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The ALSI rose to 68 063.89 points on Tuesday, its highest level in more than three weeks on robust economic data from the US and signals from China indicating a firmer global economic recovery.
Wall Street remained flat in profit-taking on Tuesday after the S&P 500 and the Dow reached fresh highs in the previous session and as investors waited for new catalysts from the US Federal Reserve Bank (Fed) regarding its economic outlook.
The pan-European STOXX 600 index gained 0.73% yesterday after a better-than-expected US jobs report drove more optimism over the US economic recovery, while China’s services sector also gained momentum.
Led by a decline in healthcare and consumer discretionary firms, Chinese stocks fell on Tuesday as upbeat economic data accelerated fears of policy tightening.
Japanese stocks retreated on Tuesday in profit-taking following Monday’s rally, while fears of a likely fourth wave of Covid-19 infections weighed on sentiment. The Nikkei lost 1.30%.
At 17h30, the rand strengthened to R14.52/$, R20.21/£ and weakened to R17.21/€ as currency and bond markets paused for a breather after last month’s rally in US Treasury yields and greenback.
Gold went up to $1 744.78/oz and platinum rose to $1 237.59 at 17h30 on Tuesday mainly due to a weaker dollar and lower US Treasury yields.
Brent crude futures rose to $62.98 a barrel while US crude rose to $59.56 a barrel at 18h00 on Tuesday, lifted by improved activity in the US services sector.
Source: Reuters, Business Day, Trading Economics
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