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The JSE posted its third day of gains on Tuesday as investors anticipated a faster-than-expected economic recovery amid progress in the development of a COVID-19 vaccine. At the closing bell, the All Share gained 1.11%.
Wall Street opened higher on Tuesday as investors cheered news that Moderna Inc’s COVID-19 vaccine produced protective antibodies in a group of volunteers. At 19h00, the Nasdaq gained 0.59%.
European markets stumbled on Tuesday led by a poor performance by the banking and telecommunication sectors, shrugging off news of additional stimulus measures from the European Union. At 19h15, the FTSE 100 lost 0.77%.
Chinese shares tracked an overnight rally on Wall Street as an early-stage trial for a COVID-19 vaccine yielded promising results, lifting hopes of a swift economic recovery. The Hang Seng Index gained 2.03%.
Japanese stocks shrugged off escalating tension between the US and China, closing in the green as encouraging results for a possible coronavirus vaccine boosted hopes for a faster-than-expected economic recovery. At the close of business, the Nikkei gained 1.48%.
The rand strengthened alongside other emerging market currencies as global markets welcomed the easing of lockdown restrictions and a potential breakthrough in finding a coronavirus vaccine. At 19h30, a dollar traded at R18.26.
Gold prices rose slightly on Tuesday as the trade spat between the US and China seemed to gain momentum and also due to “the ridiculously huge Federal Reserve balance sheet”. An ounce of gold traded at $1 742.44 at 19h40.
Oil prices declined after commentary made at the Senate Banking Committee hearing placed a dent on the global demand outlook. At 20h00, a barrel of Brent crude traded at $32.91.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer