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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 November 2018
South Africa
The local bourse tumbled on Tuesday, on track for its worst daily loss in three months, as increased pressure on technology stocks from a 3% collapse in Nasdaq took its toll on local shares. At 18h50 the JSE All Share closed 2.59% lower.
United States
Stocks in the US traded lower on Tuesday as less-than-inspiring forecasts from retailers for the holiday season seeped through into a market that is already dragged down by concerns over the demand for iPhones. The Dow was down 1.77% at 18h35.
Europe
European shares traded significantly lower on Tuesday afternoon, posting the latest causality of global broad based selling following new pressure on technology stocks. The pan-European STOXX 600 benchmark closed 1.08%.
Hong Kong
Stocks in Hong Kong plunged on Tuesday, as tech shares led sharp declines for the region, following losses on Wall Street that dragged Asian markets amid increasing concerns of decelerating economic growth. The Hang Seng ended the day 2.01% in the red.
Japan
The Nikkei took a dive on Tuesday as a sharp decline in Nasdaq shares dragged Japanese tech giants through the mud, while Nissan Motor toppled on news of Chairman Carlos Ghosn’s arrest and subsequent dismissal. The Nikkei share average ended the day 1.05% lower at 21 592.50 points.
Rand
The rand softened in the afternoon, on the back of a rising dollar. The US currency stumbled after dovish comments from the US Fed on Monday. However, increased appetite among investors for safe-haven assets lifted the greenback on Tuesday afternoon. At 18h00 the rand traded R14.06 against the dollar.
Precious metals
Gold prices took a knock on Tuesday, after a slight spike in the dollar put pressure on the precious metal and held a narrow range in light trade ahead of the US Thanksgiving holiday. Spot gold was down 0.04% at $1 223.40 an ounce.
Oil
Oil prices plunged on Tuesday, capping four consecutive sessions of gains amid heightened fears over rising global supplies as Opec weighs production cuts. At 18h00 benchmark Brent crude was trading at $64.16 a barrel.
The local bourse tumbled on Tuesday, on track for its worst daily loss in three months, as increased pressure on technology stocks from a 3% collapse in Nasdaq took its toll on local shares. At 18h50 the JSE All Share closed 2.59% lower.
United States
Stocks in the US traded lower on Tuesday as less-than-inspiring forecasts from retailers for the holiday season seeped through into a market that is already dragged down by concerns over the demand for iPhones. The Dow was down 1.77% at 18h35.
Europe
European shares traded significantly lower on Tuesday afternoon, posting the latest causality of global broad based selling following new pressure on technology stocks. The pan-European STOXX 600 benchmark closed 1.08%.
Hong Kong
Stocks in Hong Kong plunged on Tuesday, as tech shares led sharp declines for the region, following losses on Wall Street that dragged Asian markets amid increasing concerns of decelerating economic growth. The Hang Seng ended the day 2.01% in the red.
Japan
The Nikkei took a dive on Tuesday as a sharp decline in Nasdaq shares dragged Japanese tech giants through the mud, while Nissan Motor toppled on news of Chairman Carlos Ghosn’s arrest and subsequent dismissal. The Nikkei share average ended the day 1.05% lower at 21 592.50 points.
Rand
The rand softened in the afternoon, on the back of a rising dollar. The US currency stumbled after dovish comments from the US Fed on Monday. However, increased appetite among investors for safe-haven assets lifted the greenback on Tuesday afternoon. At 18h00 the rand traded R14.06 against the dollar.
Precious metals
Gold prices took a knock on Tuesday, after a slight spike in the dollar put pressure on the precious metal and held a narrow range in light trade ahead of the US Thanksgiving holiday. Spot gold was down 0.04% at $1 223.40 an ounce.
Oil
Oil prices plunged on Tuesday, capping four consecutive sessions of gains amid heightened fears over rising global supplies as Opec weighs production cuts. At 18h00 benchmark Brent crude was trading at $64.16 a barrel.
Our daily rant..
The inflation numbers (CPI) released later today could be the deciding factor on whether the South African Reserve Bank (SARB) will be raising interest rates tomorrow. The SARB monterary policy committee (SARB MPC) is currently meeting to decide on South Africa's monetary policy stance. And the fear is that increased fuel prices in recent months will lead to higher levels of inflation and that this will force the SARB MPC to raise interest rates. But weak economic growth and struggling consumers might persuade SARB to hold off on a interest rate hike, especially considering the fact that there has been a massive petrol price cut announced for December which should provide some inflationary pressure relief as well as relief to struggling consumers.