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The JSE closed in the red on Thursday following an 8% decline in local bond yields, while the local currency peaked at an intra-day best of R13.85/$. Shortly after the closing bell, the All Share lost 0.56%.
US stocks traded higher on Thursday after the main indexes on Wall Street peaked at record highs, following US Federal Reserve (Fed) chair Jerome Powell’s dovish stance on monetary policies, affirming the case for an interest rate cut in the near future. At 18h50, the Dow was trading 0.72% in the green.
European shares maintained a four-day losing streak on Thursday following apprehensions over corporate earnings and trade countered a rally sparked by Powell’s testimony. At 18h55, the FTSE 100 Index and the DAX had lost 0.28% and 0.33% respectively.
Hong Kong’s main indexes closed in the green on Thursday thanks to a stellar performance by the energy, financial and property sectors while investors cheered Powell’s testimony as he opened the door to a potential interest rate cut later this month. At 19h05, the Hang Seng gained 0.76%.
Expectations of an interest rate cut by the Fed boosted Japan’s Nikkei on Thursday, but gains were trimmed by an admission of the mismanagement of insurance policies by heavyweight life insurance company, Japan Post Insurance. At the closing bell, the Nikkei had gained 0.51%.
The rand continued to strengthen against major global currencies on Thursday, reaching its strongest level in five months boosted by Powell’s surprisingly dovish tone during his testimony before congress. At 19h20, the rand traded at R13.95 against the dollar.
Gold prices endured selling pressure on Thursday after US inflation rose higher than expected in June. At 19h25, spot gold was trading in the red at $1 407.80 an ounce.
Oil prices peaked at a six-week high on Thursday following an evacuation of oil rigs in the Gulf of Mexico ahead of a storm, amid heightened tensions in the Middle East. At 19h30, a barrel of Brent crude was trading at $67.22.
Source: Reuters, Business Day, Trading Economics
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