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The JSE continued on a downward spiral on Wednesday afternoon as the release of disappointing economic data dragged local equities into negative territory. Shortly after the closing bell, the All Share had lost over 0.30%.
Shares in the US traded higher on Wednesday after the release of a report which made claims that US President Donald Trump may delay a decision to impose auto tariffs by up to six months, easing apprehensions over slowing global growth. At 18h00, the Dow Jones had gained 0.51%.
European shares traded higher on Wednesday after news broke that Trump plans to delay tariffs on auto imports, reversing losses incurred in the opening session and easing pressure on government bond yields triggered by poor US economic data. At 18h15, the pan-European Stoxx 600 had gained 0.46%.
Shares in Hong Kong rallied on Wednesday following the release of poor economic data from China while a minor softening in rhetoric from Trump somewhat lessened trade apprehensions. At 18h20, the Hang-Seng had gained 0.52%.
Japan’s Nikkei broke free from a seven-day losing streak to end higher on Wednesday as optimism that China may implement additional stimulus to aid a slowing economy lifted shares. At 18h25, the Nikkei gained 0.58%.
The rand weakened against major global currencies on Wednesday afternoon as investors became cautious and kept a close watch on new developments in the US-China trade war. At 18h30, the rand traded at R14.20 against the dollar.
Gold prices were steady on Wednesday following a retreat in world markets, indicating a reduction in risk appetite as investors anticipated the latest developments from the US-Sino trade war that has continued to wreak havoc on global markets. At 18h50, Spot gold was up trading at $1 295.04 an ounce
Oil prices slipped on Wednesday amid fresh consumption concerns as threats to production and exports persist. At 18h40, a barrel of Brent crude was trading at $72.13.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer