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Despite weak economic results, the local market followed most global indices on trade-truce optimism and ended Thursday in the green. The JSE All Share closed up 1.04% at 55 476.36 points.
Wall Street surged on Thursday on expectations of a de-escalation in trade tensions after Washington and Beijing agreed to hold high-level talks next month, while strong US economic data eased fears of a domestic slowdown. Shortly after the JSE closed, the Dow had gained 1.69% and stood at 26 801.69 points.
Even though Brexit woes continued in the UK, European markets rose for the second day in a row after China confirmed that trade-war negotiations will recommence in October. The STOXX 600 closed 0.72% in the green.
After Wednesday’s phenomenal surge, the Hang Seng closed flat on Thursday due to profit booking and subdued trade. At the closing bell, the Hang Seng was 0.03% in the red at 26 515.53 points.
Japan’s Nikkei reached a one-month high on Thursday as news about the renewed trade negotiations, Brexit and the Hong Kong extradition bill lifted investor sentiment. The benchmark Nikkei ended up 2.12%.
The rand began the day on a positive note, but lost momentum after data showed that the South African current account deficit widened by R60.5 billion in the second quarter. At 17h45, a dollar traded at R14.84.
Bullion prices took a knock on Thursday after the optimism around the upcoming US-China trade negotiations spurred investors to riskier trade. At 17h45, an ounce of gold $1 519.62.
Crude prices extended gains on Thursday as US oil inventories reported a loss across the board for the previous week. At 17h45, Brent crude traded at $62.54 per barrel.
Source: Reuters, Business Day, Trading Economics
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