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It is time for the annual Intellidex SA’s Top Stockbrokers survey. Take part by completing the survey here: http://www.intellidex.co.za/topbrokers2019
Global risk factors and the impact of the prolonged China-US trade dispute kept investors concerned on Monday, causing a drop in the JSE. The JSE All Share fell 0.29%.
Wall Street fell on Monday as protests in Hong Kong added to concerns about the pace of growth in China, already under pressure from the prolonged bout of US trade tensions. The Dow was down 1.02% just after the JSE closed.
European shares dropped on Monday, as the protracted US-China trade war continued to spook investors. In Europe, the FTSE 100 lost 0.17% and France’s CAC 40 dropped by 0.11% at about 17h30.
Hong Kong shares started the week on a soft note amid weeks of violent protests that threatened to weigh on the Asian financial hub’s economy. The Hang Seng index ended 0.69% down on Monday.
Japanese shares were not hit by violent protest in Hong Kong on Monday, benefitting from strong results from tech companies. The Nikkei index closed up 0.44%.
The trade dispute weighed heavily on the rand, with government’s efforts to bail out Eskom adding further pressure on the currency. The rand reached its weakest level in 2019 at R15.46/$ in intraday trade on Monday. Just after the JSE closed, the rand strengthened to R15.34/$.
Gold edged up on Monday, as investors’ demand for safe-haven assets increased on concerns over slow global economic growth due to the protracted trade dispute between the US and China. At 19h30, an ounce of spot gold traded at $1 513.49.
Oil prices fell on Monday amid worries about an economic slowdown and the US-China trade war, which have led to a cut in the outlook for global oil demand. At 19h30, a barrel of Brent crude traded at $58.55.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer