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The local bourse ended lower on Thursday afternoon as Naspers plunged over 1.10%. Focus was on producer inflation data in early trade and it shifted to the Group of 20 (G20) meeting in Argentina in the afternoon. At 17h30 the JSE All Share closed 0.30% in the red.
Wall Street took a dive following a global rally led by dovish commentary made by Federal Reserve Chair Jerome Powell, while investors traded cautiously in the run up to the G20 Summit in Argentina scheduled to take place over the weekend. The Dow dropped 64 points while the S&P 500 ended 0.47% in the red.
European stocks rallied after dovish comments made by the US Fed chair lifted investor sentiment, despite fears over a possible escalation in the US/China trade dispute. The pan-European STOXX 600 benchmark finished 0.37% lower.
Hong Kong stocks plunged on Thursday as concerns over slowing economic growth and anxiety over the outcome of a meeting between Trump and Jinping trimmed early gains. The Hang Seng closed 1.03% in the red.
Japan’s Nikkei ended higher on Thursday as investors sought global cyclical stocks after the Fed indicated that rate hikes would soon subside. However, gains were capped by concerns over the outcome of the G20 summit this weekend, which is set to discuss and hopefully ease trade tensions. The Nikkei share average enjoyed gains of 0.34% ending the day at 22 251.50 points.
The local currency strengthened, adding to overnight gains after dovish comments from Powell, while local data was less than inspiring as factory and farm gate inflation accelerated faster than expected in October as a result of record high fuel prices. At 17h15 the rand traded R13.62 against the dollar.
Gold prices went up on Thursday amid a flat dollar environment after dovish comments from Powell, which seemed to calm investor apprehensions over the pace of rate hikes. Spot gold was down 0.52% at $1 227.28 an ounce.
Oil prices surged on hopes that trade talks at the G20 meeting this weekend could improve the outlook on demand, while gains were trimmed by an increase in US crude inventories. At 17h30 benchmark Brent crude was trading at $59.66 a barrel.
Source: Reuters, Business Day, Trading Economics
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