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Led by a strong showing by banks and retailers, the JSE pushed higher on Thursday as investors digested President Cyril Ramaphosa’s new and downsized cabinet. Shortly after the closing bell, the All Share gained 1.28%.
US shares enjoyed gains on Thursday following Trump’s announcement that the infamous trade negotiations with China “are doing well”, easing fears of a full-blown trade war amongst investors. At 19h00, the Dow had gained 0.33%.
Lifted by better-than-expected earnings from a number of media companies, European shares edged higher on Thursday, however, the main regional index was on track for its first monthly decline of the year due to low financing costs. At 19h15, the pan-European Stoxx 600 lost 0.42%.
Shares in Hong Kong fell to a four-month low on Thursday as Beijing showed no signs of conceding to Trump’s demands, fuelling the trade dispute with Washington even after the leader of the “free world” said negotiations were on track. At 19h20, the Hang-Seng lost 0.50%.
Japan’s Nikkei plunged to a 3-month low on Thursday amid mounting concerns of the impact of a protracted trade war between two of the world’s biggest superpowers. At the closing bell, the Nikkei had lost 0.29%.
The rand was firmer on Thursday after the announcement of Ramaphosa’s new cabinet as he attempts to root out corruption and implement pro-economic growth reforms. At 19h30, the rand traded R14.69 at against the dollar.
Gold markets endured a choppy day of trade on Thursday amid a strengthened dollar environment which offset the support from the US-Sino trade dispute for most of the day, only to end in the green thanks to low bond yields. At 19h40, spot gold was up trading at $1 288.04 an ounce.
Oil prices slipped on Thursday after fears of a global economic slowdown resurfaced with losses trimmed by a tight crude oil supply and political instability in the Middle East. At 19h45, a barrel of Brent crude was trading at $67.02.
Source: Reuters, Business Day, Trading Economics
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