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The JSE extended gains from the previous session as progress in the US-China trade talks lifted the local bourse on Wednesday. At the close of business, both the All Share and the Top 40 traded in the green.
US equities enjoyed gains of over 1% on Wednesday supported by tech stocks, as optimism over China’s plan to increase access for foreign companies compelled Trump’s upbeat remarks on trade relations between the two economies. The Dow gained over 366 points and the S&P 500 ended 1.63% in the green.
European stocks rose in value on Wednesday on optimism over easing US-China trade tensions. Moreover, British markets surged on mounting expectations for Theresa May to survive a leadership challenge, which would significantly reduce the chance of a no-deal Brexit. At close of business the pound rose 0.50%.
Hong Kong stocks climbed as market expectations predicted a decelerating pace of interest rate hikes in the US and policy stimulus in China. The Hang Seng closed 1.58% in the green.
Japan’s Nikkei hit its highest daily gain in over a month on Wednesday as risk appetite amongst investors was invigorated, following encouraging developments in US-China trade talks. The Nikkei share average soared 2.22% ending the day at 21 617.50 points.
The local currency stabilised against major global currencies on Wednesday afternoon, on the back of a weakened pound as markets were focused on the vote of no confidence in UK Prime Minster Theresa May. At 19h00 the rand traded R14.16 against the dollar.
Gold prices went up on Wednesday as markets expected a halt in the US cycle of interest rates hikes, offsetting gains in the dollar and triggering a rally in stock markets amid easing US-China trade tensions. At the close of business, spot gold was up 0.20%.
The price of oil went up to nearly $61 a barrel on Wednesday, lifted by a drop in US crude inventories, a cut in Libyan exports and an Opec resolution to restrict output. At 19h00 benchmark Brent crude was trading at $61.14 a barrel.
Source: Reuters, Business Day, Trading Economics
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