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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 15 January 2019
South Africa
The JSE tracked global equity markets lower on Monday, as investors digested yet more gloomy Chinese economic data. The ALSI closed 0.31% in the red.
United States
The US government shutdown is also posing some risk to global markets, having become the longest ever shutdown in US history over the weekend. Experts say the closure is “only” hitting about 25% of the government, meaning this shutdown has yet to have an impact on stock markets. Shortly after the JSE closed the Dow was down 0.36%.
Europe
The Brexit deal will be in focus on Tuesday, when UK Prime Minister Theresa May faces her parliamentary opposition in a bid to proceed with a draft Brexit deal. After the JSE closed on Monday, the FTSE 100 was trading down 0.91%.
Hong Kong
Asian shares fell on Monday after China’s exports fell the most in two years in December, while imports contracted, pointing to further weakness in the world’s second-largest economy. At the close of trade, the Hang Seng index was down 1.38%.
Japan
Around the region, MSCI's Asian Index (ex-Japan) was weaker by 0.94%, while Japan's Nikkei closed up 0.97%.
Rand
Gloomy Chinese economic data weighed on investor sentiment on Monday, with the rand weakening past the R16/€ handle. However at 18h40 the local currency made up some ground trading at R13.76/USD, R17.73/GBP and R15.79/EUR.
Precious metals
Gold prices rose on Monday as investors sought safety as equities slipped after weak Chinese trade data dented risk sentiment and rekindled fears of a global economic slowdown. Spot gold traded at $1 290.07/oz at 18h40.
Oil
Oil slipped to around $60 a barrel on Monday after data showed weakening imports and exports in China, the world’s second-largest oil consumer, raising the prospect of a slowdown in fuel demand.
The JSE tracked global equity markets lower on Monday, as investors digested yet more gloomy Chinese economic data. The ALSI closed 0.31% in the red.
United States
The US government shutdown is also posing some risk to global markets, having become the longest ever shutdown in US history over the weekend. Experts say the closure is “only” hitting about 25% of the government, meaning this shutdown has yet to have an impact on stock markets. Shortly after the JSE closed the Dow was down 0.36%.
Europe
The Brexit deal will be in focus on Tuesday, when UK Prime Minister Theresa May faces her parliamentary opposition in a bid to proceed with a draft Brexit deal. After the JSE closed on Monday, the FTSE 100 was trading down 0.91%.
Hong Kong
Asian shares fell on Monday after China’s exports fell the most in two years in December, while imports contracted, pointing to further weakness in the world’s second-largest economy. At the close of trade, the Hang Seng index was down 1.38%.
Japan
Around the region, MSCI's Asian Index (ex-Japan) was weaker by 0.94%, while Japan's Nikkei closed up 0.97%.
Rand
Gloomy Chinese economic data weighed on investor sentiment on Monday, with the rand weakening past the R16/€ handle. However at 18h40 the local currency made up some ground trading at R13.76/USD, R17.73/GBP and R15.79/EUR.
Precious metals
Gold prices rose on Monday as investors sought safety as equities slipped after weak Chinese trade data dented risk sentiment and rekindled fears of a global economic slowdown. Spot gold traded at $1 290.07/oz at 18h40.
Oil
Oil slipped to around $60 a barrel on Monday after data showed weakening imports and exports in China, the world’s second-largest oil consumer, raising the prospect of a slowdown in fuel demand.
Our daily rant..
ESKOM is currently presenting to NERSA asking for a 15% increase in electricity tariffs for each of the next three years. The current CEO says while a lot of ESKOM's financial problems could have been avoided it is currently in bad financial shape and needs these increases to stay afloat. So they are telling consumers, we screwed up, we wasted your money, but now we need you to pay us even more. In fact we want to raise electricity prices by 52% (15% on 15% on 15%) over the next three years. Please forgive us and give as more money. Pathetic. That is like a robber robbing you, then coming back to apologize and while doing so asks if he can take your laptop.