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The JSE closed in the red on Monday, after investors had to digest new developments in the US-China trade war. The JSE All Share fell 0.86%.
Washington began imposing 15% tariffs on a variety of Chinese goods on Sunday, including footwear, smart watches and flat-panel televisions, as Beijing began imposing new duties on US crude. US markets were closed for Labour Day on Monday. However, US President Donald Trump said both sides would still meet for talks later in September.
European shares rose on Monday despite fragile sentiment as the US and China kicked off the latest round of tit-for-tat tariffs on each other’s goods. Just after the JSE close the FTSE 100 was up by 1.24%, France’s CAC 40 by 0.23% and Germany’s DAX 30 by 0.18%.
China lodged a complaint against the US through the World Trade Organisation (WTO) for the 15% tariff on Chinese imports, which came into effect on 1 September. At their meeting at the G20 summit in June, the US vowed it would not impose further tariffs on China. Despite this the Shanghai Composite Index gained 1.10% yesterday.
Japanese shares slipped on Monday after the US and China imposed more tariffs on each other’s goods, escalating a dispute that is increasingly weighing on export-reliant Asia and disrupting global trade. The Nikkei closed down 0.41%.
The rand weakened slightly on Monday afternoon, after news reports that China lodged a complaint against the US with the WTO about the US tariffs which came into effect on 1 September.
Gold rose on Monday after the US and China imposed new tariffs on each others' goods but a firmer dollar limited the precious metal's upside. At 21h00, an ounce of spot gold traded at $1 529.18.
Oil prices weakened on Monday after new tariffs imposed by the US and China came into force, raising concerns about a further hit to global growth and demand for crude. At 21h00, a barrel of Brent crude traded at $59.05.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer