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The JSE ended the first day of the week lower due to poor global sentiment and concerns around the Chinese economy and the continuing tariff spat. At the close of trade, the All Share was down 0.52%.
US indices started Monday slow as the increased tariffs took its toll on US corporate profits, and Caterpillar Inc and Nvidia Corp released performance warnings. The Nasdaq was up 1.29% for the day%.
Monday was a disappointing day for European markets in light of worries around the US and China tariff talks, the upcoming Brexit vote and disappointing Chinese data. The STOXX 600 closed down 0.97%, its biggest fall since 3 January 2018.
It was a flat Monday for the Hang Seng as investors eagerly waited for the US and China to resolve their trade war, and due to the release of poor Chinese industrial data. The Hang Seng ended the day 0.03% in the green.
Japan’s Nikkei ended Monday in the red as the yen strengthened and investors cautiously awaited earnings report releases, which includes chip companies. The Nikkei closed down 0.60%.
According to Goldman Sachs strategists, the local currency’s current climb might just the beginning. Bloomberg data also showed that the rand is heading for its biggest January rise since 1999. At 22h40, the rand traded at R13.67 a dollar.
Although gold prices fell somewhat on Monday due to the US dollar strengthening slightly, it remained above $1 300 as investors practised caution in light of the US-China negotiations. At 22h40, Spot gold was trading at $1 302.94 an ounce.
Oil prices fell almost 3% on Monday after the US crude drilling increased despite fears regarding a global economic slowdown. At 22h40, benchmark Brent crude was trading at $59.98 a barrel.
Source: Reuters, Business Day, Trading Economics
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