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Finance Minister Trevor Manuel is likely to touch on the power crisis in his address
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February 18, 2008, 06:00
The key issue set to dominate local financial markets this week is the budget. Major issues Finance Minister Trevor Manuel is likely to address, include the country's slowing economic growth, and the extent of government support for Eskom.
The US dollar is trading at R7.63. Sterling is worth R14.96, while the Euro will cost R11.20. The greenback recovered to 107.8 Japanese yen. The Euro advanced to $1.46 cents, while the Aussie dollar climbed to $0.91.3 American cents.
On the capital market, the yield on the R153 government bond ended on Friday at 9.24%.
US and European Markets
Blue chips and tech stocks slipped on Friday in New York on concerns about consumer spending after an index of consumer sentiment fell to a 16-year low and retailer Best Buy warned that shopper traffic dropped off after the holiday.
The broader market, however, managed a small gain thanks largely to a rally in food stocks on news that Warren Buffett's Berkshire Hathaway had taken a stake in Kraft Foods. The Dow Jones gave up 29 points to 12 348. The Nasdaq Composite shaved off 11 points to 2 322. The S & P 500 added one point to 1 350.
Europe's major markets ended sharply lower due to investors concern over the US economy. London's FTSE100 fell 92 points, or 1.6%, to 5 788. In Paris the CAC shed 87 points to 4 772, while Frankfurt's DAX tumbled 130 points, or 1.9%, to 6 832.
Profit taking and weaker global markets dragged the JSE lower on Friday. The all share index plunged 534 points, or 1.8%, to 28 506. Financials fell 541 points, or 2.8%, to 19 740, while industrials gave up 153 points to 22 383.
Asian Markets
Markets in the Asia-Pacific region are mixed this morning. In Tokyo the Nikkei rose 175 points, or 1.3%, to 13 797. And in Hong Kong, the Hang Seng added 33 points to 24 181, while Sydney's ASX retreated 41 points to 5 561.
See the latest financial indicators at the bottom of the front page.
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