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Markets are extremely volatile in light of the uncertainty caused by the COVID-19 outbreak. We remind all our clients that sound decision-making requires a sober approach and robust investment process. Our recent Special Report highlights that markets suffer setbacks more often than investors may think.
On Tuesday, the JSE staged a mild recovery as optimism returned to the markets and investors remained hopeful that governments would be successful in cushioning the economic fallout from the coronavirus. The All Share closed up by 2.67%.
Wall Street opened higher on Tuesday, recuperating from the previous session’s rout, the biggest since 1987, after the US Federal Reserve (Fed) said it would relaunch financial crisis-era purchases of short-term corporate debt to boost markets. At 18h00, the Dow Jones up by 3.26%.
European shares struggled for direction on Tuesday as global economic damage from Covid-19 kept financial markets on edge but investors remained hopeful that governments will respond with fiscal measures enough to cushion the fallout. At 18h15, the FTSE 100 traded 2.35% higher.
Hong Kong stocks rose for the first time in four days on Tuesday following an encouraging performance by the financial and technology sectors. The Hang Seng Index closed up by 0.87%.
Japanese shares somewhat rebounded on Tuesday thanks to the support from public pension funds lending and stimulus measures by the Bank of Japan (BoJ). The Nikkei gained 0.06%.
The rand was the best-performing currency among emerging-market currencies on Tuesday after treasury yields fell following an interest rate cut by the Fed. A dollar traded at R16.61 at 18h30.
Gold prices dipped on Tuesday as investors opted to sell equities and keep their money in cash out of the fear of a global recession driven by the coronavirus. An ounce of gold traded at $1 529.81 at 18h45.
Oil prices fell on Tuesday as the coronavirus pandemic continued to affect demand, while Saudi Arabia raised output as it competes with Russia for market share. At 18h50, a barrel of Brent crude traded at $29.53.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer