Thursday, 13 September 2012 : SCB DAILY BRIEF
EXCHANGE RATES (Indicative)
Currency Pair
BID OFFER

USD/ZMK
4,990.00
5090.00

ZAR/ZMK
604.78
616.86

EUR/USD
1.2828
1.3030

GBP/USD
1.6012
1.6213

GBP/ZMK
8,040.39
8,201.52 LIBOR RATES


COMMODITIES

CURRENT/PREVIOUS

COPPER($/ton)
8080.25/8090.00

BRENT($/barrel)
GOLD ($/ozs)
115.34
1,730.00
114.60
1,736.90
Z
AMBIA ECONOMIC INDICATORS

CURRENT/PREVIOUS

Inflation (%)
6.2/6.7

GDP (%)
7.6/6.5

FX Rsrvs (bn.$)
2.43/2.34

GLOBAL EQUITIES

CURREN/PREVIOUS

LUSE
3,900.00
3,829.78

FTSE 100
5,670.30
5,662.30

S&P 500
1,360.60
1,362.75

DOW 13,060.40 12,878.88


LOCAL AND INTERNATIONAL NEWS

ZMK
Increased local corporate demand mainly from the energy and telecoms sectors saw local unit surge to 5050 late in the afternoon. The move higher was further boosted by lack of significant inflows on the market. The Kwacha retracement is imminent after broad dollar losses on the international market following Germany parliament ratification of a permanent rescue package for the euro zone that saw the Euro currency rally to a four months high of 1.2929. The correlation is expected to filter through to emerging market currencies. Focus range to day 4970-5070.
Energy
 Markets remained quiet with APPEC in the backdrop, trading in a narrow band of less than $1/bbl.
 Oil rose for a fifth day on speculation that the Fed will announce additional measures to stimulate the economy, increasing fuel demand. Prices headed for the longest streak of gains since July before a two-day Fed meeting starting today.
 The DOE report showed Crude inventories climbed by 1.99 million barrels last week, against expectations of 2.9 million barrels build.