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The JSE closed lower on Tuesday, with investors moving to safe havens as hope that the US and China will have successful trade talks this week faded. The All Share fell 0.33%.
The US government widened its trade blacklist yesterday to include some of China's top artificial intelligence start-ups, punishing Beijing for its treatment of Muslim minorities and ratcheting up tensions ahead of high-level trade talks this week. Just after the JSE closed, the Dow fell 1.06%.
European shares dropped on Tuesday as an escalation in US-China trade tensions and Brexit worries along with disappointing corporate news dented sentiment. After the JSE closed the FTSE 100 was down 0.39%, France’s CAC 40 0.88% and Germany’s DAX 0.81%.
Hong Kong stocks closed higher on Tuesday, tracking gains in mainland China on stimulus hopes, though uncertainties around Sino-US trade talks and worries over protests in the island city curbed gains. The Hang Seng index rose 0.24%.
Prices for Japanese government bonds (JGB) fell across maturities on Tuesday, taking cues from a rally in Tokyo stocks and overnight losses in US Treasuries. The benchmark 10-year JGB futures fell to 154.95 index points.
The rand was stronger on Tuesday morning as investors anticipated some progress in the US-China trade war as the two countries begin negotiations on Thursday. However the currency weakened to R15.27 at 20h00.
Gold prices slipped on Tuesday, weighed down by a firmer dollar ahead of upcoming trade talks between China and the US. At 20h00, an ounce of gold traded at $1 499.83.
Oil prices increased on Tuesday as unrest in Iraq and Ecuador raised supply concerns, but worries about US-China trade negotiations capped the market’s gains after US President Donald Trump said a quick deal is unlikely. A barrel of Brent crude traded at $59.03 at 20h00.
Source: Reuters, Business Day, Trading Economics
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