Domestic financial markets face renewed uncertainty today following news that one of America's largest lenders to small and medium-sized business, CIT Group, is bankrupt. The bankruptcy, one of the largest in US corporate history, has been widely expected for months. CIT's troubles could further weigh on the fragile US economy.

Other factors set to weigh on local markets, include weaker global markets and a sharp fall in the rand's value.

US and European markets

In New York, blue chips suffered their worst slide since July on Friday on concerns that the economic recovery would not be robust enough to sustain the seven-month stock rally, while financials sank on renewed worries about Citigroup's balance sheet. The Dow Jones tumbled 250 points or 2.5% to 9 713. The Nasdaq Composite lost 52 points or 2.5% to 2 045.

Financial stocks stumped European markets on Friday. London's FTSE 100 dropped 93 points or 1.8% to 5 045.

Asian markets

Markets in the Asia-Pacific region are lower this morning.

Platinum is trading at $1325.70/oz and the spot price of Brent crude oil is weaker at $74.50 a barrel.