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Unfortunately due to technical difficulties we were unable to dispatch the Daily Investment Update yesterday. We apologise for any inconvenience caused and thank you for your patience and understanding.
The JSE slid further on Tuesday after the release of poor unemployment figures, with the number of unemployed persons in the country climbing to 27.60% in the first quarter of 2019. Shortly after the closing bell, the All Share had lost over 0.25%.
US stock index futures recorded gains on Tuesday following positive commentary from US President Donald Trump, which somewhat eased concerns over the implications of an escalating trade war on the global economy. At 19h00, the Dow Jones was up 1.36%.
European shares traded higher on Tuesday rebounding from a two-month low suffered in the previous session after optimistic commentary from two of the world’s biggest economies eased investor apprehensions over the infamous trade war. At 19h10, the pan-European Stoxx 600 gained 1.01%.
Mainland Chinese shares stumbled and the yuan fell to its lowest level of the year on Tuesday as markets digested China’s tariff retaliation on US goods. At 19h15, the Hang-Seng had lost over 1.40%.
Japan’s Nikkei plunged further to a three-month low on Tuesday after Beijing announced retaliatory tariffs on Washington, dragging cyclical sectors through the mud. At 19h25, the Nikkei lost 0.59%.
Despite the release of poor unemployment figures for the first quarter, the rand firmed against major global currencies on Tuesday against the backdrop of an escalating US-Sino trade war that has evidently benefited emerging markets. At 19h30, the rand traded at R14.22 against the dollar.
Gold prices slipped on Tuesday as the infamous trade war that continues to shake markets weighed on the yuan, reducing demand for the precious metal. At 19h35, spot gold was up trading at $1 295.04 an ounce.
Oil prices went up on Tuesday after explosive-laden drones attacked pumping stations in Saudi Arabia, the world’s largest oil exporter. At 19h40, a barrel of Brent crude was trading at $71.75.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer