegotiate new energy projects: APS

‘Naked fear’ is still evaporating global markets

Manuel’s deputy remains a mystery

BEE deal repricing is under fire

Invest in Africa to beat bank crisis:Senegal’s Wade

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

gearedtrading — Wed, 08 Oct 2008 07:37:02 +0000

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

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

gearedtrading — Tue, 07 Oct 2008 08:29:28 +0000

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

Hope of global rate cut staunches market wounds

Rand bolstered by Australian rate cut

Algeria’s July forex reserves at $137 bln -cenbank

World Bank sees risk of Africa investment slump

World Bank Africa economist urges CFA devaluation debate

S.Africa net reserves edge up on gold price jump

Zain Tanzania sees users up 15 pct in 2008

S.Africa rand gains vs dollar, market remains volatile

Altron boosts H1 profit, halts buys on uncertainty

DR Congo to cancel two-thirds of logging contracts

Gold rides on rising oil, extends 4 percent gain

LME copper eases, Shanghai metals limit down

Eskom changes fundraising strategy, while Transnet sticks to its guns

Markets still in free fall despite key measures

Nine central banks likely to cut rates

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

gearedtrading — Fri, 03 Oct 2008 07:32:49 +0000

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

Fiat to help Ivory Coast build buses for Africa

S.Africa farmers to help lure Zimbabwe investment

Nigeria oil union extends deadline for Chevron deal

Libya sees buy opportunity in real estate slump

Dollar drags down copper, aluminium at 31-mth low

Oil down more than $1 on financial turmoil

Gold hit by dollar, platinum at near-3 year low

Phosa denies conflict of interest in new job

Union battles to reclaim R4.5bn in pension funds

Rand plunges as investors see dollar as haven

US bailout package shows threats to banking system

SA markets stung by metals fall, credit crisis

Europe stocks sag; economic woes eclipse rate hopes

S.African markets stung by metals fall, credit crisis

Precious metals tumble as dollar firms

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

gearedtrading — Wed, 01 Oct 2008 07:40:00 +0000

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

Be afraid, but don’t be very afraid – experts

Herd mentality rules markets

Xstrata abandons Lonmin bid due to credit crisis

S.Africa’s rand edges firmer, stocks seen up

Zambia ’08 growth to slow on poor food output, power

Morocco’s ONA first-half net profit drops 13 pct

Egypt penalises two brokers for manipulation: agency

Slow foreign takeup for $2.5bln Ecobank offer

Richards Bay coal prices slip again in quiet trading

Gold bounces 1 percent on euro, platinum off lows

Oil extends gains to $102 on bailout revival hopes

Dollar dips after jump on bailout hope, repatriation

SA rand recovers vs dollar, stocks also gain

SA market ends a day of ‘violent’ trade

Economic threat grows daily: Bush

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

gearedtrading — Tue, 30 Sep 2008 07:36:20 +0000

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

Latest: Congress rejects financial recovery bill

World markets fall as investors flee

Dow posts record point drop as House rejects bailout

Oil falls below $96 on financial turmoil

Gold up on safe-haven buying amid bailout woes

Mauritius lowers ’08 growth estimate to 5.6 pct

S.Africa’s Altech boosts H1 profit, sees growth

S.Africa Aug credit growth slows to 18.64 pct y/y

Dollar hits 4-month low vs yen as investors cut risk

SA markets battered by risk aversion

Bernanke backs bailout compromise

S.African markets battered by risk aversion

Kenya central bank holds key rate at 9 pct

Mauritius central bank leaves key rate at 8.25 pct

No need to keep women separate – Manuel

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

gearedtrading — Mon, 29 Sep 2008 07:50:36 +0000

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

Oil falls on stronger dollar as US bailout nears

Gold falls 1 pct, US bailout vote nears

S.Africa’s Bidvest says to reconsider bid for Nampak

Euro, pound slide as credit crisis hits Europe

Business bills make first hurdle past MPs

Executives pocket $3bn during the fall of Wall Street

Bailout package: Finer details still needed to avert recession in the US

Tiger Brands cracks whip at the top

Increase in net outflows displays SA’s vulnerability

Goldman Sachs had up to $20 bln AIG risk:NY Times

US bailout deal vote, market verdict awaited

Gold should top $1,000/oz as turmoil stays:GFMS

Financial crisis boosts trade reform calls

W.Africa franc zone inflation surges to 7.2 pct:minister

China Mobile sees opportunities in emerging markets

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

gearedtrading — Fri, 26 Sep 2008 08:02:06 +0000

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

Nigeria threatens to halt energy firms’ LNG schemes

Oil falls below $107 on doubts over US rescue plan

FTSE ends up 2 pct, lifted by US bank deal hopes

S.Africa stocks, bonds rise, rand firm vs dollar

S.Africa finmin Manuel reappointed, inflation up

Zimbabwe licenses shops to accept foreign currency

Gold steadies, eyes on future of US bailout plan

Lower oil prices put brakes on producer price inflation

Markets steady as Motlanthe holds on to ‘what is working’

Cabinet choices are confidence boost – analysts

Forecasters debate rising cost of meat

WTO farm talks resume, face difficult run

South Africa August PPI accelerates, may have peaked

AfDB lends Djibouti $80 mln, Mali $51.8 mln

World Cup committee to discuss the post-resignation game plan

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

gearedtrading — Tue, 23 Sep 2008 09:32:05 +0000

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

Retail sales paint a picture of hard times for consumers

US bailout plans scare dollar bulls

Financial crisis perpetrators must be ‘punished’

Analysis: Inflation to remain above boiling point

S.Africa’s Mboweni says inflation to stay high

FTSE falls 1.4% early, led by banks and miners

Zuma seeks to reassure investors, but Cosatu turns up heat

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

gearedtrading — Mon, 22 Sep 2008 08:30:59 +0000

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

Mbeki’s resignation just a blip in money markets

Mining industry marked by carnage – Cosatu

Global Diamond says plans IPO next year

Kenya says Eurobond still on despite market turmoil

S.Africa rand weaker, seen directed by global markets

S.Africa’s Top-40 up 2.5 pct after Mbeki resigns

Gold down 1 pct on rising shares, eyes US plan

Intl Ferro Metals moves to profit, mulls buyback

Oil steady above $104; analysts question rescue plan

Stocks rise on US crisis plan; questions linger

Economists take Mbeki’s exit in stride

BEE rules put us at risk – micro jewellers

Political pressure threatens rand, JSE

Paulson says bailout needed to shield US economy

More shock and awe expected in world markets