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The JSE closed slightly higher on Tuesday as most investors waited to see what stimulus measures the US Federal Reserve will announce.
US stocks fell on Tuesday as lawmakers geared up for gruelling talks over a COVID-19 aid plan, with the blue-chip Dow Index weighed down by 3M and McDonald’s shares after the companies reported quarterly profits that missed estimates.
European shares closed higher on Tuesday, as investors assessed a batch of mixed earnings reports while holding out for more US stimulus to limit the economic damage of COVID-19. The pan-European STOXX 600 rose 0.40%.
The Chinese stock market edged up on Tuesday on expectations that the world’s second-largest economy was on track for a rebound, and that Beijing will keep its policy supportive.
The Nikkei fell 0.26% on Tuesday as investors maintained a cautious stance ahead of corporate earnings, while Mitsubishi Motors plunged to an all-time low after the carmaker posted gloomy quarterly numbers.
The rand was weaker on Tuesday, in line with its emerging-market peers with the dollar firming over prospects of another huge economic stimulus package in the US lifting market sentiment.
Gold hit a record high on Tuesday before the sheer scale of its gains drew a burst of profit-taking, which, in turn, helped the dollar from two-year lows and kept equity markets steady. The precious metal had risen almost $40 higher at one point to reach $1 980/oz. A wave of selling pushed back to $1 915 in volatile trade.
Oil prices fell around 1% on Tuesday, as US lawmakers prepared to wrangle over an economic stimulus package and investors worried about a rise in COVID-19 cases worldwide.
Source: Reuters, Business Day, Trading Economics
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