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Rand softer as jumpy markets await Fed move
December 18, 2013--The rand was softer against the dollar in nervous trading, as markets awaited the outcome of a US Federal Reserve meeting that could mark the start of tapering.
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Source: FIN24
IMF Working paper- Africa's Rising Exposure to China: How Large Are Spillovers Through Trade?
December 17, 2013-- Summary: The rapid growth in China's domestic investment in recent decades has generated a large appetite for global goods, including from sub-Saharan Africa (SSA). This paper estimates the impact of changes in China's investment growth on SSA's exports. Although rising trading links with China have allowed African countries to diversify their export base across countries, away from advanced economies, they have also led SSA countries to become more susceptible to spillovers from China.
Based on panel data analysis, a 1 percentage point increase (decline) in China's domestic investment growth is associated with an average 0.6 percentage point increase (decline) in SSA countries' export growth. This impact is larger for resource-rich countries, especially oil exporters. These effects could be mitigated, however, to the extent that countries can reorient their exports.
view IMF Working paper- Africa's Rising Exposure to China: How Large Are Spillovers Through Trade?
Source: IMF
SA stocks end higher, Kumba sparkles
December 17, 2013--South African stocks booked a 1.6% gain in their first day of trading after a long weekend, led by Kumba Iron Ore after the mining firm gave an upbeat guidance for its full-year results.
Markets were closed on Monday for a public holiday
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Source: FIN24
Rand seen under pressure ahead of Fed meeting
December 17, 2013--The rand was steady against the dollar on Tuesday after touching two-week highs overnight, but could come under pressure as the market braces for the possible scaling back this week of monthly bond purchases by the US central bank.
By 06:45 GMT the rand was at R10.2840 to the greenback, barely changed from Monday's New York close at R10.2820. Johannesburg traders were back in the market after Monday's Reconciliation Daypublic holiday.
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Source: FIN24
SA stocks slip ahead of long weekend
December 13, 2013--South African stocks edged down on Friday, falling for the fourth straight trading day as concern intensified that the US Federal Reserve could start scaling back its stimulus as early as next week.
Shares of blue chip companies such as Impala Platinum and Assore were among the decliners, a day after the Johannesburg bourse suffered its biggest daily drop in almost six months and ahead of a long weekend that includes a national holiday on Monday.
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Source: FIN24
Rand softer on Fed tapering expectations
December 13, 2013--The rand weakened against the dollar on Friday on increased expectations that the U.S. Federal Reserve may start to reduce its bond-buying programme earlier than previously thought.
Strong U.S. data in the previous session weighed heavily on emerging markets with investors betting that the Fed will announce tapering plans after its December monetary policy meeting next week.
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Source: FIN24
Sub-Sahara on cusp of major economic boom
December 13, 2013--Sub-Saharan Africa could be on the threshold of becoming a major global economy, according to one of the world's most respected economic authorities on the region.
Professor John Sutton, speaking at the Africa Growth Forum on Friday, said that several leading economies in sub-Saharan Africa would become middle-income countries if they sustain their rapid growth rates of the past decade.
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Source: FIN24
JSE slides, gold shares down
December 12, 2013--South African stocks suffered their biggest daily drop in almost six months on Thursday, led by gold firms like AngloGold Ashanti as global equities fell on speculation the US Federal Reserve may start trimming stimulus next week.
This week's US budget pact eased some of the fiscal drag on its economy and improved the chances the Fed will scale back its bond-buying operations at the 17 December to 18 December meeting.
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Source: FIN24
Rand flat ahead of inflation data
December 11, 2013--The rand was largely flat in early Wednesday trade with little scope for significant shifts, although inflation and retails sales data could move the currency if they surprise the market.
The rand traded at R10.3600/$ by 06:25 GMT, just 0.05% softer than Tuesday's close.
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Source: FIN24
SA stocks snap four-day rally
December 10, 2013--South African stocks snapped a four-day rally on Tuesda, falling into the red with investors taking profits in stocks such as up-market retailer Woolworths, which have helped lead the recent surge.
"If you look at how Woolworths has performed the last couple of days, my gut feel is that it is profit taking with some guys taking some cash off the table", said Mohammed Nalla, head of strategic research at Nedbank Capital.
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Source: FIN24
