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A flare-up in the US-China trade war eroded global sentiment on Thursday with the JSE tracking subdued Asian markets. At the close of business, the All Share lost 2.15%.
US stocks traded lower as the trade spat between the US and China took centre stage on Thursday after the souring relations between the two superpowers raised doubts about the trade deal ratified at the beginning of the year. At 19h00, the Dow lost 0.41%.
European stocks traded lower on Thursday ahead of the release of the latest batch of business activity data to underline the economic blow of the coronavirus. At 19h15, the FTSE 100 lost 0.86%.
Technology stocks drove a decline in Hong Kong markets on Thursday after the White House said regulators were open to making changes “to close a possible loophole in a new rule aimed at curbing global chip sales to Chinese firm Huawei Technologies”. The Hang Seng Index lost 0.49%.
Japanese shares traded lower on Thursday as investors opted to stay away from the markets after the benchmark reached a near three-month high, raising concerns that stocks were possibly overvalued. At the close of business, the Nikkei lost 0.21%.
The rand strengthened on Thursday following a 50bps interest rate cut announced by the South African Reserve Bank, bringing further relief to SA’s battered economy. At 19h30, a dollar traded at R17.61.
Gold prices fell on Thursday as hopes of a swift economic recovery boosted risk appetite among investors. An ounce of gold traded at $1 726.22 at 19h40.
Oil prices surged to the highest level in over two months amid lower US crude inventories, Opec-led supply cuts and recovering demand. At 20h00, a barrel of Brent crude traded at $34.91.
Source: Reuters, Business Day, Trading Economics
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