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PSG daily investment update 13 November 2018
Date: 13 November 2018 Category: Stock Market |
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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 13 November 2018
South Africa
Thin liquidity on global markets and a spate of bad corporate news weighed on the JSE on Monday, with local retailers and industrials faring worst. The All Share fell 1.94%.
United States
US stocks fell for a third day on Monday, as a slump in Apple shares following weak forecasts from two of its suppliers hit the technology sector. At the Dow Jones was down 1.62%, the S&P 500 was down 1.31% and the Nasdaq was 2.13% in the red.
Europe
European companies are delivering their most disappointing earnings in nearly three years as a sluggish economy and rising costs took their toll on bottom lines. The DAX closed down 1.77% and the CAC 40 was down 0.93%.
Hong Kong
Stocks in Hong Kong moved up marginally on Monday, but were left out from the policy-inspired rally seen in the technology sector in the mainland market, as investors in the city appeared cautious ahead of key earnings announcements and global events. The main Hang Seng index and the Hang Seng China Enterprises index each ended flat.
Japan
Japan’s Nikkei edged up in choppy trade on Monday as buying of cheapened stocks was largely offset by cautious sentiment driven by weakness on Wall Street and falling US tech shares. The Nikkei gained 0.09% at 19h50.
Rand
The rand was mixed against major global currencies on Monday afternoon, weakening against a resurgent dollar, although benefiting from setbacks for the euro and pound. At 19h50 the rand was trading R14.43/USD, R16.22/EUR and R18.53/GBP.
Precious metals
Gold fell for a seventh straight session on Monday, hitting its lowest in a month as the dollar jumped to 16-month highs on the back of political uncertainty in Europe and the US Federal Reserve’s hawkish stance on interest rates. Spot gold was down 0.54% to $1 202.79 an ounce at 19h50.
Oil
News that Saudi Arabia will cut oil exports from December sent the price of Brent crude higher on Monday, although it is still off its highs for the month. At 19h50 Brent crude was trading at $71.04 a barrel.
Thin liquidity on global markets and a spate of bad corporate news weighed on the JSE on Monday, with local retailers and industrials faring worst. The All Share fell 1.94%.
United States
US stocks fell for a third day on Monday, as a slump in Apple shares following weak forecasts from two of its suppliers hit the technology sector. At the Dow Jones was down 1.62%, the S&P 500 was down 1.31% and the Nasdaq was 2.13% in the red.
Europe
European companies are delivering their most disappointing earnings in nearly three years as a sluggish economy and rising costs took their toll on bottom lines. The DAX closed down 1.77% and the CAC 40 was down 0.93%.
Hong Kong
Stocks in Hong Kong moved up marginally on Monday, but were left out from the policy-inspired rally seen in the technology sector in the mainland market, as investors in the city appeared cautious ahead of key earnings announcements and global events. The main Hang Seng index and the Hang Seng China Enterprises index each ended flat.
Japan
Japan’s Nikkei edged up in choppy trade on Monday as buying of cheapened stocks was largely offset by cautious sentiment driven by weakness on Wall Street and falling US tech shares. The Nikkei gained 0.09% at 19h50.
Rand
The rand was mixed against major global currencies on Monday afternoon, weakening against a resurgent dollar, although benefiting from setbacks for the euro and pound. At 19h50 the rand was trading R14.43/USD, R16.22/EUR and R18.53/GBP.
Precious metals
Gold fell for a seventh straight session on Monday, hitting its lowest in a month as the dollar jumped to 16-month highs on the back of political uncertainty in Europe and the US Federal Reserve’s hawkish stance on interest rates. Spot gold was down 0.54% to $1 202.79 an ounce at 19h50.
Oil
News that Saudi Arabia will cut oil exports from December sent the price of Brent crude higher on Monday, although it is still off its highs for the month. At 19h50 Brent crude was trading at $71.04 a barrel.
Our daily rant..
Today it's not a rant but some good news. Based on the decline in the price of crude oil in recent weeks, and the declines off it recent highs, we can expect some petrol price relief to be announced in early December. The current over recovery in petrol prices shows there is a over recovery of R1.50 per litre of 95. So if all things are equal for the rest of the month, South Africans can expect a big cut in the price of petrol soon.