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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 12 November 2018
South Africa
The local bourse fell over 1% on Friday due to a weaker rand and global risk-off trade. At the end of business, both the All Share and Top 40 fell 1.42% and 1.56% respectively.
United States
Although the dollar strengthened on Friday due to the US Federal Bank’s (Fed) hawkish interest rate announcement, US markets entered negative territories as weak Chinese data pulling tech, energy and industrial companies down.
Europe
European markets were also in the red areas on Friday, mainly because of disappointing corporate releases and the wide sell-off of mining and oil shares. At close of business, the STOXX 600 was down 0.42%.
Hong Kong
Hong Kong markets had a bad Friday across most sectors, but especially so in the IT sector, which fell more than 4%. At 19h45, the Hang Seng Index had fallen 2.55%.
Japan
Japanese markets ended the week in the red due to soft global equities and concerns around the effect of the China-US trade war on some Chinese shares. At 19h45, the Nikkei was down 1.05%.
Rand
The Fed’s hawkish approach to the US interest rate boosted the dollar, causing the rand to tumble on Friday. At 19h25, the rand had fallen by more than 1% against major currencies.
Precious metals
Bullion prices had a hard day on Friday as the dollar reached a 16-month high thanks to the Fed’s monetary plans. At 19h30, spot gold was down 1.28%, costing $1 208.29 an ounce.
Oil
An increase in global oil production has led to a drop in price on Friday. Russia, Saudi Arabia and shale producers in the US increased their output in order to compensate for the Iranian barrels lost due to the US sanctions taking effect earlier the week. At 19h30, Brent crude had fallen by 1.25%, costing $70.13 a barrel.
The local bourse fell over 1% on Friday due to a weaker rand and global risk-off trade. At the end of business, both the All Share and Top 40 fell 1.42% and 1.56% respectively.
United States
Although the dollar strengthened on Friday due to the US Federal Bank’s (Fed) hawkish interest rate announcement, US markets entered negative territories as weak Chinese data pulling tech, energy and industrial companies down.
Europe
European markets were also in the red areas on Friday, mainly because of disappointing corporate releases and the wide sell-off of mining and oil shares. At close of business, the STOXX 600 was down 0.42%.
Hong Kong
Hong Kong markets had a bad Friday across most sectors, but especially so in the IT sector, which fell more than 4%. At 19h45, the Hang Seng Index had fallen 2.55%.
Japan
Japanese markets ended the week in the red due to soft global equities and concerns around the effect of the China-US trade war on some Chinese shares. At 19h45, the Nikkei was down 1.05%.
Rand
The Fed’s hawkish approach to the US interest rate boosted the dollar, causing the rand to tumble on Friday. At 19h25, the rand had fallen by more than 1% against major currencies.
Precious metals
Bullion prices had a hard day on Friday as the dollar reached a 16-month high thanks to the Fed’s monetary plans. At 19h30, spot gold was down 1.28%, costing $1 208.29 an ounce.
Oil
An increase in global oil production has led to a drop in price on Friday. Russia, Saudi Arabia and shale producers in the US increased their output in order to compensate for the Iranian barrels lost due to the US sanctions taking effect earlier the week. At 19h30, Brent crude had fallen by 1.25%, costing $70.13 a barrel.
Our daily rant..
Its funny how the EFF quickly starts diverting the public interest away from the VBS Bank scandal on to Pravin Gordhan. A few months ago Pravin Gordhan was their hero and they cheered him in parliament. Now he is public enemy number 1. Looks like the EFF is trying to get the media and social media attention off themselves with the VBS scandal and on to someone else. Dirty politics in full swing in South Africa before the 2019 elections.