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Morning report (30.6.04)

29 June 2004 Angelo Coppola

Local equities closed weaker yesterday despite the weaker currency. Resources (1.2%) recorded the largest decline while financials (0.9%) and construction (0.5%) closed in the black.

Nico Kelder, economist at the Efficient Group reports that the currency weakened by 1.4% against the dollar ahead of the US interest rate decision today, the dollar also gained (0.9%) against the euro.

Local bonds traded flat but commodities all came tumbling down as the dollar recovered, oil and platinum dropped 1.8% each while gold declined by 2.2%.

European markets traded flat yesterday as all eyes are focused on the Fed decision. US markets were up yesterday despite the expectations that interest rates will be increased.

In the Far East the Nikkei is slightly weaker so far this morning while the Hang Seng is trading higher by 1.3%. We expect that local equities should trade stronger today.

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