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The JSE endured a choppy session on Tuesday as a strong showing from Tencent and the overall mining sector boosted the market, but investors remained cautious ahead of the US-China trade talks and key interest rate decisions. Shortly after the closing bell, the All Share was down by 1.37%.
US markets declined on Tuesday as investors remained cautious ahead of the Federal Reserve’s (Fed) interest rates decision later today, which overshadowed the positive sentiment that pushed indexes to record highs in the previous week. At 18h00, the S&P 500 was trading at 0.37% in the red.
European markets struggled for direction on Tuesday after sentiment was dampened by the release of poor forecasts from German conglomerates, Bayer and Lufthansa. At 18h10, the FTSE 100 was 0.52% in the red.
Shares in Hong Kong traded higher on Tuesday ahead of the infamous US-China trade negotiations, while most market participants remained optimistic that the world’s largest economy will trim interest rates to counter slowing global growth. At 18h15, the Hang Seng gained 0.17%.
Japanese markets closed higher on Tuesday supported by an upsurge in technology stocks, as investors set their sights on a potential economic recovery on the horizon. At the closing bell, the Nikkei had gained 0.43%.
The rand weakened against major global currencies on Tuesday, amid a rand asset sell-off that was sparked by Eskom woes and increasing fears that the UK is headed for a no-deal exit from the EU. At 18h20, the rand traded R14.10 against the dollar.
Gold prices firmed on Tuesday as investors waited for direction from the Fed’s two-day monetary policy meeting where is it expected to cut interest rates by at least 25 basis points. At 18h30, spot gold was trading in the green at $1 428.18 an ounce.
Oil prices recorded a fourth consecutive day of gains on Tuesday supported by the resumption of the US-China trade negotiations and on optimism that the Fed will announce an interest rate cut later today. At 18h35, a barrel of Brent crude was trading at $64.18.
Source: Reuters, Business Day, Trading Economics
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