Traders Corner

US markets gained another half a percent last night, with Asia trading only a tenth of a percent higher this morning. Tencent is trading almost 2% higher, with BHP Billiton 4% lower to catch up with its move on the local front yesterday. Moody’s has downgraded South Africa’s 4 major banks, probably being a bit sensitive after they missed the clear 2008 signs of the financial sector’s collapse. The Rand has lost a lot of ground overnight, trading at R10.67/$, with gold last at $1,295 an ounce. World futures are trading flat.

Key macro events:

•             SA: CPI Y/Y – expected: 6.4%

•             UK: BOE Minutes

•             Japan: Trade Balance

•             US: MBA Mortgage applications

•             US: FOMC minutes