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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 19 December 2018
South Africa
The JSE experienced a blue Tuesday when it opened low after the long weekend due to US market losses on Monday; however, positive mine and currency results helped lift the local bourse. At the close of business, both the All Share and the Top 40 were flat but in the red.
United States
Markets in the US opened higher on Tuesday as investors awaited the US Federal Reserve’s interest rate announcement to be made on Wednesday, and thanks to a surge in technology shares. By 20h05, US indexes made up ground, trading over 1% higher.
Europ
European markets fared sluggish on Tuesday after being stuck in a fourth straight session of losses due to weak economic releases and lower oil prices. At the end of trade, the STOXX 600 was down 0.82%.
Hong Kong
Asian markets suffered on Tuesday in light of Chinese President Xi Jinping announcing disappointing policy changes and shares across the region stumbling. Both the Hang Seng and the Shanghai Composite closed almost 1% down.
Japan
Japanese shares followed other markets downward, mainly due to investors’ growing worries about cooling global markets. The Nikkei closed almost 2% down.
Rand
Despite negative global sentiment, the rand held its own on Tuesday thanks to a weakening dollar. At 19h00, the rand traded up at R14.30 against the dollar.
Precious metals
Gold prices increased on Tuesday after investor’s fears around falling equities pushed them to this safe haven. At 19h15, spot gold was up to $1 248.84 an ounce.
Oil
Oil prices dropped by more than 4% on Tuesday as it was predicted that US inventories and Russian oil production will reach record highs in December. At 19h15, benchmark Brent crude traded at $57.13 a barrel.
The JSE experienced a blue Tuesday when it opened low after the long weekend due to US market losses on Monday; however, positive mine and currency results helped lift the local bourse. At the close of business, both the All Share and the Top 40 were flat but in the red.
United States
Markets in the US opened higher on Tuesday as investors awaited the US Federal Reserve’s interest rate announcement to be made on Wednesday, and thanks to a surge in technology shares. By 20h05, US indexes made up ground, trading over 1% higher.
Europ
European markets fared sluggish on Tuesday after being stuck in a fourth straight session of losses due to weak economic releases and lower oil prices. At the end of trade, the STOXX 600 was down 0.82%.
Hong Kong
Asian markets suffered on Tuesday in light of Chinese President Xi Jinping announcing disappointing policy changes and shares across the region stumbling. Both the Hang Seng and the Shanghai Composite closed almost 1% down.
Japan
Japanese shares followed other markets downward, mainly due to investors’ growing worries about cooling global markets. The Nikkei closed almost 2% down.
Rand
Despite negative global sentiment, the rand held its own on Tuesday thanks to a weakening dollar. At 19h00, the rand traded up at R14.30 against the dollar.
Precious metals
Gold prices increased on Tuesday after investor’s fears around falling equities pushed them to this safe haven. At 19h15, spot gold was up to $1 248.84 an ounce.
Oil
Oil prices dropped by more than 4% on Tuesday as it was predicted that US inventories and Russian oil production will reach record highs in December. At 19h15, benchmark Brent crude traded at $57.13 a barrel.
Our daily rant..
Today we dont want to rant, but we will copy a paragraph from Biznews Daily Insider Email below and based on the numbers provided it has clearly not been a very good year for stock market investors. Doesnt matter which market around the world they invested in
Markets around the world have had a gloomy 2018. Various factors have conspired to send European, Asian, Latin American, South African, and even some US stocks into a slump. Many stock market indices are officially in bear market territory, down more than 20% from their highs. These include the Shanghai Composite, the Hang Seng, and the Kospi in Asia, the DAX and the FTSE MIB in Europe, and the Russell 2000 in the US. In South Africa, up to two-thirds of JSE-listed companies are officially in a bear market and the ALSI is down around 15% from its mid-year high.
With unresolved trade tensions dampening hopes for renewed global growth, the chances of a “Santa Claus” rally – a sustained stock market uptick in the year’s final trading week – seem dim. Still, South Africans can take some comfort in the fact that the JSE is doing relatively better than many of its peers – China’s Shanghai Composite is down nearly 30% from its high in the early part of the year. Perhaps there’s still hope for a year-end miracle.
Markets around the world have had a gloomy 2018. Various factors have conspired to send European, Asian, Latin American, South African, and even some US stocks into a slump. Many stock market indices are officially in bear market territory, down more than 20% from their highs. These include the Shanghai Composite, the Hang Seng, and the Kospi in Asia, the DAX and the FTSE MIB in Europe, and the Russell 2000 in the US. In South Africa, up to two-thirds of JSE-listed companies are officially in a bear market and the ALSI is down around 15% from its mid-year high.
With unresolved trade tensions dampening hopes for renewed global growth, the chances of a “Santa Claus” rally – a sustained stock market uptick in the year’s final trading week – seem dim. Still, South Africans can take some comfort in the fact that the JSE is doing relatively better than many of its peers – China’s Shanghai Composite is down nearly 30% from its high in the early part of the year. Perhaps there’s still hope for a year-end miracle.