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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 21 January 2019
South Africa
The JSE rebounded on Friday on the back of positive international developments, but retailers continued their slide. Positive developments in US-China trade talks buoyed global markets, despite increasing concerns about slowing global economic growth. The All Share climbed 0.55%.
United States
Gains in technology and industrial stocks put Wall Street on track for their fourth week of gains on Friday, amid growing optimism that the US and China would resolve their bitter trade dispute. The Dow closed up 1.40%.
Europe
European shares rose on Friday, hitting their highest level since early December as renewed hopes for trade negotiations between the US and China lifted markets. Shortly after the JSE closed, the FTSE 100 had risen 1.78%, the CAC 40 1.56% and the DAX 30 2.02%.
Hong Kong
Hong Kong shares rose on Friday amid optimism that the US and China were moving toward resolving their protracted trade dispute. The Hang Seng index settled 1.30% higher.
Japan
Japan’s Nikkei rose on Friday to its best level in a month tracking a rally on Wall Street as hopes of a resolution to the US-China trade dispute boosted risk appetite. The Nikkei share average rallied 1.29%.
Rand
The rand reversed gains Friday afternoon as expectations for easing trade tension between the US and China benefited both countries, while emerging-market currencies suffered. At 19h00, the rand was trading R13.82/$.
Precious metals
Palladium held above $1 400 an ounce on Friday after surging to record levels in the previous session, amid tight supplies and robust demand, while gold slipped 0.69% as risk sentiment got a boost from hopes of progress in US-China trade talks.
Oil
Oil prices rose over 1% on Friday after a report from oil cartel Opec showed its production fell sharply in December, easing some fears about prolonged oversupply. Brent crude was trading at $62.38 a barrel at 19h00.
The JSE rebounded on Friday on the back of positive international developments, but retailers continued their slide. Positive developments in US-China trade talks buoyed global markets, despite increasing concerns about slowing global economic growth. The All Share climbed 0.55%.
United States
Gains in technology and industrial stocks put Wall Street on track for their fourth week of gains on Friday, amid growing optimism that the US and China would resolve their bitter trade dispute. The Dow closed up 1.40%.
Europe
European shares rose on Friday, hitting their highest level since early December as renewed hopes for trade negotiations between the US and China lifted markets. Shortly after the JSE closed, the FTSE 100 had risen 1.78%, the CAC 40 1.56% and the DAX 30 2.02%.
Hong Kong
Hong Kong shares rose on Friday amid optimism that the US and China were moving toward resolving their protracted trade dispute. The Hang Seng index settled 1.30% higher.
Japan
Japan’s Nikkei rose on Friday to its best level in a month tracking a rally on Wall Street as hopes of a resolution to the US-China trade dispute boosted risk appetite. The Nikkei share average rallied 1.29%.
Rand
The rand reversed gains Friday afternoon as expectations for easing trade tension between the US and China benefited both countries, while emerging-market currencies suffered. At 19h00, the rand was trading R13.82/$.
Precious metals
Palladium held above $1 400 an ounce on Friday after surging to record levels in the previous session, amid tight supplies and robust demand, while gold slipped 0.69% as risk sentiment got a boost from hopes of progress in US-China trade talks.
Oil
Oil prices rose over 1% on Friday after a report from oil cartel Opec showed its production fell sharply in December, easing some fears about prolonged oversupply. Brent crude was trading at $62.38 a barrel at 19h00.
Our daily rant..
This week Statistics South Africa releases the latest inflation numbers. And last week the South African Reserve Bank (SARB) held their monetary policy committee meeting (MPC) in which it decides on interest rates. Interest rates were kept unchanged, but what we find odd is why the SARB MPC met last week, when a week later the latest inflation numbers are released. Surely SARB MPC could have scheduled their MPC meeting to coincide with the release of the latest inflation numbers. This at least would have ensured the MPC might their interest rate decision based on the lastest available data.