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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 November 2018
South Africa
The JSE edged lower on Wednesday, despite a strong performance by market heavyweight Naspers. The All Share closed down 0.21%.
United States
US stocks turned lower on Wednesday as Apple Inc led a decline in technology stocks, offsetting early support from tame US consumer prices data and a rebound in oil prices. At 19h50 all three major US indices were in the red.
Europe
European shares hit their lowest in two weeks on Wednesday in a broad-based sell-off across oil, mining, technology and banking stocks amid renewed worries about a global economic slowdown and Italy’s budget crisis. The pan-European STOXX 600 lost 0.61%.
Hong Kong
Hong Kong equities inched lower on Wednesday as data out of China painted a lacklustre picture of its economy, while global oil prices dropped, dragging down energy shares. The Hang Seng index was down 0.64% at 19h55.
Japan
The Nikkei ended slightly higher in choppy trade on Wednesday as tech shares helped to offset a weakness in resource stocks which was dragged down by falling oil prices. The Nikkei share average rose 0.11% at 19h55.
Rand
Disappointing retail sales data was offset by news that Eurozone growth reached a four-year low in the third quarter on Wednesday. This news hit the euro, but caused the rand to firm marginally in the afternoon. At 19h55 the rand traded R16.25 to the euro.
Precious metals
Gold fell on Wednesday as the dollar held near a multi-month high, buoyed by interest from investors seeking cover from sliding stocks and by prospects for higher US interest rates. Spot gold was trading at $1 207.21 an ounce at 19h55.
Oil
Brent crude fell to $65 a barrel earlier on Wednesday, after Opec said it is willing to cut oil production to balance the market. At 19h55 a barrel of Brent crude traded at $66.68.
The JSE edged lower on Wednesday, despite a strong performance by market heavyweight Naspers. The All Share closed down 0.21%.
United States
US stocks turned lower on Wednesday as Apple Inc led a decline in technology stocks, offsetting early support from tame US consumer prices data and a rebound in oil prices. At 19h50 all three major US indices were in the red.
Europe
European shares hit their lowest in two weeks on Wednesday in a broad-based sell-off across oil, mining, technology and banking stocks amid renewed worries about a global economic slowdown and Italy’s budget crisis. The pan-European STOXX 600 lost 0.61%.
Hong Kong
Hong Kong equities inched lower on Wednesday as data out of China painted a lacklustre picture of its economy, while global oil prices dropped, dragging down energy shares. The Hang Seng index was down 0.64% at 19h55.
Japan
The Nikkei ended slightly higher in choppy trade on Wednesday as tech shares helped to offset a weakness in resource stocks which was dragged down by falling oil prices. The Nikkei share average rose 0.11% at 19h55.
Rand
Disappointing retail sales data was offset by news that Eurozone growth reached a four-year low in the third quarter on Wednesday. This news hit the euro, but caused the rand to firm marginally in the afternoon. At 19h55 the rand traded R16.25 to the euro.
Precious metals
Gold fell on Wednesday as the dollar held near a multi-month high, buoyed by interest from investors seeking cover from sliding stocks and by prospects for higher US interest rates. Spot gold was trading at $1 207.21 an ounce at 19h55.
Oil
Brent crude fell to $65 a barrel earlier on Wednesday, after Opec said it is willing to cut oil production to balance the market. At 19h55 a barrel of Brent crude traded at $66.68.
Our daily rant..
Statistics South Africa (Stats SA) published retail sales figures yesterday. And the numbers do not inspire confidence that South Africa will exit the recession it is in convincingly. For the month of September 2018, retail sales (seasonally adjusted and adjusted for inflation) grew a mere 1.14% compared to last year September. And September 2018 sales compared to August 2018 sales were down by 0.6% at R77,4 billion in September 2018 compared to R77.94 billion in August 2018. This clearly shows that short term momentum is very weak, and annual growth of around 1% will do nothing to kick start South Africa's stagnating economy.
Based on the poor retail sales, declining oil prices and for now inflation within the South African Reserve Bank (SARB) target range of 3% to 6%, we predict that SARB's monetary policy committee (MPC) will keep interest rates unchanged at their next meeting take place next week (20-22 November 2018)
Based on the poor retail sales, declining oil prices and for now inflation within the South African Reserve Bank (SARB) target range of 3% to 6%, we predict that SARB's monetary policy committee (MPC) will keep interest rates unchanged at their next meeting take place next week (20-22 November 2018)