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
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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
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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
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4th Quarter 2004: Global Markets 4th quarter 2004 – The 59 million Americans who voted for George W. Bush

Fifty six million people didn’t vote for George Bush. That wasn’t enough to stop George Bush from being elected for a second term in the White House. Fifty nine million Americans believe in George Bush and what he stands for. According to Will Walden of the BBC who was one
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3rd Quarter 2004: Global Markets 3rd quarter 2004 – The roller coaster ride of the Rand

These days, the word “certainty” is seldom used in conjunction with the Rand. However, there is one certainty that we have come to associate with the Rand in more recent years. It is neither the strength nor weakness of the Rand, but rather something connected to both R
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2nd Quarter 2004: Global Markets 2nd quarter 2004 – The China Story

By mid 2002, China made up 12% of world GDP – which is a marked improvement from having represented 3% some 22 years ago. It was already projected then that by the end of 2003 China would be the world’s biggest consumer of platinum, copper, iron ore and aluminium. During 2
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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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