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The JSE enjoyed gains on Tuesday following a positive showing by Naspers and upbeat local data, with both mining and manufacturing figures beating market expectations in October. At the close of business, both the All Share and the Top 40 had gained over 1%.
US equities surged on Tuesday following signs of progress in the US-China trade spat, which has continued to rattle markets for months. The Dow gained over 91 points and the S&P 500 ended 0.62% in the green.
European stocks traded higher on Tuesday as renewed optimism over the US-Sino trade dispute lifted sentiment, after concerns over decelerating global growth battered global markets on Monday. The pan-European STOXX 600 benchmark finished 1.81% higher.
Stocks in Hong Kong struggled for direction on Tuesday as concerns over a no-deal Brexit and the scandalous arrest of Huawei’s CFO capped gains, ultimately weighing on sentiment. The Hang Seng closed 0.14% in the red.
The Nikkei fell to near nine-month lows on Tuesday as financial stocks succumbed to the pressure from decelerating global growth, while uncertainty over a trade deal between Tokyo and Washington battered automakers. The Nikkei share average fell 0.48% ending the day at 21 117.00 points.
The local currency was firmer against major global currencies on Tuesday afternoon, bolstered by positive mining and manufacturing data. Manufacturing production jumped 3% while mining production grew 0.5% in October. At 19h00 the rand traded R14.36 against the dollar.
Gold prices went up on Tuesday on optimism that the US Fed could halt its rate hike cycle in the following year, amid a weakened dollar environment. Spot gold traded for $1 243.59 an ounce.
Oil prices rose almost $1 on Tuesday rebounding from the losses incurred in the previous trading session, with a boost from gains in global stocks, a weakened dollar environment and an outage disrupting Libyan production. At 19h00 benchmark Brent crude was trading at $60.53 a barrel.
Source: Reuters, Business Day, Trading Economics
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