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The local bourse recovered some losses on Wednesday thanks to a lower oil price, a stronger rand and a strong performance from banks. The All Share closed up 0.65% and the Top 40 0.69%.
US equity markets rose on Wednesday due to strong performances from the tech sector and banks, and as investors hoped the US Federal Reserve (Fed) will continue with a moderate pace for interest rates. By 19h10, the Dow, the S&P 500 and the Nasdaq had all climbed by almost 1%.
European shares rose cautiously on Wednesday thanks to a boost from banks and the pharmaceutical sectors. Although the EU and Italy came to an agreement regarding Italy’s budget, markets treaded carefully in anticipation of the Fed’s announcement. At the end of trade, the STOXX 600 had gained 0.46%.
Chinese markets took a knock on Wednesday, ahead of the US interest rate decision and due to the healthcare and energy sectors stumbling. The Shanghai Composite fell by 1.05% at its close.
Japanese shares reached a nine-month low on Wednesday due to investors practising caution ahead of the Fed’s conference and the shares of SoftBank Group Corp plummeting. The Nikkei ended the day 0.59% down.
The rand strengthened against major currencies on Wednesday as EU and Italy finally agreed on Italy’s budget and global markets waited for the Fed’s rates announcement. At 18h40, the rand strengthened to R14.15 against the dollar.
While investors practised caution before the US interest rate decision later Wednesday evening, gold proved to be a safe haven. At 19h05, the price of an ounce of gold had risen to $1 255.
Oil prices made up ground on Wednesday, gaining almost 3%; although investor sentiment was still negative, US data showed a demand for refined products. At 19h05, a barrel of Brent crude cost $57.56.
Source: Reuters, Business Day, Trading Economics
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