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The JSE closed higher with other global equity markets on Monday, boosted by weekend news that the US will not impose tariffs on Mexico over the lack of security at their mutual border. The All Share closed 0.66% in the green.
Wall Street opened higher on Monday, after the US abandoned its plans to impose tariffs on Mexican goods. Shortly after the JSE closed, the Dow was up by 0.64%.
Strong Chinese export data and the US-Mexico no tariffs pronouncement bolstered European markets on Monday, automobile shares also got a lift after signals that Fiat-Chrysler and Renault could revive their merger. Shortly after the JSE closed, the FTSE 100 had gained 0.59% and the CAC 40 0.25%.
Hong Kong shares tracked global markets on Monday after the US abandoned plans to impose tariffs on Mexico and as global investors hoped for lower US interest rates on the back of lacklustre jobs data. The Hang Seng index ended up 2.27%.
The Nikkei rose on Monday, led by automakers after US President Donald Trump withdrew a threat to impose tariffs on Mexican imports. The benchmark Nikkei rose 1.20%.
The rand was also boosted by buoyant global markets after the US and Mexico averted a 5% tariff on Mexican imports, and as expectations grew that the US Fed might cut interest rates. At 18h50, a dollar traded at R14.82.
Gold retreated on Monday after an agreement late last week between the US and Mexico to avert a tariff war curbed safe-haven demand for the metal. At 18h50 an ounce of spot gold traded at $1 327.32.
Oil prices rose on Monday after Saudi Arabia said Opec and Russia should keep supplies restricted at current levels. At 18h50, a barrel of Brent crude traded at $63.51.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer