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Despite uplifting retail sales data released on Wednesday, the local market closed down after US President Donald Trump, again, threatened to impose tariffs on an additional $325 billion worth of Chinese imports. At the closing bell, the All Share stood 0.70% lower.
On Wednesday, US markets were pulled down due to investor concerns around the balance of monetary policies and growth as well as worries over the US trade war with China. At 20h55, the S&P 500 traded 0.34% down.
European indices ended their winning streak on Wednesday as they were weighed down by an array of weak Swedish quarterly results. The pan-European STOXX 600 Index closed the day 0.37% in the negative.
Fears around the US-China trade war and uncertainties over expected US corporate results dragged Asian markets down on Wednesday. At 18h00, the Hang Seng stood 0.16% in the red.
Although financials performed well on Wednesday, Japanese equities fell due to negative sentiment around the renewed US-Sino trade war. The Nikkei ended the day 0.31% lower.
The rand traded within a 5c move on Wednesday, staying range bound ahead of the SARB’s interest rate decision today. At 20h55, the rand traded R13.99 against the dollar.
Bullion prices strengthened on Wednesday, with gold rising over 1%, because the dollar was dragged down by weaker-than-expected US data boosting hopes for interest rate cuts by the US Federal Reserve. At 20h55, spot gold traded at $1 422.29 an ounce.
The oil price fell on Wednesday on the back of US government data reporting a large build in stockpiles. At 20h55, a barrel of Brent crude was trading at $63.99.
Source: Reuters, Business Day, Trading Economics
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