May 08, 2008, 07:00
The rand is weaker this morning. Among the major issues set to play a role on local financial markets today, are softer global markets, surging oil prices, concerns over inflationary pressure in the US economy and the stronger US dollar.
On the capital market, the yield on the R153 government bond ended yesterday at 10.31%.
US and European markets
US stocks tumbled yesterday, on concerns about inflation and higher interest rates as oil jumped to a record above $123 a barrel. Investors sold off shares of banks, home builders and companies dependent on consumer spending amid fears that rising prices will crimp demand and exacerbate fallout from the housing slump.
The Dow Jones fell 206 points, or 1.6% to 12 814. The Nasdaq Composite plunged 45 points, or 1.8% to 2 438, while the S & P 500 tumbled 26 points to 1 393.
Oil stocks gave European markets a lift yesterday. London's FTSE 100 climbed 46 points to 6 261. In Paris the CAC 40 gained 34 points to 5 075, while Frankfurt's DAX advanced 59 points to 7 076.
Asian markets
Markets in the Asia-Pacific region are mixed this morning. In Tokyo the Nikkei retreated 109 points to 13 994. In Hong Kong, the Hang Seng gave up 195 points to 25 415, while Sydney's ASX advanced 43 points to 5 711.
Platinum is trading at $1967.50 /oz and the spot price for Brent crude shot up to $120.78 a barrel.
See the latest indicators at the bottom of the front page.
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