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Sign up to attend our next Think Big webinar in which PSG Wealth CIO, Adriaan Pask, will be interviewing global economist and multi-asset investment professional Lawrence Hatheway. They will discuss the future of the global economy and provide insights ahead of the US elections.
The local market reported gains on Wednesday after US President Donald Trump tweeted to stop US fiscal stimulus negations until after the election. The All Share closed up by 1.01%.
Wall Street opened strong on Wednesday morning, bouncing back from Trump’s stimulus shock in the previous session and Levi Strauss posting a surprisingly upbeat quarterly profit. At 17h50, the Dow Jones reported a gain of 1.57%.
European markets were mixed on Wednesday despite positive earnings reports from Tesco in the UK and Dialog Semiconductor in Germany. The European STOXX 600 stood 0.12% lower for the day.
The Hang Seng ended 1.09% in the green on Wednesday as investor focus turned to the initial public offering (IPO) of Ant Group – possibly the largest IPO in the world.
The Nikkei lost 0.05% on Wednesday due to the resurfacing of economic recovery fears after Trump halted additional US stimulus talks until after the election.
The rand strengthened against a weaker US dollar on Wednesday as investors mulled over the possibility that the Democrats might win the November election in the US. At 17h50, the local currency traded at R16.66/$.
Gold prices made up ground on Wednesday after it reported severe losses due to Trump’s tweet to halt US stimulus talks until after the US election. Spot gold moved to $1 888.39/oz by 17h50.
The oil price negated the previous session’s gains on Wednesday due to a rise in US crude inventories and Trump dashing US stimulus hopes. A barrel of Brent crude traded at $41.33 at 17h50.
Source: Reuters, Business Day, Trading Economics
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