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The JSE suffered losses on Monday as risk-aversion underpinned most of the day following US President Donald Trump’s vow to hike tariffs on Chinese goods by the end of this week if the two states fail to reach a trade agreement. Shortly after the closing bell, the All Share plunged 1.05%.
Trump’s unexpected threat to increase tariffs on Chinese goods shook US markets on Monday, fuelling concerns of a global slowdown. Shortly after the JSE closed, the Dow lost 0.51%.
Investors discarded riskier assets as European share prices dropped significantly on Monday after Trump intensified trade tensions between the world’s largest economies by threatening to impose higher tariffs on Chinese goods. Shortly after the JSE closed, the pan-European Stoxx 600 lost 0.88%.
Shares in Hong Kong fell sharply, and market participants opted to sell the yuan on Monday as the US-China trade war escalated. The Hang Seng ended the day 2.90% in the red.
Markets were closed due to a public holiday.
The rand struggled for direction on Monday as investors kept a close eye on the US-China trade war and tomorrow’s general elections. At 20h00 on Monday, the rand traded at R14.46 against the dollar.
Gold prices surged on Monday as investors were forced to sell riskier assets, boosting the appeal of safe-haven assets such as bullion after Trump vowed to increase tariffs on Chinese goods. At 20h00 on Monday, spot gold was up trading at $1 281.56 an ounce.
Oil markets relished the opportunity presented by an escalating trade war between two of the world’s biggest economies on Monday after Trump promised to hike tariffs on Chinese products by the end of the week. Shortly after the JSE closed, a barrel of Brent crude was trading at $71.91.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer