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The local market recorded its worst day in ten on Thursday as investors acted with caution in fear of a possible slow global economic recovery. The All Share fell 2.07% on Thursday.
Wall Street opened lower on Thursday as investors digested US Federal Reserve Bank Chair Jerome Powell’s warnings about a possible prolonged recession and renewed US-China trade tensions. Shortly after the JSE closed, the Dow was 0.43% lower.
European markets were hit by a wave of selling on Thursday driving European banks to an all-time low. The STOXX 600 Index closed at -2.17%.
Asian indices had a hard Thursday amid risk aversion due to poor sentiment and grim economic forecasts. The Hang Seng closed 1.45% in the red.
Japanese markets fell on Thursday on the back of Powell’s warning that the recession could take longer to recuperate and be worse than expected. The Nikkei traded 1.74% down.
The local currency extended losses on Thursday amid global uncertainty. At 17h50, the rand traded R18.60/$, R22.66/£ and R20.07/€.
Gold continued to climb on Thursday as investors searched for safe-haven assets due to rising US-China trade tensions and recession worries. An ounce of spot gold cost $1 731.44 at 17h50.
After data from the International Energy Agency projected lower oil stockpiles for 2H20 on Thursday, the oil price rose about 3%. At 17h50, a barrel of Brent crude traded at $278.12.
Source: Reuters, Business Day, Trading Economics
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