South Africa

Daniel Broby is currently visiting Silk Invests South African office. He reports that the South African market appears to be 'relatively' resilient in the face of the global slowdown. That said, the JSE fell yesterday and today following six days of gains and the mood is deteriorating. Industrials are statring to experience negative sentiment. Arcelormittal reoported a decline in factory output and this only reinforces the message that manufacturing data has been in decline for two months now.

The rand is likely to remain vulnerable to risk aversion.