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The JSE closed higher on Wednesday, with gains by banks and Sasol making up for losses in other sectors. The All Share firmed 0.39%.
Wall Street rose on Wednesday as a slew of positive earnings updates and hopes for assurances of continued support from the Federal Reserve (Fed) overshadowed concerns about next steps for the government’s COVID-19 support plan.
Europe’s main stocks benchmark closed nearly flat on Wednesday, as investors waited to hear from the US Fed, but a flurry of earnings reports drove big swings in individual stocks.
The Hang Seng edged up by 0.45% on Wednesday, buoyed by strong inflows from onshore markets, though concerns over a resurgence of COVID-19 cases in the city kept gains in check.
The Nikkei fell 1.16% on Wednesday as a stronger yen and dismal earnings reports hurt sentiment, while Canon Inc crashed to a more than two-decade low after posting its first-ever quarterly loss.
The rand was stronger on Wednesday, firming alongside emerging-market peers as markets waited for the Fed’s monetary policy decision. At 19h10 one dollar cost R16.59.
Gold eased on
Wednesday as investors booked profits from a record run and caution set in as
they waited for the end of the US Fed meeting, expecting a reinforced dovish
policy to aid a virus-hit economy.
Oil prices rose on Wednesday after a surprise drop in US crude inventories, but demand concerns amid record increases in COVID-19 infections in some US states capped gains. At 19h15 a barrel of Brent crude traded at $43.62.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer