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The local bourse ended Thursday flat in light of the weak rand pulling retailers and banks down while miners and rand hedges countered the drop. At the end of trade, the All Share rose 0.03%.
US shares started Thursday on a positive note due to the potentially lower interest rates but remained cautious as US President Donald Trump fuelled fears around escalating the Chinese tariff war further. Shortly after the JSE closed, the Dow Jones was 0.32% up.
Despite the European Central Bank (ECB) keeping interest rates unchanged on Thursday as expected, most European markets only moved slightly due to disappointment that the ECB did not take a more dovish slant. The STOXX 600 closed 0.02% lower.
The Hang Seng closed slightly higher on Thursday as positive sentiment about possible US rate cuts outweighed US-Sino trade war fears. At the end of trade, it was 0.27% in the green.
A day of mixed trade left Japan’s Nikkei closing flat on Thursday as investors grew increasingly concerned about the US’s trade wars, opting for investments with domestic exposure. At the end of trade, the Nikkei was down 0.01%.
The rand almost broke through the R15/$ barrier on Thursday, reaching an eight-month low, due to the unwavering pressure of poor economic data and local political uncertainty. At 21h50, the rand traded at R14.98 against the dollar.
Bullion prices continued to climb on Thursday thanks to expectations around US rate cuts, despite some investors cashing in their recent gains. At 21h50, an ounce of spot gold cost $1 333.81.
Oil prices surged on Thursday, recovering from an almost five-month low, due to a report indicating that the US might postpone implementing tariffs on Mexico. At 21h50, a barrel of Brent crude traded at $63.17
Source: Reuters, Business Day, Trading Economics
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