Morning report (15.6.04)

Local equities traded lower yesterday and the currency remained mostly unchanged against the majors, reports Nico Kelder, economist at the Efficient Group.

Yields on the bond market also remained flat in a week were no major economic releases take place. Gold weakened yesterday while oil traded slightly higher.

European and US markets were weaker yesterday losing around 1-percent. The Far East is mixed this morning indicating that there is no clear direction for trading today.

We expect local equities to trade weaker today but the movements of the currency will have the largest influence.