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The JSE started December on a positive note, increasing by more than 2% in broad-based gains, as markets cheered easing US-China trade tension. Risk assets were boosted by news of a 90-day truce between the world's two-largest economies. The All Share closed up by 2.79%.
A truce between US and Chinese leaders on trade tariffs boosted global markets on Monday. Shortly after the JSE closed the Dow was up by 1.11%.
European shares closed higher on Monday, with Germany's DAX — the most sensitive to China and trade war fears — leading the way with a 2.50% rise to its highest level since November 14. Shortly after the JSE closed the FTSE 100 had lifted 1.47%, the CAC 40 by 1.14% and the DAX 30 by 2.02%.
Chinese stock markets surged, bond futures fell and its currency strengthened on Monday after a closely watched meeting between Chinese and US leaders produced a ceasefire in their countries’ trade conflict. The deal agreed to at the G20 Summit halts additional tariffs that were due to take effect on 1 January 2019. China’s benchmark Shanghai Composite index jumped 2.30% after the JSE’s close.
The Nikkei surged to a six-week high on Monday after the US and China suspended the implimentation of new tariffs and agreed to try to reach a trade deal within 90 days. The Nikkei share average soared by more than 1% after the JSE closed.
The rand held onto its earlier gains on Monday, continuing to be lifted by a surge on risk-on trade after the US and China agreed to a truce in their ongoing trade war. At 19h50 a dollar traded for R13.66.
Gold climbed to a near one-month high on Monday as the dollar weakened after the US and China agreed during the G20 Summit in Argentina to a temporary truce in their trade war. Spot gold traded at $1 232.80 an ounce at 19h50.
Brent crude climbed more than 4% to $61.62 a barrel shortly after the JSE closed. The price of oil was lifted by both improved prospects for global trade and ahead of a meeting of the oil cartel Opec this week.
Source: Reuters, Business Day, Trading Economics
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