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Although the JSE rose on trade deal optimism, gains were trimmed by concerns over SA’s credit outlook on Monday. At the closing bell, the JSE All Share was flat at 0.02% in the red.
Wall Street indices rose after US national security adviser, Robert O’Brienth said “a trade pact between Washington and Beijing was still possible before the end of the year”. Shortly after the JSE closed, the Nasdaq gained 0.90%.
European markets gained momentum on Monday following reports that Washington and Beijing were close to signing a trade deal. At the close of business, the pan-European STOXX 600 Index climbed 0.95%.
Notwithstanding concerns over anti-government protests in Hong Kong, investors cheered optimism over the prospect of a US-China trade truce. The Hang Seng rose by 1.50%.
Japanese shares rallied on Monday after the US and China dispelled negative media reports and underscored their desire to ratify a trade pact that would halt a 16-month long trade dispute. At close of trade, the Nikkei recorded a gain of 0.78%.
local currency lost its footing against the dollar on Monday as investors
continued to digest S&P’s decision to change its outlook from stable to
negative. At 18h20 a dollar traded at R14.75.
Gold prices fell on Monday on the back of heightened risk-on sentiment after Beijing and Washington sparked new hopes of a trade deal. An ounce of spot gold traded at $1 458.67 at 18h25.
Notwithstanding renewed trade talk optimism, oil prices fell on Monday on the back of rising US crude inventories. At 18h30, a barrel of Brent crude was down 0.31% and traded at $63.46.
Source: Reuters, Business Day, Trading Economics
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