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It is time for the annual Intellidex SA’s Top Stockbrokers survey. Take part by completing the survey here: http://www.intellidex.co.za/topbrokers2019
While global equity markets endured a day of choppy trade on Tuesday, the local market held on to gains despite losing steam towards the close of business after the yuan stabilised. At the closing bell, the All Share was 0.17% in the green.
US shares opened stronger on Tuesday, recovering from the biggest one-day slide in 2019, after a stable yuan boosted tech shares. At 19h45, the Nasdaq was almost 1% up.
Tuesday marked another day of losses for European markets, weighed down by trade-war concerns, despite China fixing the yuan at a stronger rate and Germany releasing upbeat economic data. The STOXX 600 closed 0.47% lower.
Although Chinese authorities took action on Tuesday to stabilise the yuan’s drop, the stock market continued to fall after Beijing was branded a “currency manipulator” by Washington, escalating the US-China trade tensions. The Hang Seng ended the day 0.67% down.
Japanese shares hit a seven-month low as investors feared that the trade strife between the US and China might boil over into a full-blown economic war. At the closing bell, the Nikkei had lost 0.65%.
The local currency suffered some late afternoon losses on Tuesday after Moody’s stated that “Eskom financial results is highlighted as an unsustainable capital structure and is in need of an urgent turnaround.” At 19h45, the rand traded R14.98 against the dollar.
Gold prices enjoyed another day of hikes as investors continued to seek safe-haven assets in light of the US-China trade tensions. At 19h45, an ounce of spot gold traded at $1 472.27.
Oil prices continued to feel pressure from the escalating tariff war between China and the US on Tuesday, losing about 9% in the past week. At 19h45, Brent crude was trading at $59.58 per barrel.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer