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Following global markets’ lead, the JSE closed higher on Thursday in light of China expressing their desires for smoother negotiations with the US, which lifted sentiment. The JSE All Share closed 0.57% up.
US indices started Thursday off sprinting, thanks to China lifting hopes that a conclusion to the trade war with the US might be in sight. At 19h10, the Nasdaq was 1.54% in the green.
European markets bounced back from a weak opening on Thursday afternoon, boosted by a rally in Italian shares and optimistic comments by China regarding the tariff war. The STOXX 600 ended the day 1.04% higher.
Despite starting Thursday down, Asian shares made up gains towards the close of trade on new comments from China raising hopes that the two superpowers could reach an agreement. The Hang Seng Index rose 0.47%.
Japanese markets posted losses on Thursday as investors acted with caution due to the latest Brexit developments and the continuous tariff-war conflict, signalling possible turbulence in the financial markets. The Nikkei Index closed 0.01% lower.
The rand led gains in emerging-market currencies towards the end of trade after Chinese officials announced that they “hope the US will create conducive conditions for the two to negotiate trade terms next month”. At 19h10, a dollar traded at R15.29.
Bullion prices had a stellar Thursday with silver reaching its highest point in over two years, palladium rising 1% and platinum 2.80%; the highest platinum's been in about 18 months. At 19h10, an ounce of spot gold traded at R1 526.97.
Oil recorded another day of gains on Thursday due to the sharp drop in US stockpiles and concerns that the approaching Hurricane Dorian might dampen offshore US oil production. At 19h10, a barrel of Brent crude traded at $60.78.
Source: Reuters, Business Day, Trading Economics
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