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Improved global sentiment regarding equity trades and the strong performance by mining shares lifted the local market on Tuesday. The All Share closed 0.49% in the green.
US indices opened slightly higher on Tuesday on signs of fresh stimulus in the Chinese economy and easing tensions around the US-Mexican trade negotiations. At 21h15, the Nasdaq was down 0.03%.
On Tuesday, European markets enjoyed a third day of gains boosted by German shares rallying and the resource sector being lifted by positivity around the Chinese economy. The STOXX 600 closed 0.69% higher.
Despite investors still being wary of the US-China trade dispute, Chinese shares rose on Tuesday on the back of Beijing easing “financing rules to boost local government spending on public works.” The Shanghai Index ended 2.58% in the green.
Japanese stocks endured a day of choppy trade on Tuesday as exporters and cyclical shares performed well but defensive shares underperformed. The benchmark Nikkei rose by 0.33%.
The rand continued to climb on Tuesday lifted by reports of an immigration agreement between the US and Mexico and as local political unrest calmed somewhat. At 21h15, a dollar traded for R14.67.
Although gold prices fell on Tuesday due to investors craving riskier assets, silver and palladium rose somewhat. At 21h15, an ounce of spot gold traded at $1 326.77.
Oil prices were flat on Tuesday, weighed down by concerns around a slowing global economy, but raised by prospects that OPEC could extend production cuts. At 21h15, a barrel of Brent crude traded at $63.
Source: Reuters, Business Day, Trading Economics
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