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The JSE All Share continued its winning streak on Tuesday amid global risk-on sentiment after US officials said a preliminary trade deal was on the cards. At the closing bell, the JSE All Share gained 0.56%.
Wall Street’s main indices surged on Tuesday
on hopes of a partial trade truce between Washington and Beijing. Shortly after
the JSE closed, the Dow was up by 0.17% while the Nasdaq gained 0.15%.
An upsurge in energy stocks boosted European markets on Tuesday as investors cheered the prospect of a trade deal that could be signed before the end of the month. Shortly after the JSE closed, France’s CAC 40 index gained 0.39% while Germany’s DAX rose by 0.09%.
Hong Kong stocks made solid gains on Tuesday as investors held onto the prospect of more stimulus measures from the central bank to boost slowing growth. The Hang Seng closed 0.49% in the green.
Japan’s benchmark Nikkei share average climbed 1.74% to a 13-month high on Tuesday after a long weekend, as fresh hopes for a US-China trade deal and upbeat Wall Street stocks lifted investor sentiment.
Notwithstanding a slip in consumer confidence, the local currency maintained its upper hand against the dollar following a Moody’s reprieve. At 19h50, a dollar traded at R14.79.
Gold prices fell on Tuesday as demand for the metal in India and China declined due to multi-year high prices. An ounce of spot gold traded at $1 482.56 at 20h00.
Oil prices went up on Tuesday as Opec was expected to further trim production in an attempt to offset US fracking output. At 20h15, a barrel of Brent crude was up 0.98% and traded at $61.11.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer