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The JSE closed higher on Wednesday, following global markets as positive Chinese data was released, while Hong Kong withdrew its controversial extradition bill. The JSE All Share rose 0.30%.
US stocks opened higher on Wednesday as encouraging data from China allayed concerns of slowing global growth, with sentiment getting a boost on signs of easing tensions in Hong Kong following the withdrawal of a controversial bill. Shortly after the JSE closed, the Dow added 0.70%.
British Prime Minister Boris Johnson was outvoted in parliament on Tuesday night in a bid by MPs to avoid a no-deal Brexit. In response, Johnson said he would push for an early general election. Shortly after the JSE closed, the FTSE 100 was up 0.44%, France's CAC 40 rose to 1.12% and Germany's DAX 30 ended 0.85% in the green.
Data showed on Wednesday that China's Caixan services purchasing managers' index rose to a three-month high of 52.1 points yesterday. The Hang Seng jumped ahead of the government's formal withdrawal of the proposed extradition bill that sparked three months of protests in the former British colony.
Japan’s Nikkei struggled for direction on Wednesday and the broader Topix dipped after weak US economic data stoked fears of a global recession. The benchmark Nikkei ended up 0.12%.
The rand broke below R15/$ on Wednesday, as markets reacted to better-than-expected second quarter GDP released on Tuesday and positive news from Asia. At 20h30, a dollar traded at R14.81.
Gold dipped on Wednesday as political risks in Europe and Asia receded, but concerns over the global economy and the China-US trade war kept bullion close to a six-year peak. An ounce of gold traded at $1 553.92 at close of trade.
Oil prices rose slightly on Wednesday, boosted by a wider market pick-up on positive news from China’s services sector. A barrel of Brent crude traded at $61.30 at 20h30.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer