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The ALSI reported a loss of 1.20% at the closing bell on Wednesday, as investors shifted focus to the US stimulus spending plans while remaining cautious about US bond yields.
Wall Street opened Wednesday on a high note as sentiment was lifted by robust performance from the tech sector and possible developments around US President Joe Biden’s stimulus spending plan.
Most European markets traded flat on Wednesday, with the pan-European STOXX 600 being hard-hit, following Deliveroo’s 30% tumble after its London debut. The STOXX 600 closed down 0.24%.
At the close of trade on Wednesday, the Hang Seng had lost 0.72% weighed down by several disappointing earnings reports and poor performances from the property and materials sectors.
The Nikkei ended the day 0.86% in the red as investors pulled out of the financial sector after “the fallout from the margin calls that brought down New York-based hedge fund Archegos Capital”.
The rand continued its winning streak on Wednesday, strengthening against most major currencies. At 17h30, the local currency stood at R14.76/$, R20.35/£ and R17.32/€.
Although gold made up some losses on Wednesday due to a weaker dollar, the metal headed for its worst quarter in four years. At 17h30, spot gold traded $1 70457/oz.
Oil slipped on Wednesday after OPEC+ lowered its 2021 demand forecasts fuelling market recovery concerns; however, it was offset by lower US inventories. Brent crude traded at $64.49 per barrel at 17h30.
Source: Reuters, Business Day, Trading Economics
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