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The JSE ended the week on a high as it closed in the green and recorded its best weekly gains in three weeks. Experts believe the Moody’s report, changing
SA’s outlook to negative, will impact the bourse today. At the closing bell,
the All Share Index had gained 0.40%.
US equities extended gains on Friday on the back of stronger-than-expected US employment data for October and China’s positive manufacturing data. At 17h50, the Dow Jones was 0.90% higher.
The upbeat manufacturing reports from China helped lift European markets on Friday, calming investor nerves over another possible delay between the US and China reaching a tariff deal. The STOXX 600 closed up 0.67%.
Unexpectedly strong factory data from mainland China boosted Asian indices on Friday. The Hang Seng Index reached its highest level in six weeks and stood 0.72% in the green at the close of trade.
New doubts around a possible US-China trade deal boosted the safe-haven yen on Friday, which weighed heavily on exports and cyclical shares and pulled Japan’s benchmark index down. The Nikkei closed down 0.33%.
Despite losing almost 3% in the week and crucial ground to the greenback on Wednesday after Finance Minister Tito Mboweni’s midterm budget speech, the rand held firm on Friday ahead of the Moody’s ratings report. At 17h50, a dollar traded at R15.02.
Gold prices slowed on Friday due to investors chasing in some of the earlier session’s gains on the back of strong Chinese factory data released. At 17h50, gold traded at $1 510.53 per ounce.
Although oil prices rose about 3.50% on Friday thanks to positive economic data from both China and the US, it still recorded a 0.40% drop for the week. A barrel of Brent crude traded at $61.02 at 17h50.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer