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The local market ended the week in the green, having gained 0.60% in the past week on the back of US-China trade optimism. The JSE All Share closed up 0.21% at 55 591.09 points.
US indices opened higher on Friday, lifted by weak non-farm payroll data (raising US rate cut expectations) as well as China’s stimulus plan for its weakening economy. Shortly after the JSE closed, the Dow had gained 1.30% and stood at 26 808.53 points.
European markets closed Friday slightly higher as weak German and US economic data were offset by optimistic investor sentiment around China’s plan to boost bank lending. The STOXX 600 closed 0.32% up.
On Friday, Asian shares reported their biggest weekly gains since June as China’s cabinet announced that they would implement ”both broad and targeted cuts in the reserve requirement ratio (RRR) for banks in a timely manner.” At the closing bell, the Hang Seng was 0.71% in the green at 26 690.76 points.
Upbeat US data, the scheduling for the US-Sino trade negotiations and a weak yen increased risk-on trade in Japan on Friday. The benchmark Nikkei ended up 0.54%.
The local currency recorded the best weekly performance in about three months on Friday due to positive economic releases and optimistic trade war reports. At 17h45, a dollar traded at R14.75.
Bullion prices lost its footing slightly on Friday as it fell by 1%; this after upbeat comments from Federal Reserve Chair Jerome Powell offset worse-than-expected US non-farm payrolls. At 17h45, an ounce of gold $1 520.81.
Oil prices rose on Friday after Powell said that “the central bank will act, as appropriate, to sustain an economic expansion in the world’s biggest economy that has been pressured by uncertainty over global trade.” At 17h45, Brent crude traded at $61.20 per barrel.
Source: Reuters, Business Day, Trading Economics
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