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Subdued Asian markets had a negative impact on the JSE on Tuesday as investors waited for new catalysts from the US-China trade talks. At the closing bell, the JSE All Share was down 1.22%.
Wall Street indices were flat on Tuesday after retailers delivered mixed results, while investors sought clarity on the changing narratives from the US-China trade talks. Shortly after the JSE closed, the Dow was flat at 0.08%.
Dragged by London’s Compass Group, European markets opened lower on Tuesday, after the market heavyweight reported sluggish growth in its European business. At 18h15, the pan-European STOXX 600 Index climbed 0.15%.
Alibaba Group shares slightly lifted the overall equity market in early trade on Tuesday, but markets ended lower due to profit-taking. The Hang Seng fell by 0.29%.
A rally in electronics and semiconductor-related stocks boosted Japan’s Nikkei to record highs on Tuesday amid a weakened yen environment. At close of trade, the Nikkei recorded a gain of 0.35%.
The local currency weakened against the dollar on Tuesday as investors waited for more developments from the US-China trade talks. At 18h30, the dollar was trading at R14.80.
Gold prices edged higher on Tuesday on easing signs of a partial trade pact between Washington and Beijing that could end a 16-month long trade war. An ounce of spot gold traded at $1 460.25 at 18h35.
Oil prices rose on Tuesday after a JPMorgan analyst said “the OPEC supply cut deal could be extended to the end of 2020”, while oil traders held onto the prospect of a trade pact. At 18h45, a barrel of Brent crude was up 0.40% and traded at $63.91.
Source: Reuters, Business Day, Trading Economics
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