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Fading optimism about the ceasefire in the US-China trade-war put some pressure on the JSE on Tuesday, but the local bourse pushed higher regardless due to a strong showing by Naspers, retailers and upbeat GDP numbers. The All Share closed 0.30% in the green.
US stocks dropped on Tuesday, as scepticism over a breakthrough in China trade talks weighed on industrial and technology companies. The Dow Jones and the S&P 500 were down 0.60% and the Nasdaq traded 0.40% lower an hour into trading.
European shares traded in negative territory on Tuesday as investors started to question whether the truce agreed by the United States and China on their trade dispute would lead to a long-term deal. The pan-European STOXX 600 fell 0.30%.
Hong Kong stocks edged up on Tuesday, but excitement stemming from the ceasefire between China and the US faded, with investors shifting their attention to economic fundamentals. The Hang Seng index rose 0.30%.
The Nikkei tumbled on Tuesday afternoon with foreign investors selling off exporters and financials, while profit-taking continued on cyclical stocks that rallied the day before. The Nikkei share average fell 2.20%.
The rand strengthened more than 0.70% after Statistics SA reported that the third quarter's GDP came in at 2.20%, far better than economists expected. At 17h30 a dollar traded for R13.74.
Gold climbed to a more than five-week high on Tuesday as the dollar sagged after the US and China agreed on a 90-day pause to fresh trade tariffs. Spot gold traded at $1 239.34 at 17h30.
Oil prices rose more than 1% on Tuesday, extending gains ahead of expected output cuts by producer cartel Opec and a mandated reduction in Canadian supply. At 17h30 a barrel of Brent crude traded for $62.62.
Source: Reuters, Business Day, Trading Economics
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