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The local market continued to climb on Tuesday, boosted by a strong showing by banks and financials, while investors awaited the South African Reserve Bank’s rates announcement on Thursday. At the closing bell, the All Share was 0.90% higher.
Despite positive retail sales figures released for June, US shares opened slightly lower on Tuesday after the release of mixed quarterly bank reports. At 18h00, the S&P 500 traded 0.16% down.
European equities rose on Tuesday on the back of weak German economic data releases, and new Brexit concerns that supported stimulus from the European Central Bank. The pan-European STOXX 600 Index closed the day 0.35% in the green.
On Tuesday, the Hang Seng edged up ahead of US retail sales results and corporate earnings releases, as investors looked for guidance on how the economic superpower is fairing. At 18h00, the Hang Seng stood 0.13% in the green.
Japanese markets fell on Tuesday as investors digested China's slow economic growth. However, automobiles outperformed on reports that China will shift to hybrid vehicles. The Nikkei closed the day 0.69% down.
Although the rand firmed against the pound and the euro on Tuesday, it lost some ground against the dollar due to the dollar strengthening as a result of positive US retail sales figures for June. At 18h00, the rand traded R13.93 against the dollar.
Positive retail sales data out of the US dragged gold prices down on Tuesday as experts started to lower their expectations of US rate cuts. At 18h00, spot gold traded at $1 404.51 an ounce.
On Tuesday, the oil price stabilised in light of trade tensions easing between the US and Iran and as crude production resumed on the US Gulf after Hurricane Barry past. At 18h00, a barrel of Brent crude was trading at $67.08.
Source: Reuters, Business Day, Trading Economics
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