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It was a great start to the week for the local bourse as positive data released by banks, general retailers and industrials led to investor risk-on sentiment. The JSE All Share closed up 1.96% and the Top 40 2.27%.
Retail and technology shares pulled up by Black Friday and Cyber Monday spending lifted US markets on Monday. At 21h40, the Dow was 1.40% up, the S&P 500 1.52% and the Nasdaq 1.86%.
Monday marked a good day for European markets due to reports that Italy might amend their budget in line with the EU’s requirements; moreover, on Sunday the EU and Britain came to an agreement around Brexit, lifting both currencies. The pan-European STOXX 600 benchmark closed 1.20% in the green.
Despite losses suffered by Chinese markets, Hong Kong shares still rose on Monday as investors anticipated a more dovish approach to interest rates by the US Federal Reserve Bank (Fed). The Hang Seng closed 1.66% in the green.
Japanese shares started the week in the green due to Japan winning the bid to host the 2025 World Expo in Osaka. At their end of trade, the Nikkei was up 0.81%.
The local currency put up quite a fight on Monday thanks to positive market data being released. Although it lost some ground to major world currencies, it still kept its footing under R14 per dollar. At 21h05, the rand traded R13.89 against the dollar.
Bullion prices were up on Monday as uncertainty rose amongst investors regarding the Fed’s plans to increase US interest rates as well as the possibility that the US-China trade war might reach a conclusion at the G20 summit held later this week. At 21h20, spot gold traded $1 222.62 per ounce.
Although the oil price rose by almost 3% on Monday, it was curbed by uncertain global economic growth and an increase in oil supplies and production. At 21h10, a barrel of Brent crude cost $61.02.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer