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The JSE took a knock on Wednesday due to US markets plummeting on Tuesday. The Dow fell over 3% as investor concerns around the US-China trade war pause led to global equity sell-off. At the close of business, the All Share was down 1.01% and the Top 40 1.06%.
US stock markets were closed in honour of former President George H. W. Bush's funeral.
European markets had a hard day on Wednesday after the US markets closed down severely on Tuesday. This, together with worries around the ongoing US-China trade war and US bond market data released had investors concerned. The STOXX 600 ended the day 1.22% in the red.
Growing concerns that the US and China will be unable to reach a trade agreement mixed with fears around an inverted US yield curve led to Hong Kong shares tumbling on Wednesday. At 20h10, the Hang Seng had fallen by 1.60%.
The steep drop in US markets on Tuesday accompanied by poor performance in the financial, auto and machinery sectors on Wednesday led to a dip in the Nikkei Index. At 20h05, the Nikkei traded 0.59% lower.
The rand held steady against major currencies on Wednesday, despite Eskom’s inability to guarantee a sturdy power supply and the National Council of Provinces approving the notion to amend the constitution to allow land expropriation without compensation. At 19h55, the rand traded R13.82 to the dollar.
Wednesday saw troubles in the bullion sector as spot palladium prices overtook spot gold prices. This happened as investors scrambled after the metal used in vehicle smog-control devices. At 20h00, gold traded at $1 237.96 an ounce and palladium $1 240.35 an ounce.
Oil prices inched higher on Wednesday, ahead of the OPEC meeting, where the world’s largest exporters will discuss limiting output and curbing excess supply to help the oil price. At 20h10, Brent crude cost $62.42 per barrel.
Source: Reuters, Business Day, Trading Economics
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