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The JSE weakened amid comprehensive losses on Friday following a sharp 3% decline by Tencent, however, the local bourse was on track to close the week firmer. At the close of business, both the All Share and the Top 40 traded in the red.
US equities plunged on Friday as less-than-inspiring economic data from China and Europe aggravated concerns over slowing global growth and added to apprehensions over the US-China trade spat. The Dow lost over 248 points and the S&P 500 ended 0.98% in the red.
European stocks took a knock for a second consecutive day on Friday, after poor Chinese data fuelled concerns over the health of the world’s second-largest economy and backlash from China’s on-going trade dispute with the US. At close of business the pound rose 0.97%.
Hong Kong stocks plunged on Friday amid concerns over the deterioration of the world’s second largest economy after China posted poor consumer and factory figures. The Hang Seng closed 1.84% in the red.
Poorly performing large-cap stocks led to the decline in Japan’s Nikkei on Friday, following flat Dow Jones futures and worrisome economic indicators from Asia. The Nikkei share average plunged 2.09% ending the day at 21 359.50 points.
The local currency weakened against the dollar on Friday afternoon, on fears of decelerating global growth, while the markets digested poor economic data registered by China and France. At 17h00 the rand traded R14.44 against the dollar.
Gold prices fell to a one-week low on Friday afternoon amid a strong dollar environment, registering the biggest weekly drop in five months ahead of the US Fed’s interest rate decision expected this week. At the close of business spot gold was down 0.50%.
Oil prices dropped on Friday after China cited reduced fuel demand for its poor economic performance, although sentiment was somewhat lifted by Opec’s agreement to reduce excess supply to help the oil price. At 18h00 benchmark Brent crude was trading at $60.75 a barrel.
Source: Reuters, Business Day, Trading Economics
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