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The JSE closed higher on Monday as investors digested a Moody’s reprieve and talks of Washington and Beijing possibly signing a trade deal later this month. At the closing bell, the JSE All Share gained 0.49%.
Wall Street’s main indices surged on Monday thanks to a stellar performance by energy and technology stocks on the back of optimism over a possible trade deal between the US and China. Shortly after the JSE closed, the Dow was up by 0.41% while the S&P 500 and the Nasdaq gained 0.46% and 0.65% respectively.
Tariff-exposed European miners boosted the pan-European STOXX 600 index on Monday following reports of a possible trade deal that could be ratified as early as this month. Shortly after the JSE closed, France’s CAC 40 index gained 1.08% while Germany’s DAX rose by 1.35%.
Optimism over a partial deal that could halt the infamous trade dispute between Washington and Beijing lifted the Hong Kong stock market to a 3-month high on Monday. The Hang Seng closed 1.65% in the green.
Japanese markets were closed for a public holiday on Monday.
The rand strengthened against the dollar on Monday as investors welcomed the time given to government to get its house in order before the February 2020 budget speech. At 21h50, a dollar traded at R14.79.
Gold prices fell on Monday as investors cheered fading slowing growth concerns following positive jobs data from the US and the prospect of a trade deal between two of the world’s largest economies. An ounce of spot gold traded at $1 507.39 at 21h55.
An improved outlook for crude demand boosted the price of oil on Monday after improved US jobs growth data lessened apprehensions over slowing global growth. At 22h00, a barrel of Brent crude traded at $62.65.
Source: Reuters, Business Day, Trading Economics
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