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On Wednesday, the JSE’s losses were offset by Naspers and Prosus, which together make up over a tenth of the index. The All Share fell 0.33% on Wednesday.
Wall Street fell at its open on Wednesday after US Federal Reserve (Fed) Chairman, Jerome Powell, warned of "a prolonged recession due to the coronavirus and dispelled speculation over negative interest rates”. Shortly after the JSE closed, the Dow was 1.47% lower.
European markets reported losses on Wednesday, led by travel, automakers and banks. The STOXX 600 Index closed at -1.94%.
Asian indices tumbled on Wednesday as investor concerns flared up about the economic impact of a possible second COVID-19 wave. The Hang Seng closed 0.26% in the red.
Japanese markets tracked Wall Street’s overnight losses on Wednesday in light of renewed COVID-19 fears. The Nikkei traded 0.12% down.
The local currency
strengthened on Wednesday on optimism that some countries are beginning to ease
lockdown regulations. At 17h50, the rand traded at R18.48/$.
Gold rose on Wednesday on the back of Powell’s pledge to implement more stimulus measures, if required, to counter the economic impact of the current pandemic. An ounce of spot gold cost $1 716.36 at 17h50.
Oil prices were hit on Wednesday after the Fed warned that “economic recovery from the coronavirus pandemic would take many months”. At 17h50, a barrel of Brent crude traded at $27.66.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer