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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 29 November 2018
South Africa
Although property shares had a difficult day on Wednesday, the JSE still managed to close up by more than 1%; thanks, mostly, to Naspers being boosted by trade war optimism and a steady rand that backed banks and retailers.
United States
US markets bounced back on Wednesday after US Federal Reserve Bank (Fed) Chairman, Jerome Powell, said: “the gradual interest-rate hikes are meant to balance risks as it tries to keep the economy on track.” At 21h55, both the Dow and the Nasdaq were up by more than 2%.
Europe
It was a flat day for markets in Europe on Wednesday as it came to light that the US and Chinese presidents might still meet at the G20 summit this weekend. The day closed with the STOXX 600 up 0.01%, the CAC 40 unmoved, and the DAX down 0.09%.
Hong Kong
Most Asian markets ended Wednesday in the green as tech giant Tencent holdings reached an eight-week peak due to their mobile payment plans for Japan. At 21h35, both the Shanghai and the Hang Seng were up by over 1%.
Japan
Markets in Japan enjoyed a good day on Wednesday due to superb performances from Dainippon Sumitomo Pharma, Fast Retailing and Line Corp, offsetting the drop in airline shares. At 21h25, the Nikkei was up 1.11%.
Rand
The rand weakened slightly on Wednesday after weaker-than-expected consumer confidence reports were released showing that the index dropped to seven points. At 20h05, the rand traded R13.82 to the dollar.
Precious metals
Wednesday was a mixed day for bullion prices; gold, silver and palladium all rose by 1% or more, while platinum fell by almost 1%. This is due to the dollar losing ground as Powell gave little indication of what to expect at the next FOMC speech. At 21h40, gold traded at $1 222.10 an ounce.
Oil
Oil prices fell on Wednesday after the US crude stockpiles reported increases for the tenth consecutive week despite global concerns about excess oil supply. At 21h50, Brent crude cost $59.25 per barrel.
Although property shares had a difficult day on Wednesday, the JSE still managed to close up by more than 1%; thanks, mostly, to Naspers being boosted by trade war optimism and a steady rand that backed banks and retailers.
United States
US markets bounced back on Wednesday after US Federal Reserve Bank (Fed) Chairman, Jerome Powell, said: “the gradual interest-rate hikes are meant to balance risks as it tries to keep the economy on track.” At 21h55, both the Dow and the Nasdaq were up by more than 2%.
Europe
It was a flat day for markets in Europe on Wednesday as it came to light that the US and Chinese presidents might still meet at the G20 summit this weekend. The day closed with the STOXX 600 up 0.01%, the CAC 40 unmoved, and the DAX down 0.09%.
Hong Kong
Most Asian markets ended Wednesday in the green as tech giant Tencent holdings reached an eight-week peak due to their mobile payment plans for Japan. At 21h35, both the Shanghai and the Hang Seng were up by over 1%.
Japan
Markets in Japan enjoyed a good day on Wednesday due to superb performances from Dainippon Sumitomo Pharma, Fast Retailing and Line Corp, offsetting the drop in airline shares. At 21h25, the Nikkei was up 1.11%.
Rand
The rand weakened slightly on Wednesday after weaker-than-expected consumer confidence reports were released showing that the index dropped to seven points. At 20h05, the rand traded R13.82 to the dollar.
Precious metals
Wednesday was a mixed day for bullion prices; gold, silver and palladium all rose by 1% or more, while platinum fell by almost 1%. This is due to the dollar losing ground as Powell gave little indication of what to expect at the next FOMC speech. At 21h40, gold traded at $1 222.10 an ounce.
Oil
Oil prices fell on Wednesday after the US crude stockpiles reported increases for the tenth consecutive week despite global concerns about excess oil supply. At 21h50, Brent crude cost $59.25 per barrel.
Our daily rant..
Today is not a rant but a celebration. Based on data from the Central Energy Fund (CEF), South Africans can expect a decline in the price of petrol , of around R1.85 per litre. Suspect this is the single biggest drop in the fuel price in South Africa's history. We will go check the numbers and confirm this. But for now, consumers can breath a sigh of relief. While interest rates were increased, at least the fuel price is coming down substantially.