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The local bourse had a difficult start to the week after US President Donald Trump accused China of currency manipulation and threatened to impose 10% on $300 billion worth of Chinese imports on 1 September 2019. At the closing bell, the All Share was 2.31% in the red.
US markets started the week in the red due to the continued sell-off trade from last week fuelled by the lower Chinese yuan, weighing on tech shares, and the ever-present trade war between the US and China. At 17h30, the DJ Industrial Average was over 2% in the negative.
On Monday, European shares hit a two-month low on the back of global sell-off trade due to the increasing tensions around the US-Chinese tariff war that weighed down mining, luxury and technology shares. The STOXX 600 closed down 2.31%.
The Chinese yuan dropped 1.40% on Monday, breaching the seven-per-dollar level for the first time in over 10 years, indicating that ”Beijing might be willing to tolerate more currency weakness that could further inflame a trade conflict.” The Hang Seng ended Monday 2.35% down.
On Monday, continued friction between the US and China, as well as a stronger yen dragging down exporters such as Panasonic and Daikin, led to Japanese shares tumbling. At the closing bell, the Nikkei had lost 2.11%.
The local currency flirted with the R15/$-threshold on Monday as investors avoided risky trades amid escalating US-Sino tariff tensions. At 17h30, the rand traded R14.89 against the dollar.
Monday was a superb day for bullion prices as gold hit a six-year high after investors flocked to this safe haven asset amid trade war fears and a slowing global economy. At 17h30, an ounce of spot gold traded at $1 461.14.
Oil lost about 3% on Monday as the trade tensions between the US and China heated up, which could limit demand from the world’s top crude buyers. At 17h30, Brent crude was trading at $60.73 per barrel.
Source: Reuters, Business Day, Trading Economics
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