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Better-than-expected local economic data had little influence on the JSE on Tuesday as the local bourse shrugged off positive GDP data that showed growth in SA’s economy. At market close, the All Share was down 0.71%.
US stock futures traded lower on Tuesday despite optimism that Beijing and Washington would soon reach a trade agreement that would halt steep tariffs on billions of dollars’ worth of both Chinese and American goods. At the close of trade, the Dow was 0.05% lower.
Although Italy was confirmed to be back in a recession, better-than-expected economic data from Germany and France lifted Europe’s STOXX 600 index on Tuesday. The pan-European STOXX 600 index closed up 0.15%.
The Hong Kong stock market was flat on Tuesday following China’s announcement of a reduction in its economic growth target and a vow to cut taxes. The Hang Seng ended the day 0.01% up.
Following reports of Beijing’s downwardly revised economic growth target, the Nikkei plunged on Tuesday weighing heavily on corporations with large exposure to China. At market close, the Nikkei was down 0.44%.
An upbeat GDP reading for the fourth quarter of 2018 lifted the local currency on Tuesday afternoon, keeping it above the psychologically important R14/$ mark. At 18h15, the rand traded at R14.18 against the dollar.
Gold prices gravitated towards a five-week low on Tuesday amid a strengthened dollar environment while global stock markets came close to a five-month peak, denting the precious metal’s appeal. At 18h00, spot gold traded at $1 283.83 an ounce.
Oil prices slipped on Tuesday pressured by the resumption of production in Libya’s biggest oil field and on expectations of growth in US crude inventories. At 18h00, a barrel of Brent crude traded at $65.44.
Source: Reuters, Business Day, Trading Economics
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