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The local bourse edged higher following the release of data that showed the contraction in retail sales for August softened to 4.20% y/y, from the 8.60% recorded in the previous month. The All Share gained 0.62%.
US stocks fell following a choppy session on Wednesday as investors digested a range of quarterly earnings reports from the financial sector. At 19h15, the Nasdaq lost 0.59%.
European stocks continued their decline on Wednesday as second wave jitters, political uncertainty and the rush to find a suitable vaccine weighed on sentiment. At 19h20, the FTSE 100 lost 0.58%.
Stocks in Hong Kong traded higher on Wednesday after Chinese President Xi Jinping called for the protection of entrepreneurs and property rights, boosting investor confidence. The Hang Seng China Enterprises index gained 0.43% for the day.
At 19h45, the benchmark Nikkei share average went up by 0.11% although gains were trimmed by the uncertainty surrounding more US stimulus aid and concerns over how long it’ll take to find a vaccine.
At 19h50, the rand strengthened to R16.54/$, R19.43/€ and R21.53/£ after the 5-month long contraction in local retail sales softened in August.
prices rose on Wednesday as US political uncertainty, a weakened greenback and
a slowing global economy lifted the metal’s appeal. At 20h00, spot gold traded
at $1 902.42/oz.
Oil prices were little changed on Wednesday as buyers were concerned that fuel demand will remain under pressure amid a second wave of infections in Europe. Brent crude traded at $43.13 a barrel at 20h00.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer