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The JSE recorded its fourth day of gains, with investor attention fixed firmly on events at the White House before the signing of the phase 1 trade deal between US and China. The JSE closed up by 0.17%.
Wall Street indexes set new record highs on Wednesday on a positive tone around trade talks with China from Trump administration officials ahead of the signing of an initial deal later in the day. During Trump’s speech at 19h30, the Dow was up by 0.57%.
European shares were flat on Wednesday ahead of the signing of an initial trade deal between Washington and Beijing, as comments from the US Treasury Secretary on China tariffs somewhat dimmed optimism. The DAX closed down by 0.18%.
Hong Kong shares edged down on Wednesday after the US warned that tariffs on Chinese goods will remain in place until a phase 2 deal is signed, hours before the two sides prepared to seal a Phase 1 trade deal. At the close of trade, the Hang Seng index was down 0.39%.
Japanese shares dropped on Wednesday, after a top US trade official said current tariffs on Chinese goods would stay for now albeit at lower rates, prompting investors to lock in profits from recent gains. The Nikkei share average fell 0.45%.
The rand ended a four-day losing streak on Wednesday, trading slightly firmer by the JSE’s close, on optimism of the US-China deal, which could bode well for global growth prospects, and could raise demand for SA exports, such as commodities. At 19h40, the rand traded at R14.38/$.
Gold prices rose on Wednesday on renewed worries about the US-China trade relations ahead of the signing of an initial deal. At 19h30, an ounce of spot gold traded at $1 552.59.
Oil prices slipped on Wednesday on concerns that the phase 1 trade deal between the US and China, the world's biggest oil users, may not boost demand as the US intends to keep tariffs on Chinese goods until a second phase. A barrel of Brent crude traded at $64.75 at 19h30.
Source: Reuters, Business Day, Trading Economics
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