4th Quarter 2005: Global Markets 4th quarter 2005 – A New Chairman for the US Federal Reserve

The world speculated all year about who would succeed Alan Greenspan as the new Chairman of the Federal Reserve at the end of January, following his 18-year tenure. Speculators had narrowed the field of candidates down to 6 and then to 4. The favorite was Bernard Bernanke (Chairman of
Continue Reading →

3rd Quarter 2005: Global Markets 3rd quarter 2005 – Currency reform in China – a small step in the right direction

In our last quarterly report we debated when, rather than if, currency reform would take place in China. Shortly thereafter (on 21 July) China announced an adjustment of 2.1% to the Yuan (CNY 8.11 / $ from being pegged at CNY 8.28 / $ since 1997). At the same time, they confirmed the
Continue Reading →

2nd Quarter 2005: Global Markets 2nd quarter 2005 – Chinese currency reform – now or never?

There has been increasing speculation in the market as to when China will relax the pegging of the Chinese Yuan to the US Dollar. China is facing increasing pressure, not only from the United States but also from various Asian countries and parts of the European Union, to do so. Beiji
Continue Reading →

1st Quarter 2005: Global Markets 1st quarter 2005 – Will the stampede of the South African equity bulls continue in 2005

Having recently visited several fund management houses in Cape Town it was interesting to note the views expressed regarding the outlook for domestic equities this year. We all know that most domestic equity unit trust funds delivered exceptional performances during the second half of
Continue Reading →