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Sign up to attend our next Think Big webinar in which PSG Wealth CIO, Adriaan Pask, will be interviewing global economist and multi-asset investment professional Lawrence Hatheway. They will discuss the future of the global economy and provide insights ahead of the US elections.
The JSE followed global markets on Friday, as investors were optimistic that the US could reach a large-scale stimulus bill sooner rather than later. The All Share closed up by 1.15%.
Wall Street opened higher on Friday as investors were hopeful about fresh stimulus plans and a possible Democratic victory at the November elections. At 17h50, the Dow Jones reported a gain of 0.44%.
European markets were lifted on Friday by strong earnings expectations from Denmark’s Pandora and Novo Nordisk, as well as US stimulus hopes. The European STOXX 600 stood 0.55% higher for the day.
The Hang Seng ended 0.31% in the red on Friday due to financial sector losses; however, it reported an almost 3% gain for the week.
Despite the Nikkei posting a loss of 0.12% on Friday due to US stimulus speculations, the index rose over 2.50% for the week.
The rand continued to strengthen against the dollar on Friday alongside other emerging market currencies. At 17h50, the local currency traded at R16.44/$.
Gold prices rose over 1% on Friday as more investors bargained on the White House reaching a new stimulus package deal before the November elections. Spot gold moved to $1 926.39/oz by 17h50.
Hurricane Delta forced energy firms to close around the Gulf of Mexico on Friday, while the oil price fell over 1% after the Norwegian oil worker strike ended. A barrel of Brent crude traded at $42.91 at 17h50.
Source: Reuters, Business Day, Trading Economics
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