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Local indices took a severe knock on Monday in light of COVID-19 virus-anxieties ahead of President Cyril Ramaphosa’s speech. The All Share closed down 4.98%.
Wall Street opened lower on Monday as fears around the novel coronavirus “overshadowed the aggressive credit boost by the US Federal Reserve (Fed).” At 17h50, the Dow was 3.79% down.
European shares were hit
on Monday, reaching almost seven-year lows, despite efforts by countries to
counter the spread of COVID-19. The STOXX 600 closed down 4.30%.
Joining a global sell-off, Hong-Kong stocks fell to an almost 26-month low in light of the COVID-19 outbreak “overshadowing policymakers’ efforts to prevent a global recession”. The Hang Seng Index closed 4.86% in the red.
Japanese shares rose on Monday on the back of hopes that the 2020 Olympics will still be held later this year. The Nikkei closed 2.02% higher.
Ahead of President Ramaphosa’s address on Monday, the local currency weakened as concerns over COVID-19 deepened. A dollar traded at R17.76 at 17h40.
Gold prices rose more than 4% on Monday, shrugging off the Fed’s attempts to combat the economic impact of the COVID-19 outbreak, lifting investor sentiment. An ounce of gold traded at $1 534.97 at 17h50.
Although oil prices climbed on Monday, US gasoline prices fell over 30% on Monday in light of global travel restrictions. At 17h30 a barrel of Brent crude traded at $25.78.
Source: Reuters, Business Day, Trading Economics
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