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Sign up to attend our next Think Big webinar in which PSG Wealth CIO, Adriaan Pask, will be interviewing global economist and multi-asset investment professional Lawrence Hatheway. They will discuss the future of the global economy and provide insights ahead of the US elections.
The local market did not enjoy the currency’s joys on Thursday as it was weighed down by banks and industrials. The All Share closed down by 0.36%.
Wall Street opened strong for the second day in a row on Thursday after US President Donald Trump indicated that progress was being made for a new fiscal stimulus package. At 17h50, the Dow Jones reported a gain of 0.17%.
European markets almost reached a three-week high on Thursday as investors rejoiced on new hopes for a US fiscal stimulus plan. The European STOXX 600 stood 0.78% higher for the day.
The Hang Seng ended in the red on Thursday after reports that “Washington might impose restrictions on Tencent Holdings over concerns that the payment platform threatens its national security”.
The Nikkei gained 0.96% on Thursday, close to levels last seen in February 2020, as investor hopes grew that a partial US stimulus plan could be reached.
The rand has firmed by approximately 3% over the past 10 days and continued to do so on Thursday due to investors waiting for US stimulus news. At 17h50, the local currency traded at R16.59/$.
Gold flip-flopped between gains and losses on Thursday as the stronger US dollar and risk-on appetite were offset by US election uncertainties and stimulus speculations. Spot gold moved to $1 889.41/oz by 17h50.
The oil price rose on Thursday as plants in the Gulf of Mexico shut down ahead of the approaching storm and possible supply cuts from both Norway and Saudi Arabia. A barrel of Brent crude traded at $42.42 at 17h50.
Source: Reuters, Business Day, Trading Economics
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