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The JSE gained slightly after the Reserve Bank cut its repo rate by 25 bps on Thursday. The JSE closed 0.26% higher.
Wall Street hit record highs on Thursday, with the S&P 500 crossing the 3 300 mark for the first time, as upbeat earnings from Morgan Stanley and a tech rally added to optimism from an initial US-China trade deal. At 19h30, the Nasdaq traded 0.63% higher.
European shares rose on Thursday after the US and China signed the Phase 1 trade deal, giving some relief to markets that have been roiled by the 18-month standoff between the world’s two-largest economies. The CAC40 closed up by 0.11%.
Chinese stocks fell on Thursday after Beijing and Washington signed a Phase 1 deal to defuse their trade war, with financial markets taking on a cautious tone as many thorny issues remained unresolved. The Shanghai Composite Index closed down 0.52%.
Japanese shares were little changed on Thursday after the US and China signed an interim deal to defuse their 18-month long trade war, with factory automation machinery makers under pressure on soft industry data. The Nikkei added 0.07%.
The rand extended losses on Thursday as investors pondered a widely unexpected 25 basis point repo rate cut by the Reserve Bank. Shortly after the announcement, the rand erased earlier gains and now looks on track for its third consecutive week of losses.
Gold prices edged lower on Thursday, as optimism over a preliminary trade deal between the US and China increased risk appetite, although concerns about tariffs and unresolved core issues remained.
Oil prices rose on Thursday after the US and China signed an eagerly awaited Phase 1 trade deal, giving some relief to markets, but gains were capped as the International Energy Agency (IEA) said it expected oil production to outstrip demand.
Source: Reuters, Business Day, Trading Economics
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