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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 JSE kicked off the week on a high note amid
hopes of additional US stimulus following Trump’s request for a “stripped-down
COVID-19 package”. The All Share gained 0.67%.
Shrugging off uncertainty around the upcoming election, the Nasdaq gained nearly 3% on Monday thanks to a tech stock rally and upbeat sentiment over the prospect of more COVID-19 relief spending to aid the US economy.
Notwithstanding a surge in new COVID-19 infections across the region, the pan-European STOXX 600 gained 0.70% on Monday as investors cheered news of a sturdy economic rebound in China.
The Hong Kong stock market channelled a mainland rally on Monday as investors welcomed “Beijing’s latest policy support for its capital markets.” At close of business, the Hang Seng index gained 2.20%.
The Nikkei ended the day 0.26% lower as investors opted to lock in profits ahead of the impending corporate earnings season, while anxiety caused by the imminent US election put a further strain on sentiment.
At 17h30, the rand weakened to R16.51/$, R19.51/€ and R21.58/£ following the release of data showing that local manufacturing production fell 10.80% year-on-year in August 2020, compared to market predictions of a 7.50% decline.
At 18h00, spot gold lost 0.20% trading at $1
925.56 per ounce due to a stronger dollar, while the possibility of
supplementary US fiscal stimulus measures trimmed losses.
Brent crude lost 2.28% to trade and $41.53 a
barrel at 18h15 as Libyan production was anticipated to surge after a “force
majeure at the Sharara oilfield was lifted”.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer