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Sign up to attend our next Think Big webinar in which PSG Wealth CIO, Adriaan Pask, will be interviewing global economist and multi-asset investment professional Lawrence Hatheway. They will discuss the future of the global economy and provide insights ahead of the US elections.
The local market closed down on Tuesday, dragged by banks and resources, as investors awaited news about the US Federal Reserve’s (Fed) stimulus plans. The All Share closed down by 0.59%.
Wall Street opened mixed on Tuesday as the S&P 500 and Dow Jones almost reached their highest points in three weeks on stimulus hopes, while the Nasdaq suffered due to a tech selloff.
After reporting losses earlier on Tuesday, European markets made up ground because of a possible US stimulus package, positive German economic data, and a Brexit trade deal in the works. The European STOXX 600 stood 0.07% higher for the day.
The Hang Seng ended 0.90% in the green on Tuesday after US President Donald Trump returned to the White House after his stint in hospital for his COVID-19 infection.
The Nikkei gained 0.52% on Tuesday, as Trump’s return from hospital eased investor fears about possible political uncertainty in the US.
Despite investor concerns weighing on local markets, the rand inched up on Tuesday due to US stimulus hopes. At 18h30, the local currency traded at R16.59/$.
Gold prices climbed slightly on Tuesday as expectations grew that the Fed will implement further monetary stimulus plans to offset the pandemic’s adverse economic effect on the US. Spot gold moved to $1 905.84/oz by 18h30.
The oil price rose over 3% on Tuesday due to the strikes in Norway and an approaching hurricane in the Gulf of Mexico leading to closures of plants and production disruptions. A barrel of Brent crude traded at $41.82 at 18h30.
Source: Reuters, Business Day, Trading Economics
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