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The local bourse slipped on Thursday afternoon on broad-based losses after a strengthened dollar put pressure on local banks and financials. At 18h30, the All Share lost 0.39%.
US shares traded lower on Thursday as investors expressed concerns over the European Central Bank’s (ECB) decision to resort to pump-priming loans for Eurozone banks in an attempt to stimulate an aligning Eurozone economy. At 18h45, the Dow had fallen 0.79%.
European shares dropped further away from its five-month crest on Thursday in a build up to the ECB’s policy meeting that subsequently cut growth forecasts and gravitated towards a round of cheap loans for eurozone banks. At 18h50, the pan-European STOXX 600 index lost 0.49%.
Hong Kong stocks plunged on Thursday as investors expressed concerns over a decelerating global economy and the lack of fresh developments from the US-Sino trade talks. The Hang Seng ended the day 0.88% lower.
The Nikkei fell to a one-week low on Thursday after chip-related shares in Japan shadowed a decline in their US counters, while banks pulled back following a drastic trim in Mizuho Financial Group’s profit and growth outlook. At 18h55, the Nikkei lost 0.71%.
The rand weakened against major global currencies on Thursday as global markets digested the resolutions from the ECB’s policy meeting. At 19h00, the rand traded R14.50 against the dollar.
Gold prices steadied on Thursday in anticipation of the long-awaited ECB policy meeting that subsequently trimmed growth forecasts for the Eurozone economy, while investors kept a close eye on US unemployment data. At 19h00, spot gold was trading at $1 284.82 an ounce.
Oil prices went up on Thursday following Opec-led supply cuts and US sanctions against Venezuelan and Iranian exports, with gains trimmed by record US crude output and declining global demand. At 19h05, a barrel of Brent crude was trading at $66.18.
Source: Reuters, Business Day, Trading Economics
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