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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 26 November 2018
South Africa
The local bourse took its cue from global markets and suffered broad-based losses on Friday, as risk events such as Brexit and the ongoing US-China dispute continued to prompt investors to avoid equities particularly in emerging markets. At 17h20 the JSE All Share closed 0.96% in the red.
United States
US stocks plunged on Friday as technology heavyweights succumbed to the pressure of choppy trade, while a sharp decline in oil prices also weighed on equities. The Dow dropped 142 points while the S&P 500 ended 0.45% in the red.
Europe
European stocks enjoyed a day of gains on Friday after company earnings and growth worries impacted shares the days before. The pan-European STOXX 600 benchmark finished 0.18% lower.
Hong Kong
Asian markets fell on Friday as investor concerns over a long-drawn dispute between the US and China weighed on sentiment, following the release of less-than-inspiring economic data in Hong Kong. The Hang Seng closed 0.50% in the red.
Japan
Japan’s Nikkei ended higher on Friday as investors took heart from gains in Chinese stocks on positive Chinese economic data, causing increased buying in manufacturers exposed to China. The Nikkei share average enjoyed gains of 0.65% ending the day at 21 646.55 points.
Rand
The local currency weakened against major global currencies on Friday afternoon, trimming gains made on Thursday after the South African Reserve Bank (SARB) raised interest rates 25 basis points. At 17h15 the rand traded R13.89 against the dollar.
Precious metals
Gold prices took a knock on Friday afternoon as the dollar bounced and an improvement in risk sentiment bolstered stock markets in Europe, putting a dent on the appeal of the precious metal. Spot gold was down 0.29% at $1 223.24 an ounce.
Oil
Oil prices slipped to their lowest levels of the year following Opec’s decision to pump as much crude as it could to gain market share, dragging prices through the mud as a result. At 17h05 benchmark Brent crude was trading at $59.36 a barrel.
The local bourse took its cue from global markets and suffered broad-based losses on Friday, as risk events such as Brexit and the ongoing US-China dispute continued to prompt investors to avoid equities particularly in emerging markets. At 17h20 the JSE All Share closed 0.96% in the red.
United States
US stocks plunged on Friday as technology heavyweights succumbed to the pressure of choppy trade, while a sharp decline in oil prices also weighed on equities. The Dow dropped 142 points while the S&P 500 ended 0.45% in the red.
Europe
European stocks enjoyed a day of gains on Friday after company earnings and growth worries impacted shares the days before. The pan-European STOXX 600 benchmark finished 0.18% lower.
Hong Kong
Asian markets fell on Friday as investor concerns over a long-drawn dispute between the US and China weighed on sentiment, following the release of less-than-inspiring economic data in Hong Kong. The Hang Seng closed 0.50% in the red.
Japan
Japan’s Nikkei ended higher on Friday as investors took heart from gains in Chinese stocks on positive Chinese economic data, causing increased buying in manufacturers exposed to China. The Nikkei share average enjoyed gains of 0.65% ending the day at 21 646.55 points.
Rand
The local currency weakened against major global currencies on Friday afternoon, trimming gains made on Thursday after the South African Reserve Bank (SARB) raised interest rates 25 basis points. At 17h15 the rand traded R13.89 against the dollar.
Precious metals
Gold prices took a knock on Friday afternoon as the dollar bounced and an improvement in risk sentiment bolstered stock markets in Europe, putting a dent on the appeal of the precious metal. Spot gold was down 0.29% at $1 223.24 an ounce.
Oil
Oil prices slipped to their lowest levels of the year following Opec’s decision to pump as much crude as it could to gain market share, dragging prices through the mud as a result. At 17h05 benchmark Brent crude was trading at $59.36 a barrel.
Our daily rant..
Today's rant looks at the behavior of the EFF at the state capture commission where former Finance Minister, and current Public Enterprises Minister Pravin was testifying at the State Capture Commission of Inquiry. Now a few months ago, Pravin Gordhan was the EFF's hero. Now they accuse him of corruption and various other wrong doings without providing any form of evidence. Its a classic tactic of trying to divert attention away from themselves (considering the VBS bank heist has turned the heat on the EFF as a few of their leaders' family has been implicated in the looting of the bank). Both the leader Julius Malema's cousing and Deputy leader Floyd Shivambu's brother has been implicated in looting funds from VBS and then via front companies and slush funds transferring the money to the EFF and property's the EFF owns/looking to acquire.
People see through your tactics EFF, and lets hope it shows at the polls next year.
People see through your tactics EFF, and lets hope it shows at the polls next year.