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The local bourse followed Asian markets’ lead on Tuesday on the back of news that China and the US have reached a preliminary trade deal over the past weekend. At the closing bell, the JSE Top 40 gained 1.02%.
Although the S&P 500 and the Nasdaq opened slightly higher on Tuesday, the Dow Jones took a knock because of the 737 MAX jet crisis at Boeing intensifying. Shortly after the JSE closed, the Dow was flat at 0.16%.
On Tuesday investor fears, fuelled by a sales warning from Unilever and concerns that the UK will take a “hard line on the Brexit transition,” weighed European indices down. The pan-European STOXX 600 Index lost 0.68%.
Asian markets were boosted by positive sentiment thanks to optimism around the interim US-China trade deal, with Hong Kong shares reaching a five-week high at the close of trade. The Hang Seng gained 1.22%.
Japan’s leading index closed up on Tuesday, reaching a 52-week high; it was lifted by strong performances in paper and pulp, railway and bus, and real estate as well as the yen losing ground to the dollar. The Nikkei closed 0.47% higher.
After rallying at close to 3.50% last week and reaching levels last seen on 1 August 2019, the rand lost some momentum on Tuesday due to “offshore risks building and volumes relatively light heading into Christmas holidays”. At 17h55, the dollar was trading at R14.40.
Palladium prices reached a new high on Tuesday, trading briefly above $2 000 per ounce. The price surge was ascribed to stricter emissions rules spurring demand and supply struggling to keep up.
Optimism that the two largest economies in the world reached a preliminary trade deal, which could increase oil demand in 2020, led to the oil price growing over 1% on Tuesday. At 17h55, a barrel of Brent crude traded at $66.21.
Source: Reuters, Business Day, Trading Economics
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