Stanlib Morning Market Commentary Monday 5th August 2013 The US stock market closed slightly higher on Friday at a record, despite disappointing jobs numbers for July (162,000 v 185,000 expected) and also reductions in jobs from two previous months. This caused the dollar to fall to almost $1.33 to the euro and 10-year bond yield to reduce from 2.7% to 2.6%. Markets in Asia are mixed in quiet trade, with Japan down 1%. The JSE ALSI was doing quite well for most of Friday, trading around 42,000, but sold off near the close as the rand strengthened from 10 to 9.85 to the dollar, with miners and big industrial rand hedges selling off. The ALSI closed at 41,700, down 0.5%. Industrial shares did well during the week, up 4%. The rand is at 9.85 this morning, 13.08 to the euro and 15.07 to the pound and the bond yields fell a bit on Friday (prices rose a bit) as the rand strengthened. Paul Hansen Director: Retail Investing Stanlib Wealth Management stanlib
Posted on: Mon, 05 Aug 2013 09:05:18 +0000
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