Despite a number of ongoing risks and structural imbalances in South Africa, the rand has a very good chance of strengthening impressively for the rest of this year and into 2009, say market analysts ETM. They say, however, that levels approaching 6,50 to the dollar -- should they be reached -- would probably be difficult to sustain.
United States employers cut a surprisingly large 80 000 jobs in March, marking the biggest decline in employment in five years, a government report showed on Friday. The mounting job losses swelled the national unemployment rate to 5,1% last month, compared with 4,8% in February.
The JSE remained firm by midday on Tuesday as overnight gains in the United States triggered good buying interest among global equities. By noon, the JSE's broader all-share index was up 2,22%. Banks gained 3,1% and financials lifted 3,06%.
The JSE remained in the black by noon on Wednesday, with a trader explaining that the United States Federal Reserve's rate cut was adding buoyancy to the market. "The Fed's rate decision, which saw rates decline from 3% to 2,25%, is still adding buoyancy to the JSE," he said.
The JSE was little changed at its softer levels by midday on Tuesday as investors took to the sidelines ahead of the United States Federal Open Market Committee's rates decision later in the day. By noon, the JSE's broader all-share index was down 0,86%. Resources fell 2,26%, the gold mining index dropped 1,76% and the platinum mining index shed 0,76%.
An emergency move by the United States Federal Reserve to cut its discount rate has continued to weigh on markets, sending the JSE below the 30 000-level by midday on Monday. The Fed's move to cut its discount rate, its lending rate to financial institutions, to 3,25% from 3,5%,
Asian and European stock markets plunged on Thursday as investor sentiment was hammered by resurgent credit concerns, the plunging dollar and record high oil prices, dealers said. Global financial markets were also roiled after a troubled fund backed by United States private equity giant Carlyle said it expected its creditors to seize its remaining assets.
Asian and European equities surged higher on Wednesday, mirroring an overnight rebound on Wall Street after major central banks announced a massive cash injection for stressed financial markets. However, dealers voiced scepticism over whether the concerted central bank action would head off the global credit crunch and bring stability to choppy world stock markets.
A global equities sell-off gathered speed on Friday as nervous investors were hit by growing United States recession fears, a plunging dollar and record oil prices, dealers said. European markets fell after sharp losses earlier in Asia and overnight on Wall Street following more bad news on the US subprime home-loan crisis.
A new court battle will be held on Monday over the detention of French rogue trader Jerome Kerviel. The decision by a Paris appeals court on Friday to back a prosecution demand that the 31-year-old trader be held in custody was the latest twist in the worst investment banking scandal in history.
Top world finance ministers warned on Saturday that the global economy faces growing threats from a United States housing slump and credit crunch. The finance chiefs from the Group of Seven (G7) industrialised nations said their economies were set to lose steam in the near future but remained fundamentally solid.
The JSE ignored CPI data that came in slightly higher than market expectations and continued to gather momentum by midday on Wednesday on news that power had been restored to the mining industry. December CPI came in at 9% year-on-year, while the market expected 8,9%, and CPIX came in at 8,6%, against the expected 8,5%.
Global share prices rocketed on Thursday, though fears of an economic slowdown lingered as Société Générale revealed a massive €4,9-billion fraud-related loss it attributed to one of its traders. Europe's leading share indices surged in morning deals, with gains of between 4% and more than 5% after a recovery on the Japanese market.
The annual Davos gathering of the world's political and business elite opened on Wednesday with the fragile state of the world economy and stock-market turmoil casting a pall over the glitzy get-together. In recent years the annual meeting in the Swiss ski resort has been held against a backdrop of bumper corporate profits, strong economic growth and tame inflation.
The United States Federal Reserve on Tuesday slashed benchmark US interest rates by three-quarters of a percentage point in an emergency bid to lend support to a US economy some fear is on the verge of recession. The Fed's action took the key federal funds rate, which governs overnight lending between banks, down to 3,5%.
With internet lag keeping them from global competition, local gamers have settled on a format for EA’s FIFA 2020 allows 11 people to play as a team. And the prize money in local leagues is growing. Eyaaz Matwadia boots up for the first instalment of Gaming Corner
The producer spoke to Cayleigh Bright on the day the Cape Town Opera returned to rehearsals after almost six months of lockdown about the future-proof transcendence, resilience and relatability of opera