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The JSE closed lower on Tuesday, in line with global financial markets as investors anticipated new catalysts from the US Federal Reserve (Fed), heightening the pressure placed on global risk assets. Shortly after the closing bell, the All Share was down 1.33%.
US stock futures took a dive on Tuesday as investors expressed concerns over a severe blow to earnings as a by-product of the protracted US-Sino trade dispute. At 18h00, the Dow was trading 0.28% in the red.
European financial markets tracked a broad-based selloff in Asian and American markets on Tuesday as expectations waned for an interest rate cut by the Fed. At 18h10, the FTSE 100 Index had lost 0.17%.
Shares in Hong Kong continued on a downward spiral for the fourth consecutive day on Tuesday, in line with most global markets, as expectations of an aggressive rate cut by the Fed slowly diminished. At 18h15, the Hang Seng lost 0.94%.
Japan’s Nikkei recorded marginal gains on Tuesday but the broader market took a knock as Apple Inc and the overall technology sector stumbled following a brokerage downgrade. At the closing bell, the Nikkei gained 0.14%.
The rand held steady against major global currencies on Tuesday as investors await new catalysts from the Fed and its stance on interest rates moving forward. At 18h20, the rand traded R14.14 against the dollar.
Gold prices fell to a one-week low on Tuesday as the greenback held steady ahead of the Fed’s speech later today. At 18h25, spot gold was up trading at $1 396.28 an ounce.
Supply disruptions and mounting tensions in the Middle East lifted oil prices on Tuesday while the US-China trade spat continued to weigh heavily on the global economy. At 18h30, a barrel of Brent crude was trading at $64.84.
Source: Reuters, Business Day, Trading Economics
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