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The local bourse was in hot water on Thursday due to continued US-China trade war strain placed on global markets. At the close of business, both the All Share and the Top 40 had fallen over 1%.
US markets saw a dark Thursday as lower oil prices, US yield concerns and increased fears around the Sino-US trade war plagued indexes. At 20h40, the Dow and the S&P 500 had both fallen by more than 2%.
European shares tanked on Thursday after Huawei CFO was arrested in Canada, which led to auto and tech shares declining severely. The STOXX 600, the DAX, the CAC 40 and the FTSE 100 all ended the day by more than 3% down.
Asian markets were pulled down on Thursday by sharp losses in technology shares after the arrest of Huawei’s global CFO in Vancouver, which could increase trade tensions between the US and China. At 20h20, the Hang Seng had fallen by 2.55% and the Shanghai by 1.68%.
Thursday was a troublesome day for Japanese markets as chip-related shares tumbled severely in light of the tech giant Huawei’s CFO being arrested in Canada on request of the US. At 20h25, the Nikkei traded 1.91% lower.
Most emerging-market currencies were under pressure on Thursday due to global risk aversion. Moreover, the rand slipped almost 2% against the dollar as SA’s current-account data depreciated. At 19h45, the rand traded R14.10 to the dollar.
Although gold prices stumbled slightly on Thursday as the dollar strengthened, the global decline in equities helped keep it close to its five-week high. At 20h30, spot gold traded at $1 239.48 an ounce.
Oil prices dropped almost 4% on Thursday as no output decision was announced after the OPEC meeting. At 20h35, Brent crude cost $59.48 per barrel.
Source: Reuters, Business Day, Trading Economics
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