1st Quarter 2004: Global markets 1st quarter 2004 – the weak US dollar

Is it really America’s problem at the moment? Well, if you think about it carefully – not really. But let’s first look at what caused the US Dollar to weaken. Over the past number of years, as growth in the USA has often exceeded the average growth achieved in many other countries, Am
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4th quarter 2003 Interest rates – how low will they go?

The current domestic interest rate environment highlights that it is not possible to please everyone all of the time. After experiencing a 4% rise in our domestic interest rates during the course of last year, we have so far this year witnessed four interest rate cuts totalling 5%. Pr
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3rd quarter 2003 Is spring in the air?

Spring is usually synonymous with hope, fresh beginnings and the anticipation of good things to come. If the breath of fresh air that has been blowing through global markets since mid March is anything to go by, it would not be out of place to wonder whether markets are indeed enterin
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2nd quarter 2003 The three “d’s” of investing – diversification, diversification, diversification

All of us, at some time or other over the past three years, will have questioned the rationale of being invested in local and international markets. The current bear market, which began in March 2000, has been fuelled by one event after the other. First there was the bursting of the T
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1st quarter 2003 The winds of war?

The impact of a potential US lead war against Iraq has undoubtedly dominated global markets during the quarter under review (December through to end February). From as early as September last year the Federal Reserve reportedly raised the topic of “geopolitical uncertainty”
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4th quarter 2002 Never underestimate the importance of real returns

Many South Africans have become accustomed to periods of high returns, particularly in the domestic market. This has often created an expectation amongst investors that these periods of high returns will continue in the future. However, investors have tended to focus exclusively on th
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3rd quarter 2002 How much longer is the fat lady going to sing?

The old adage “It ain’t over ’till the fat lady sings” is perhaps appropriate when looking at the current state of global markets and the world is beginning to wonder when she is likely to take a bow and move off centre stage. In the last six years there have b
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2nd quarter 2002 The bruised and battered Rand makes a partial recovery – is it sustainable?

In January 2002, the SA Reserve Bank surprised the markets with a 1% increase in the Repo Rate. In line with expectations, the Monetary Policy Committee increased interest rates by a further 1% at their meeting in March 2002. The main factors contributing to this increase were: the ex
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1st quarter 2002 Is all that glitters, gold?

There have been two interesting developments since our last report (as at 31 December 2001). The first has been the partial strengthening of the Rand, the second being the steady rise in the gold price over the past two months. The enquiry ordered in January 2002 by President Mbeki in
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3rd Quarter 2001: The 18 minutes that changed the course of history

I don’t think that any of us will ever forget the events that took place in the United States of America on 11 September 2001. The unprecedented terrorist attacks on the World Trade Centre and on the Pentagon sent shock waves around the world, highlighting that no country is inv
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