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Local markets were down after the emergency supplementary budget by Finance Minister Tito Mboweni, which left investors wanting more “detail on implementation”. The All Share closed down 1.85% and the Top 40 1.95%.
On Wednesday, the day after
the Nasdaq “scaled a fresh peak”, Wall Street opened lower due to concerns
about the impact of the rising number of infections across several US states on
the economy. At 19h00, the Dow Jones had fallen 2.40%.
European markets lost gains from the previous session on Wednesday as investors acted with caution on the back of reports that the US was weighing tariffs on European products and the surge in COVID-19 cases. At the close of business, the STOXX 600 Index reported a loss of 2.78%.
On Wednesday, markets in Hong Kong were weighed down by energy companies and reports of a rise in coronavirus infections. The Hang Seng ended the day 0.50% in the red.
Japanese shares ended Wednesday flat as investors grew wary of the increase of new COVID-19 cases in Tokyo, as it reached a new daily-high in over a month. The Nikkei closed down 0.07%.
The rand took a knock on Wednesday after Mboweni announced “a wider budget deficit and soaring debt" in the emergency supplementary budget. At 19h00, the rand traded R17.34/$, R21.59/£ and R19.56/€.
After reaching an almost
eight-year high, gold retreated on Wednesday due to a broad-based selloff as
investors chased cash in light of the growing global number of COVID-19 cases. An ounce of gold cost $1 766.58 at 19h00.
Oil dropped about $2 on Wednesday on concerns about record-high crude inventories and renewed fears of a second COVID-19 wave stalling the reopening of economies. At 19h00, a barrel of Brent crude traded at $40.39.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer