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The JSE gained on Friday, boosted during the week by a partial US-China trade deal and the Reserve Bank’s unexpected interest rate cut. The local bourse closed up 1.38%.
US stock nudged higher on Friday after strong housing data and indications of resilience in the Chinese economy raised hopes of a rebound in global growth. At 19h30 the S&P 500 was 0.25% in the green.
European shares closed higher on Friday after EU Trade Commissioner Phil Hogan struck a positive tone on talks with Washington, soothing some concerns over a possible escalation in trade tensions between the cross-Atlantic allies. The pan STOXX 600 index rose as much as 0.81%.
The Year of the Rat bodes well for Hong Kong’s Hang Seng Index, with shares across sectors from homebuilders to healthcare tipped to do well. The benchmark index is up more than 3% so far this month.
Japanese shares rose on Friday as hopes for a rebound in global demand and a softer yen drove broad-based gains. The Nikkei 225 Index closed 0.45% firmer.
The rand erased gains on the announcement by the Reserve Bank, bringing losses to 1.68% for the week. Shortly after the JSE closed, the rand had weakened 0.28% to R14.44/$.
Gold prices edged higher on Friday but was on track to post its biggest weekly drop in two months as a long awaited US-China Phase 1 trade deal fuelled risk appetite.
Oil prices edged higher on Friday but were set to end the week broadly steady as sluggish economic growth in China, the world’s biggest crude importer, raised concerns about fuel demand and countered optimism from the signing of a China-US trade deal.
Source: Reuters, Business Day, Trading Economics
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