Downwards…

The Efficient Group reports that the two largest platinum producers Angloplat (-0.4% and Impala Platinum (-1.31%) combined with First rand (-2.46%) to pull the market lower.

The currency traded flat against the euro and dollar, as it punched seven cents from the pound. Gold lost some of its glitter (-0.46%) while the oil price continues to drop (-1.57%), shedding almost three dollars so far this week.

As expected the FOMC raised US interest rates to 3.25% yesterday, but this could not support the dollar or the markets. The Dow Jones (-0.96%) took the brunt of the anger resulting in a loss of 2.2% for the second quarter, the Nasdaq is 3% high for the second quarter.

European markets traded flat yesterday ahead of the FOMC announcement after their markets closed. The Nikkei (0.45%) is trading higher this morning while the traders in Hong Kong is celebrating Special Administrative Region Establishment day.

The weak economic data released yesterday should put a damper on today’s equity trading.