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It is time for the annual Intellidex SA’s Top Stockbrokers survey. Take part by completing the survey here: http://www.intellidex.co.za/topbrokers2019
The JSE made up some ground on Wednesday, despite Eskom troubles weighing the rand down and the US-China trade war leading investors away from SA assets. At the closing bell, the All Share was 0.30% in the green.
US markets opened in the red on Wednesday as investors flocked to gold and US government bonds, worried that the escalating trade war between the US and China could dent global growth. At 19h20, the S&P 500 was 0.60% lower.
Despite concerns around the US-Sino trade spat, European indices rose on Wednesday, lifted by a multi-billion dollar German chemical deal. The STOXX 600 closed 0.24% higher.
Hong Kong indices ended their losing streak on Wednesday thanks to gains in the materials and industrials sectors. The Hang Seng ended the day 0.08% up.
On Wednesday, investors continued risk-off trade in fear of a global currency war; however, positive US corporate results curbed the Nikkei’s losses. At the closing bell, the Japanese index had lost 0.33%.
The local currency had a miserable Wednesday, reaching its lowest point in about 12 months, as investors digested Moody’s comments regarding Eskom’s weak financial situation. At 19h20, the rand traded R15.07 against the dollar.
Bullion prices continued their climb on Wednesday, reaching a record six-year high, as investors tried to hedge against the trade-war fallout. At 19h20, an ounce of spot gold traded at $1 504.44.
Oil prices faced another dismal day, plummeting about 5% on Wednesday, due to an unexpected rise in US stockpiles and concerns that the trade war between China and the US could lead to lower crude demands. At 19h20, Brent crude was trading at $56.46 per barrel.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer