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The JSE closed in the green on Monday following an excellent performance by the mining sector, offsetting the impact of Naspers’ decline. Shortly after the closing bell, the All Share was up 0.25%.
Stock futures in the US took a knock on Monday as investors anticipated a hefty interest rate cut by the Federal Reserve (Fed) later this month, after the release of a strong jobs report for June. At 18h30, the Dow was trading 0.13% in the red.
While multinational airline company IAG dropped in share price on talks of a looming fine for data theft, the FTSE 100 Index traded lower on Monday as markets remained subdued ahead of a widely anticipated rate cut by the Fed. At 18h50, the FTSE 100 had lost 0.05%.
Posting its sharpest daily decline in four weeks, the Hang Seng tracked a global selloff in equities on Monday after the release of solid American jobs data forced investors to re-evaluate their bets on the Fed’s next move. At 19h00, the Hang Seng was down 1.77%.
Japan’s Nikkei was trapped in a downward spiral on Monday after a strong US non-farm payroll showing offset market forecasts for hefty rate cuts later this month. At the closing bell, the Nikkei lost 0.97%.
The rand maintained an upper hand against major global currencies on Monday as investors closely watched for signs of interest rate cuts by the Fed. At 19h15, the rand traded at R14.13 against the dollar.
Gold prices surged on Monday, rising above $1 400 an ounce as investor focus gravitated towards global growth concerns and interest rate cuts by major central banks. At 19h30, spot gold was up trading at $1 400.01 an ounce.
Tensions over Iran’s nuclear programme lifted oil prices above $65.20 a barrel on Monday, but gains were slightly trimmed by concerns over slowing global economic growth and the effect thereof on oil demand. At 19h35, a barrel of Brent crude was trading at $65.22.
Source: Reuters, Business Day, Trading Economics
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