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The JSE tracked global markets into the green on Tuesday due to optimistic global economic data and US President Donald Trump’s Tweet that the US-China trade deal was still “fully intact”. The JSE closed up 2.30% and the Top 40 2.64%.
Wall Street opened higher on Tuesday after positive US-China trade news from Trump and as optimism about economic data lifted risk appetites. At 18h00, the Nasdaq had gained 1.20%.
European markets almost reached a two-week high on Tuesday on the back of positive PMI data and strong performance from cyclical shares. At the close of business, the STOXX 600 Index reported a gain of 1.30%.
Hong Kong stocks rose over 1% on Tuesday after Trump calmed investor fears by clarifying that the US-China trade deal was still in place, despite earlier contradicting reports from White House trade adviser Peter Navarro. The Hang Seng ended the day 1.64% in the green.
After a mixed start to the trading day, Japanese markets ended in the green as a Tweet by Trump boosted investor sentiment. The Nikkei closed up 0.50%.
The local currency edged higher on Tuesday as Trump's Tweet about the trade deal led to risk-on trade. At 18h00, the rand traded R17.24/$, R21.60/£ and R19.52/€.
The price of gold reached
its peak since October 2012 on Tuesday due to a weaker US dollar. An ounce of
gold cost $1 766.67 at 18h00.
After a volatile session on Tuesday, the oil price reported gains as a Trump Tweet about the US-Sino trade deal soothed investor nerves. At 18h00, a barrel of Brent crude traded at $43.03.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer