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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 11 December 2018
South Africa
The JSE had a bad start to the week, posting broad-based losses as investors digested a wave of bad news, weighted the impact of a trade spat between the US and China, and worried about a no-deal Brexit. At the close of business, both the All Share and the Top 40 had fallen over 1%.
United States
US equities plunged amid a volatile trading session on Monday, with a decline in shares of tech giants like Apple Inc limiting the market’s effort to rebound from its worst week in nine months. The Dow shed over 192 points while the S&P 500 ended 0.65% in the red.
Europe
The heightened spat between the US and China heavily weighed on European stocks on Monday, as investors avoided risk with the UK’s parliamentary vote on Brexit looming. The pan-European STOXX 600 benchmark finished 0.94% lower.
Hong Kong
Hong Kong stocks fell on Monday as less-than-inspiring Chinese trade data and the arrest of Huawei’s CFO threatened a fragile Sino-US trade truce. The Hang Seng closed 1.38% in the red.
Japan
Stocks in Japan dropped to a six-week low following an unexpected economic contraction in the third quarter, while a major sell-off on Wall Street also weighed on sentiment. The Nikkei share average plunged 2.04% ending the day at 21236.50 points.
Rand
The local currency plunged to its lowest level in three weeks against the dollar, as investors were anxious to see whether a Brexit vote would take place in the UK, heightening risk aversion on global markets. At 18h00 the rand traded R14.45 against the dollar.
Precious metals
Gold prices surged on Monday as a decline in global stocks prompted investors to pursue security in bullion, while fading expectations of US interest rate hikes for 2019 also enhanced the appeal of the precious metal. Spot gold was down 0.23% at $1 246.69 an ounce.
Oil
Oil prices slipped on Monday tracking declines in global stock markets, trimming gains that were attained last week when Opec agreed to reduce crude output from January 2019. At 18h30 benchmark Brent crude was trading at $60.94 a barrel.
The JSE had a bad start to the week, posting broad-based losses as investors digested a wave of bad news, weighted the impact of a trade spat between the US and China, and worried about a no-deal Brexit. At the close of business, both the All Share and the Top 40 had fallen over 1%.
United States
US equities plunged amid a volatile trading session on Monday, with a decline in shares of tech giants like Apple Inc limiting the market’s effort to rebound from its worst week in nine months. The Dow shed over 192 points while the S&P 500 ended 0.65% in the red.
Europe
The heightened spat between the US and China heavily weighed on European stocks on Monday, as investors avoided risk with the UK’s parliamentary vote on Brexit looming. The pan-European STOXX 600 benchmark finished 0.94% lower.
Hong Kong
Hong Kong stocks fell on Monday as less-than-inspiring Chinese trade data and the arrest of Huawei’s CFO threatened a fragile Sino-US trade truce. The Hang Seng closed 1.38% in the red.
Japan
Stocks in Japan dropped to a six-week low following an unexpected economic contraction in the third quarter, while a major sell-off on Wall Street also weighed on sentiment. The Nikkei share average plunged 2.04% ending the day at 21236.50 points.
Rand
The local currency plunged to its lowest level in three weeks against the dollar, as investors were anxious to see whether a Brexit vote would take place in the UK, heightening risk aversion on global markets. At 18h00 the rand traded R14.45 against the dollar.
Precious metals
Gold prices surged on Monday as a decline in global stocks prompted investors to pursue security in bullion, while fading expectations of US interest rate hikes for 2019 also enhanced the appeal of the precious metal. Spot gold was down 0.23% at $1 246.69 an ounce.
Oil
Oil prices slipped on Monday tracking declines in global stock markets, trimming gains that were attained last week when Opec agreed to reduce crude output from January 2019. At 18h30 benchmark Brent crude was trading at $60.94 a barrel.
Our daily rant..
So ESKOM is saying the current financial and load shedding issues they have is everybody's fault. Yes ESKOM everybody said you should employ way more people than what you are currently employing. Everybody said you should enter all kinds of dodgy deals with Trillian Capital, The Guptas and the likes. Everybody said you should shun your maintenance work. Yes ESKOM everybody said you should pay all your staff massive bonuses even though you have no money. Yes ESKOM, it is everybody's fault that your two newest power stations Kusile and Medupi are costing way more than it should and is taking for longer to complete than originally planned. Give us a break. Its your pathetic mismanagement of ESKOM that has lead to all of this, and now you want the government to use tax payers money to take over your debt? Voetsek!