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The JSE ended flat on Friday, after tracking a rally in global markets, while gains were trimmed by a sell-off in Asia following disappointing interim results. The All Share closed up by 0.01%.
Wall Street’s main indexes traded higher on Friday extending the week’s solid run boosted by hopes of an interest rate cut by the US Federal Reserve (Fed) later this month. At 17h25, the Dow was trading 0.48% in the green.
European shares were marginally higher on Friday, supported by a stellar performance by financial and mining stocks, however, concerns over the impact of a prolonged US-China trade war trimmed gains. At 18h55, the pan-European STOXX 600 Index was 0.02% in the green.
Hong Kong markets closed in the green on Friday as investors scrutinized a range of Chinese economic data to evaluate the state of the country’s economy while concerns over a deadlock in the US-Sino trade spat trimmed optimism in the market. At 19h05, the Hang Seng gained 0.19%.
Japan’s Nikkei strengthened on Friday boosted by a better-than-expected performance by market heavyweight Fast Retailing. At the closing bell, the Nikkei had gained 0.20%.
The rand surged to a five-month high on Friday supported by hopes of a Fed rate cut, with the market pricing in a 17.50% chance of a 50-basis-point cut later this month. At 17h50, the rand traded at R13.99 against the dollar.
A weaker dollar and concerns over a slowdown in global growth boosted gold prices on Friday. At 18h00, spot gold was trading in the red at $1 408.90 an ounce.
Oil prices peaked on Friday and recorded a weekly gain as production was disrupted in the Gulf of Mexico due to a tropical storm amid tensions in the Middle East. At 18h15, a barrel of Brent crude was trading at $67.27.
Source: Reuters, Business Day, Trading Economics
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