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Cyril Ramaphosa did not give investors enough evidence of whether it will be
enough to lift SA’s frail economy, causing the All Share to fall by 0.99%.
A surprise increase in the number of Americans filing for unemployment benefits and increasing doubt over the likelihood of more fiscal aid pulled US markets down on Thursday. At 19h45, the Nasdaq lost 0.81%.
European stocks continued their decline on Thursday as a new cluster of infections across the continent and uncertainty over the possibility of additional stimulus aid before the US election dampened sentiment. At 19h50, the FTSE 100 lost 1.73%.
Asian stocks took a knock after Thailand declared a state of emergency on Thursday following an outbreak of pro-democracy protests against the government. The Hang Seng lost 2.05% for the day.
Japanese stocks were not spared from a continental slump following anti-government riots in Thailand while investors continued to fret about the return of lockdown restrictions and escalating US-China trade tensions. At market close, the Nikkei lost 0.51%.
At 20h25, the rand weakened to R16.63/$, R19.46/€ and R21.46/£ as investors digested the president’s recovery plan that is meant to turn the economy around.
Gold fell on Thursday amid a stronger dollar
environment after US Treasury Secretary, Steve Mnuchin, crushed hopes for a
supplementary relief package prior to 3 November. At 20h30, spot gold traded at
Oil prices slipped on Thursday amid concerns that renewed lockdown restrictions in Europe will hurt demand. Brent crude traded at $42.71 a barrel at 20h30.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer