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Tracking a global sell-off in financial markets, the JSE ended lower on Friday after the US vowed to impose trade tariffs on Mexico in response to illegal migration. Shortly after the closing bell, the All Share lost 0.09%.
US markets fell sharply on Friday as fears that President Donald Trump’s threat to impose tariffs on Mexico could push the world’s biggest economy into a recession. At 19h00 on Sunday, the Dow had lost 1.41%.
European shares traded lower on Friday as markets digested Washington’s vow to impose a 5% tariff on Mexico from 10 June, which would then gradually increase to 25% until illegal immigration from Mexico comes to a halt. At 19h15 on Sunday, the pan-European Stoxx 600 lost 0.81%.
Hong Kong shares recorded their worst month since October 2018, plunging to a four-month low on Friday as yet another deadlock in the infamous trade talks between Washington and Beijing triggered concerns over a global economic slowdown. At 19h20 on Sunday, the Hang-Seng lost 0.79%.
Japan’s Nikkei wasn’t spared from a global sell-off on Friday as the currency fell to a 3-month low after Trump’s announcement to impose tariffs on all goods from Mexico until illegal immigration is completely halted. At the closing bell, the Nikkei had lost 1.63%.
Following a tough week which saw the rand plunging as low as R14.80/$, the local currency was somewhat better than most global currencies on Friday afternoon. At 19h30 on Sunday, the rand traded at R14.59 against the dollar.
Gold prices went up on Friday on the back of increased demand for safer assets, after Trump’s announcement to impose tariffs on all Mexican imports fuelled fears of a global economic slowdown. At 19h40 on Sunday, spot gold was up trading at $1 305.62 an ounce.
The price of oil slipped on Friday and was set for its biggest monthly decline in over six months after Trump’s tariff spree took its toll and dented demand. At 19h45 on Sunday, a barrel of Brent crude was trading at $61.93.
Source: Reuters, Business Day, Trading Economics
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