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On Thursday, the JSE tracked global market
losses as investors feared the economic impact of the Chinese virus outbreak. The JSE lost 1.77% on the day.
Wall Street opened lower on Thursday as rising concerns about the coronavirus outbreak in China and the economic effect thereof weighed market sentiment down. At 18h50, the Dow Jones was 0.37% lower.
European indices recorded losses for a fourth consecutive session on Thursday due to increasing fears of how the fallout of the Chinese virus outbreak might affect global economic growth. The STOXX 600 Index fell 0.71% for the day.
On Thursday, Asian markets plummeted as investors rushed to sell off stocks before Asian markets closed for the Lunar New Year and Chinese authorities locked down three cities, halted transport and more to try to contain the spreading virus. At the end of trade, the Hang Seng lost 1.52%.
Japanese shares dropped on Thursday due to
investor concerns ahead of some corporate releases of commodity and cyclical
stocks. The Japanese index closed 0.98% weaker.
the local currency ate into Wednesday’s gains as world markets dropped on
coronavirus fears. At 18h50, the rand traded R14.38 to the US dollar.
about the impact of the coronavirus on the global economy, investors turned to
gold on Thursday, boosting prices. An ounce of gold cost $1 560.84 at 18h50.
Despite US inventories releasing lower stockpile figures, oil prices still dropped on Thursday due to concerns that the virus outbreak in China could limit demand. At 18h50, a barrel of Brent crude traded for $61.67.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer