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The local markets
extended losses into Thursday, following global equities into negative
territory as trade war concerns weighed on investor sentiment. The Top 40 closed down 1.44%.
Wall Street indices
opened lower on Thursday as investors feared the political disagreements
between the US and China could delay a trade deal. At 22h05, the Nasdaq traded 0.21% in the red.
European markets fell on
Thursday, weighed down by mixed US-China headlines and the worst performance in
19 years by German conglomerate, Thyssenkrupp, after it scrapped its dividend. The pan-European STOXX 600 Index dropped 0.40%.
Asian markets closed down on Thursday as concerns rose about the effect of political differences between the US and China on a possible trade deal; however, communications lines are reported to still be open between the two economic superpowers. The Hang Seng Index dropped 1.55% for the day.
Although the Japanese index fell to a three-week low on Thursday due to trade war concerns, losses were capped by optimism expressed by Chinese trade negotiators. The Nikkei closed down 0.48%.
The local currency reached a level last seen in October on Thursday after the Reserve Bank kept the repo rate unchanged. At 20h05, the rand was trading R14.68 to the US dollar.
Gold prices eased somewhat towards the end of Thursday after reports came to light that China has invited the US trade negotiators to Beijing for a “new round of talks”. An ounce of gold cost $1 465.30 at 20h05.
Oil prices rose by almost 2% on Thursday on the back of reports that OPEC and its associates could extend output limitations into 2020. Brent crude traded at $63.72 a barrel at 20h05.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer