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Rand hedges pulled the JSE lower on Friday as the local currency logged its second consecutive day of gains while investors digested US non-farm payrolls for August. At the close of business, the All Share lost 1.18%.
The Nasdaq lost 1.26% on Friday after investors discarded heavyweight technology stocks due to apprehensions over high valuations and a sketchy economic recovery.
A US technology rout drove European markets downhill on Friday while merger dialogues between two major Spanish lenders capped losses. The FTSE 100 lost 0.88%.
Wall Street’s overnight selloff weighed on the Hong Kong stock market on Friday, prompting the market’s sharpest weekly decline in over three months. At the close of trade, the Hang Seng Index was down 1.24%.
Japanese stocks were not spared from a global slump on Friday driven by a US technology stock rout, although for the week, Tokyo markets ended in the green. The Nikkei lost 1.11%.
The rand strengthened along with its emerging market peers on Friday as currency traders anticipated new catalysts in the form of US non-farm payrolls data. At 18h00, the rand traded at R16.58.
Gold lost 1.04% at 18h00 on Friday after better-than-expected US unemployment data, coupled with a firmer dollar weighed on demand for the safe-haven metal.
Friday the oil price was on track for its biggest weekly decline since June as
the “volume of crude arriving in China is set to slow” this month amid
Source: Reuters, Business Day, Trading Economics
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