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Rand weaker as retail data disappoints
June 13, 2012--The rand was tad weaker in afternoon trade on Wednesday, following the release of disappointing data, as well as the continued eurozone debt debacle.
“There were a number of data that disappointed and that filtered to the markets and also the on-going uncertainties in Europe. There is nothing dramatic to report on‚ the whole world is waiting for the outcome of the Greek election over the weekend‚” a local trader said.
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Source: FIN24
Bonds a touch firmer in quiet trade
April 13, 2012--The South African bond market was a touch firmer in quiet midday trade on Wednesday.
“Nothing much is happening as we wait for Sunday’s Greek elections. The bond auction announcement and the BCI failed to move the market‚ while the rand is also very stable‚” a local trader said.
At 11:47‚ the benchmark R157 bond was trading at 6.195% from Tuesday’s close of 6.220%. The R207 was bid at 7.475% and offered at 7.455% from a previous close of 7.480% and the R186 was trading at 8.280% from its close of 8.285%.
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Source: FIN24
Bonds quiet ahead of auction
June 12, 2012--The South African bond market was quiet in early morning trade on Tuesday ahead of the weekly Treasury bond auction at 11:00.
The National Treasury is offering R500m worth of R204 bonds‚ R800m worth of R213 bonds and R800m worth of R209 bonds.
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Source: AME Info
JSE slightly weaker as Europe jitters persist
June 12, 2012--JSE stocks were slightly weaker in early trade on Tuesday, as the uncertainty in Europe persists. With the unpredictable Greek elections just a few days away, negative global sentiment has once again emerged.
“It has been a slow start this morning and the market is still unsure and remains volatile. I think the whole thing is still about Europe. There is a lot of sceptcism about the bailouts. Markets want more details about how they will work‚” said Ferdi Heyeneke of Afrifocus.
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Source: FIN24
JSE opens firmer on global stocks
June 11, 2012--JSE stocks nudged higher in early trade on Monday, on improved global sentiment after Spanish banks were promised a €100bn loan for recapitalisation at the weekend.
“We had a good start‚ tracking the global markets. The Asian markets are looking good and we should maintain these levels‚” a local trader said. “News of the Spanish banks’ loan helped markets‚ we have seen them firming.”
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Source: FIN24
Rand loses ground after euro retraces
June 11, 2012--The rand retreated in afternoon trade on Monday after gains in the morning as a possible Moody's downgrade of Spanish debt dampened the euro. The local currency tends to take direction from the euro as the eurozone is one of South Africa's biggest trading partners.
At 16:12 the rand was bid at R8.3958 to the dollar from Friday’s close of R8.3147. It was bid at R10.5285 to the euro from its previous close of R10.5058 on Friday and at R13.0413 against sterling from R12.9228 at its previous close. The euro was bid at US$1.2542 from Friday’s close of $1.2636.
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Source: FIN24
SA to join Citi world bond index
June 11, 2012--South Africa will join Citi's influential World Government Bond Index (WGBI) from October, the US bank said on Monday, conferring an important seal of approval on the continent's biggest economy after recent credit outlook downgrades.
Citi said 11 of South Africa's government bonds worth $83bn had met the WGBI's entry requirements for three straight months, allowing it to accede to the index later this year.
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Source: FIN24
Global growth jitters weigh on JSE
June 8, 2012--The JSE ended weaker on Friday, with general mining shares coming under more selling pressure, amid global economic growth concerns.
At 17:00 local time‚ the JSE All Share [JSE:J203] index was down 0.71% to 33 665.71 points‚ with resources losing 1.78%‚ platinum counters shedding 2.60% while gold counters edged up 0.14%.
Financials eased off 0.25%‚ banking stocks were 0.56% in the red‚ while industrials slipped 0.18%.
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Source: FIN24
Rand weaker ahead of Chinese data
June 8, 2012--The rand was weaker in afternoon trade on Friday, tracking global markets, ahead of Chinese data to be released this weekend.
Analysts said the was concern that China’s interest rate cut earlier in the week was a pre-move action ahead of poor data.
At 15:44 the rand was bid at R8.4624 to the dollar from Thursday’s close of R8.3966. It was bid at R10.5294 to the euro from its previous close of R10.5495 on Thursday and at R13.0333 against sterling from R13.0361 at its previous close. The euro was bid at $1.2449 from Thursday’s close of $1.2567.
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Source: FIN24
IMF Working Paper-The Relationship between the Foreign Exchange Regime and Macroeconomic Performance in Eastern Africa
June 7, 2012--Summary: This study examines the relationship between the foreign exchange regime and macroeconomic performance in Eastern Africa. The study focuses on seven countries, five of which decisively liberalized their foreign exchange regimes.
The study assesses the relationship between (i) growth and various determinants, including the exchange regime, the real exchange rate, and current account liberalization; and (ii) inflation and various determinants, including lagged inflation, the nominal exchange rate, the exchange regime, and liberalization. We find that in our sample, for the determinants of growth, investment and the real exchange rate are significant determinants but not the exchange regime or liberalization; and for inflation, the lagged inflation rate, nominal exchange rate, and the de facto regime are significant. Exchange rate pass-through is limited.
