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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 19 November 2018
South Africa
The focus this week will be on SARB, which will announce its latest stance on monetary policy on Thursday. Bloomberg anticipates the Bank to raise interest rates by 25 basis points to 6.75%. On Friday the JSE closed down 0.10% as continued concerns around Brexit impacted markets.
United States
The S&P 500 edged lower on Friday as chip stocks tumbled after weak forecasts from Nvidia and Applied Materials, but a recovery in oil prices for a third day lifted energy stocks. The S&P 500 was trading up 0.28% at 19h50.
EuropeInvestors are still waiting for further developments as Tory party members mull the future of UK Prime Minister Theresa May, but the pound managed to firm a little after a 3% drop on Thursday. The FTSE 100 closed down 0.34% on Friday.
Hong Kong
Stocks in Hong Kong rose marginally on Friday as China and the US seemed to draw closer to formal trade negotiations. The Hang Seng index closed up 0.30%.
Japan
The Nikkei fell on Friday as a drop in semiconductor-related stocks weighed after US chip designer Nvidia Corp disappointed the market with worse-than-expected earnings. The Nikkei share average ended 0.60% lower.
Rand
The rand was marginally softer against major global currencies on Friday afternoon, faring slightly worse against the pound, as investors waited for further Brexit information. At 19h50 a pound traded for R17.92.
Precious metals
Gold prices rose on Friday as investors sought safe-haven assets amid fears of a chaotic departure for Britain from the European Union. Gold traded at $1 221.65 an ounce at 19h55.
Oil
Oil rose on Friday on hopes that supply cuts will be agreed at oil cartel Opec’s meeting on 6 December. Brent traded at $67.09 a barrel at 19h55.
The focus this week will be on SARB, which will announce its latest stance on monetary policy on Thursday. Bloomberg anticipates the Bank to raise interest rates by 25 basis points to 6.75%. On Friday the JSE closed down 0.10% as continued concerns around Brexit impacted markets.
United States
The S&P 500 edged lower on Friday as chip stocks tumbled after weak forecasts from Nvidia and Applied Materials, but a recovery in oil prices for a third day lifted energy stocks. The S&P 500 was trading up 0.28% at 19h50.
EuropeInvestors are still waiting for further developments as Tory party members mull the future of UK Prime Minister Theresa May, but the pound managed to firm a little after a 3% drop on Thursday. The FTSE 100 closed down 0.34% on Friday.
Hong Kong
Stocks in Hong Kong rose marginally on Friday as China and the US seemed to draw closer to formal trade negotiations. The Hang Seng index closed up 0.30%.
Japan
The Nikkei fell on Friday as a drop in semiconductor-related stocks weighed after US chip designer Nvidia Corp disappointed the market with worse-than-expected earnings. The Nikkei share average ended 0.60% lower.
Rand
The rand was marginally softer against major global currencies on Friday afternoon, faring slightly worse against the pound, as investors waited for further Brexit information. At 19h50 a pound traded for R17.92.
Precious metals
Gold prices rose on Friday as investors sought safe-haven assets amid fears of a chaotic departure for Britain from the European Union. Gold traded at $1 221.65 an ounce at 19h55.
Oil
Oil rose on Friday on hopes that supply cuts will be agreed at oil cartel Opec’s meeting on 6 December. Brent traded at $67.09 a barrel at 19h55.
Our daily rant..
Sometimes when one doesn't have all the facts at hand it is better to keep ones mouth shut. It seems that President Ramaphosa has talked himself into a corner regarding work his son did for Bosasa and what happened to the money his son was paid. It has come to light that these funds were actually used to fund President Ramaphosa's campaign to become ANC President, and therefore President of the Republic. He had to issue a apology for misleading/ lying to Parliament. And minister Pravin Gordhan will appear before the Zondo Commission of inquiry into State Capture. A few months ago Pravin Gordhan was EFF's hero. Now he is public enemy number one. No doubt EFF looking to deflect attention away from the VBS scandal that implicated family members of both their leader Julius Malema and Floyd Shivambu. Never a dull moment in SA politics.
President Cyril Ramaphosa Caricature
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Minister Pravin Gordhan Caricature
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