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The JSE closed lower on Wednesday as investors waited for the start of trade negotiations between the US and China today. The local bourse closed 0.35% in the red.
Wall Street rose for the first time in three sessions on Wednesday with technology stocks providing a boost, as a report that China was open to a partial trade deal soothed investor nerves ahead of high-level talks today. Shortly after the JSE closed, the Dow was up 0.45%.
German shares logged their best day in six weeks on Wednesday, leading the charge among European shares, as sentiment lifted by signs of progress in the US-China trade relations. Shortly after the JSE closed, Germany’s DAX 30 was up by 0.97%.
Shares in China and Hong Kong fell yesterday as escalating trade and political tensions between Beijing and Washington a day ahead of high-level negotiations soured risk sentiment. The Hang Seng Index fell 0.81%.
Japanese shares fell on Wednesday as US-China tensions dimmed hopes for a deal in high-level trade talks this week and soured the mood of investors. The Nikkei share average fell 0.61%.
The rand appeared to ignore trade-war jitters yesterday as the SA Chamber of Commerce and Industry’s (Sacci) business confidence index (BCI) improved to its highest level in three months. At 19h30, a dollar traded at R15.17.
Gold prices were steady on Wednesday as markets waited for clues on monetary easing by the US Federal Reserve. At 19h30, an ounce of spot gold traded at $1 507.55.
Oil rose yesterday after media reports that China was open to agreeing on a partial trade deal with the US, while Turkey’s military operation in northern Syria also supported prices as it could affect regional oil production. A barrel of Brent crude traded at $58.85.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer