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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 16 November 2018
South AfricaThe JSE closed higher on Thursday, as concerns around Brexit placed pressure on European markets, while investor sentiment towards emerging markets was slightly more positive. The All Share closed 0.28% in the green.
United StatesUS stocks struggled on Thursday as an attempt by technology companies to rebound from this week’s sharp losses was outweighed by a batch of weak results and Brexit-related concerns. US retail sales data surprised to the upside, growing 0.80% in October. All three major US indices were trading in the green at 20h50.
EuropePolitics took the reins on Thursday, with market focussed on the UK, as uncertainty emerged over UK Prime Minister Theresa May's ability to ensure a Brexit deal, after two cabinet ministers resigned. This caused the pound to drop about 2%, placing pressure on local UK shares.
Hong KongHong Kong shares ended firmer, lifted by hopes that discussions between China and the US could lead to a trade war compromise. The Hang Seng Index closed up 1.80%.
JapanThe Nikkei dropped on Thursday, after banking stocks fell due to disappointing earnings forecasts. The Nikkei ended 0.20% lower.
RandInterest-rate increases in Indonesia and the Philippines lifted sentiment towards emerging markets which boosted the rand yesterday afternoon. The local currency reacted briefly to news that the constitutional review committee in Parliament would recommend changes to the Constitution to expropriate land without compensation. The rand was trading R14.19/$ at 21h00.
Precious metalsGold held steady on Thursday as the dollar regained momentum after Britain’s Brexit agreement was thrown into turmoil. At 21h00 an ounce of gold traded at $1 212.63.
OilThe oil price steadied slightly on Thursday, but markets were still concerned about the possibility of oversupply next year. A barrel of Brent crude traded for $66.91 at 21h00.
United StatesUS stocks struggled on Thursday as an attempt by technology companies to rebound from this week’s sharp losses was outweighed by a batch of weak results and Brexit-related concerns. US retail sales data surprised to the upside, growing 0.80% in October. All three major US indices were trading in the green at 20h50.
EuropePolitics took the reins on Thursday, with market focussed on the UK, as uncertainty emerged over UK Prime Minister Theresa May's ability to ensure a Brexit deal, after two cabinet ministers resigned. This caused the pound to drop about 2%, placing pressure on local UK shares.
Hong KongHong Kong shares ended firmer, lifted by hopes that discussions between China and the US could lead to a trade war compromise. The Hang Seng Index closed up 1.80%.
JapanThe Nikkei dropped on Thursday, after banking stocks fell due to disappointing earnings forecasts. The Nikkei ended 0.20% lower.
RandInterest-rate increases in Indonesia and the Philippines lifted sentiment towards emerging markets which boosted the rand yesterday afternoon. The local currency reacted briefly to news that the constitutional review committee in Parliament would recommend changes to the Constitution to expropriate land without compensation. The rand was trading R14.19/$ at 21h00.
Precious metalsGold held steady on Thursday as the dollar regained momentum after Britain’s Brexit agreement was thrown into turmoil. At 21h00 an ounce of gold traded at $1 212.63.
OilThe oil price steadied slightly on Thursday, but markets were still concerned about the possibility of oversupply next year. A barrel of Brent crude traded for $66.91 at 21h00.
Our daily rant..
Again today is not a rant but good news. Based on the over/under recovery rate as published by the Central Energy Fund (CEF), South Africans are in for a massive price cut in petrol in December 2018. From the looks of it 95 Octane petrol price will decline by about R1.50 a litre. Which is good news for all the holiday makers planning to hit the road this December.