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The JSE posted sharp declines on Monday after President Cyril Ramaphosa declared a state of national disaster following the rapid spread of the coronavirus. The All Share closed down by 8.32%.
Wall Street traded lower on Monday as fears of a recession intensified following a second emergency interest rate cut in less than two weeks by the US Federal Reserve (Fed). At 18h00, the Dow Jones down by 7.65%.
European shares fell to 2012 lows on Monday after stimulus efforts to reduce the economic shock from the coronavirus pandemic failed to calm investors' nerves. At 18h15, the FTSE 100 traded 4.50% lower.
Chinese shares were not exempt from a global slump as poor economic data and a second Fed rate cut worsened fears of a coronavirus-led global recession. The Shanghai Composite Index closed down by 3.40%.
Japanese shares fell to a near four-year low on Monday in a global sell-off on fears that the Covid-19 pandemic will bring a global recession. The Nikkei lost 2.46%.
The rand weakened against the dollar on Monday after Ramaphosa declared a state of national disaster over the country with the number of confirmed cases expected to rise in subsequent weeks. A dollar traded at R16.61 at 18h25.
Gold prices strengthened in early trade on Monday as investors sought safe-haven assets but lost ground soon after the Fed announced a second interest rate cut to cushion the economic blow of the infamous pandemic. An ounce of gold traded at $1 510.47 at 18h30.
An emergency rate cut by the Fed failed to lift oil prices on Monday as Brent crude continued to dip below $30 a barrel after the outbreak of Covid-19 threatened demand. At 18h35, a barrel of Brent crude traded at $30.03.
Source: Reuters, Business Day, Trading Economics
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