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The JSE experienced a blue Tuesday when it opened low after the long weekend due to US market losses on Monday; however, positive mine and currency results helped lift the local bourse. At the close of business, both the All Share and the Top 40 were flat but in the red.
Markets in the US opened higher on Tuesday as investors awaited the US Federal Reserve’s interest rate announcement to be made on Wednesday, and thanks to a surge in technology shares. By 20h05, US indexes made up ground, trading over 1% higher.
European markets fared sluggish on Tuesday after being stuck in a fourth straight session of losses due to weak economic releases and lower oil prices. At the end of trade, the STOXX 600 was down 0.82%.
Asian markets suffered on Tuesday in light of Chinese President Xi Jinping announcing disappointing policy changes and shares across the region stumbling. Both the Hang Seng and the Shanghai Composite closed almost 1% down.
Japanese shares followed other markets downward, mainly due to investors’ growing worries about cooling global markets. The Nikkei closed almost 2% down.
Despite negative global sentiment, the rand held its own on Tuesday thanks to a weakening dollar. At 19h00, the rand traded up at R14.30 against the dollar.
Gold prices increased on Tuesday after investor’s fears around falling equities pushed them to this safe haven. At 19h15, spot gold was up to $1 248.84 an ounce.
Oil prices dropped by more than 4% on Tuesday as it was predicted that US inventories and Russian oil production will reach record highs in December. At 19h15, benchmark Brent crude traded at $57.13 a barrel.
Source: Reuters, Business Day, Trading Economics
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