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In our continued efforts to give our readers a broad number of views, opinions and information, we continue to provide PSG's daily market updates and add our own daily rant at the end.
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Short summary of PSG's market commentary for 16 January 2019
South Africa
The JSE was little changed on Tuesday, with most indices edging higher, while some miners came under strain due to disappointing local data. The All Share rose 0.09%.
United States
US stocks rose on Tuesday, as hopes of more stimulus for China’s slowing economy and a jump in Netflix shares helped investors look past disappointing earnings from JPMorgan and Wells Fargo. The Dow closed up 0.65%.
Europe
European shares rose on Tuesday after China signalled more stimulus measures to soften the blow from a tariff war with the US, although fresh worries over bad loans hit Italian banks and uncertainty dominated ahead of a key Brexit vote. Just after the JSE closed, the FTSE 100 had given up 0.58%, the CAC 40 0.39% and the DAX 30 0.10%.
Hong Kong
Hong Kong stocks advanced on Tuesday after Chinese officials pledged they would unveil a slew of measures to shore up economic growth, and reiterated confidence in the stability of yuan. The Hang Seng index settled 2% higher.
Japan
The Nikkei rose to a near one-month high on Tuesday, supported by buying of electronic component makers and other exporters as a weaker yen boosted sentiment. The Nikkei share average gained 0.96%.
Rand
The rand was a little softer against major global currencies on Tuesday afternoon, tracking a slightly weaker euro, ahead of what might be a volatile overnight session. All eyes were on the vote of UK Prime Minister Theresa May’s draft Brexit deal, which began at 21h00 SA time. At 20h15 one euro cost R15.70 and a pound R17.54.
Precious metals
Gold fell on Tuesday as the dollar gained due to weak German economic data weighing on the euro, while investors turned their attention to a parliamentary vote on the British government’s plan to exit the EU. Spot gold traded at $1 287.58 an ounce at 20h15.
Oil
Oil prices rose more than 1% on Tuesday, although a darkening economic outlook may soon weigh on growth in fuel demand. Brent traded at $59.84 a barrel at 20h15.
The JSE was little changed on Tuesday, with most indices edging higher, while some miners came under strain due to disappointing local data. The All Share rose 0.09%.
United States
US stocks rose on Tuesday, as hopes of more stimulus for China’s slowing economy and a jump in Netflix shares helped investors look past disappointing earnings from JPMorgan and Wells Fargo. The Dow closed up 0.65%.
Europe
European shares rose on Tuesday after China signalled more stimulus measures to soften the blow from a tariff war with the US, although fresh worries over bad loans hit Italian banks and uncertainty dominated ahead of a key Brexit vote. Just after the JSE closed, the FTSE 100 had given up 0.58%, the CAC 40 0.39% and the DAX 30 0.10%.
Hong Kong
Hong Kong stocks advanced on Tuesday after Chinese officials pledged they would unveil a slew of measures to shore up economic growth, and reiterated confidence in the stability of yuan. The Hang Seng index settled 2% higher.
Japan
The Nikkei rose to a near one-month high on Tuesday, supported by buying of electronic component makers and other exporters as a weaker yen boosted sentiment. The Nikkei share average gained 0.96%.
Rand
The rand was a little softer against major global currencies on Tuesday afternoon, tracking a slightly weaker euro, ahead of what might be a volatile overnight session. All eyes were on the vote of UK Prime Minister Theresa May’s draft Brexit deal, which began at 21h00 SA time. At 20h15 one euro cost R15.70 and a pound R17.54.
Precious metals
Gold fell on Tuesday as the dollar gained due to weak German economic data weighing on the euro, while investors turned their attention to a parliamentary vote on the British government’s plan to exit the EU. Spot gold traded at $1 287.58 an ounce at 20h15.
Oil
Oil prices rose more than 1% on Tuesday, although a darkening economic outlook may soon weigh on growth in fuel demand. Brent traded at $59.84 a barrel at 20h15.
Our daily rant..
So UK parliament voted overhelmingly against the Prime Minister, Theresa May's Brexit proposal yesterday. The biggest defeat of a vote in the house of commons ever. Perhaps its time a snap election in the UK is held, not only to assess the current support of political parties and for the election of new leadership. And perhaps a referendum should be held to say "Look you wanted Brexit, this is the best plan we will get, if we cannot get a better deal do you still want Brexit to happen or would you prefer to stay in the EU knowing what you know now, that you didnt know during the previous referendum on Brexit".
Winds of change are blowing across the world. Lets hope the winds of change blows for the better in South Africa as we sure as hell need it in SA.
Winds of change are blowing across the world. Lets hope the winds of change blows for the better in South Africa as we sure as hell need it in SA.