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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 23 January 2019
South Africa
The local bourse weakened on Tuesday following the release of less-than-inspiring performance numbers from retailers, highlighting the fragile state of SA's economy. The All Share ended the day down 0.11%.
United States
Losses in the industrials and technology sectors dragged US stocks through the mud on Tuesday as concerns over sluggish global economic growth reemerged after the International Monetary Fund (IMF) downwardly revised its outlook for global growth in 2019. The S&P 500 was down 1.41%.
Europe
European shares declined for a second consecutive session on Tuesday as concerns over a decelerating global economy weighed heavily on global markets, while results from Switzerland’s UBS dragged the banking sector through the mud. At close of business, the FTSE 100 was down 0.99%.
Hong Kong
Shares in Hong Kong tumbled on Tuesday amid a blue global economic outlook, while renewed tensions that emerged between the US and China further weighed on sentiment. The Hang Seng ended the day 0.70% lower.
Japan
Japan’s Nikkei came off its one-month high as profit taking from recent gainers underpinned Tuesday’s trading session amid concerns over slowing global economic growth. The Nikkei share average lost 0.47%.
Rand
The rand weakened against major global currencies on Tuesday, faring worst among its emerging-market peers, amid a risk-off environment in world markets. At 19h30, the rand traded R13.92 against the dollar.
Precious metals
Gold prices rebounded from a multi-week decline spell on Tuesday as increasing apprehensions over slowing global economic growth aggravated by a trim in the IMF’s global growth forecast pushed investors to seek refuge in the safety of bullion. Spot gold traded at $1 284.75 an ounce at 19h30.
Oil
Signs that an economic slowdown in China is gradually spreading weighed on oil prices on Tuesday, prompting a 1% decline in the commodity, fueling concerns over global growth and fuel demand. At 19h30, benchmark Brent crude was trading at $60.87 a barrel.
The local bourse weakened on Tuesday following the release of less-than-inspiring performance numbers from retailers, highlighting the fragile state of SA's economy. The All Share ended the day down 0.11%.
United States
Losses in the industrials and technology sectors dragged US stocks through the mud on Tuesday as concerns over sluggish global economic growth reemerged after the International Monetary Fund (IMF) downwardly revised its outlook for global growth in 2019. The S&P 500 was down 1.41%.
Europe
European shares declined for a second consecutive session on Tuesday as concerns over a decelerating global economy weighed heavily on global markets, while results from Switzerland’s UBS dragged the banking sector through the mud. At close of business, the FTSE 100 was down 0.99%.
Hong Kong
Shares in Hong Kong tumbled on Tuesday amid a blue global economic outlook, while renewed tensions that emerged between the US and China further weighed on sentiment. The Hang Seng ended the day 0.70% lower.
Japan
Japan’s Nikkei came off its one-month high as profit taking from recent gainers underpinned Tuesday’s trading session amid concerns over slowing global economic growth. The Nikkei share average lost 0.47%.
Rand
The rand weakened against major global currencies on Tuesday, faring worst among its emerging-market peers, amid a risk-off environment in world markets. At 19h30, the rand traded R13.92 against the dollar.
Precious metals
Gold prices rebounded from a multi-week decline spell on Tuesday as increasing apprehensions over slowing global economic growth aggravated by a trim in the IMF’s global growth forecast pushed investors to seek refuge in the safety of bullion. Spot gold traded at $1 284.75 an ounce at 19h30.
Oil
Signs that an economic slowdown in China is gradually spreading weighed on oil prices on Tuesday, prompting a 1% decline in the commodity, fueling concerns over global growth and fuel demand. At 19h30, benchmark Brent crude was trading at $60.87 a barrel.
Our daily rant..
Yesterday what the turn of wholesaler/retailer Massmart to bear the brunt and wrath of the markets after it brought out a pretty weak sales update and trading statement with comparable stores sales increasing by 1.2% over the last last year. Below a screenshot of the bloodbath that was Massmart yesterday. Screenshot taken off www.Sharenet.co.za
