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The JSE was under pressure on Tuesday fuelled by an escalation in trade tension between the US and Europe, as well as the release of weak economic data around the globe. The All Share fell 0.65%.
Wall Street edged lower on Tuesday, as optimism over the US-China trade truce stalled after the US threatened tariffs on additional European goods. The Dow was flat at 0.07% at 19h30.
European shares rose yesterday as investors brushed aside US President Donald Trump’s threat to impose tariffs on an additional $4 billion of EU goods. The FTSE 100 closed up 0.82%.
Hong Kong shares closed higher on Tuesday, while doubts whether Washington and Beijing can pull off a trade deal capped gains. The Hang Seng index ended up 1.57%.
Japanese stocks eked out modest gains on Tuesday as investors were more cautious after the previous day’s relief rally over US-China trade talks. The Nikkei ended the day up 0.11%.
Poor manufacturing data from the US, UK and the EU, which could point to looser monetary policy from global central banks, did not give the rand much direction yesterday. The rand traded at R14.10/$ at 20h00.
Gold prices rose on Tuesday, as risk appetite declined on worries over global growth and uncertainties around a US-EU trade deal. An ounce of gold cost $1 407.29 at 20h00.
Oil prices slipped yesterday as concerns that the global economy could be slowing outweighed an agreement by oil cartel Opec on Monday to extend supply cuts until next March. At 20h00, a barrel of Brent crude traded for $63.91.
Source: Reuters, Business Day, Trading Economics
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