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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 28 November 2018
South Africa
US President Donald Trump’s trade war announcements weighed heavily on investor sentiment, which caused the local market to stumble on Tuesday despite banks and financials enjoying a positive day. At close of business, both the All Share and the Top 40 were down.
United States
US markets were not spared on Tuesday; they took a knock after Trump announced his plans to increase Chinese import tariffs even further, dampening hopes of the trade war being resolved at the G20 summit. At 19h50, the Dow, the S&P 500 and the Nasdaq were all trading down.
Europe
European markets lost some of their gains on Tuesday after Trump announced that he wants to raise the Chinese import tariffs by 25% instead of 10% and that he wants to impose tariffs on all Chinese imports. The pan-European STOXX 600 benchmark closed 0.23% down.
Hong Kong
Although Chinese markets were hit by threats of additional import taxes and Trump's reluctance to discuss a truce at the G20 summit, the Shanghai Composite Index only closed down 0.04% on Tuesday.
Japan
Japanese shares enjoyed a third straight day of gains on Tuesday as Wall Street had a positive trading day on Monday. However, the Nikkei’s gains were hindered by renewed trade war threats. At the end of their trade, the Nikkei was up 0.81%.
Rand
The rand put up a brave fight on Tuesday, staying below the R14/$ threshold and gaining against the pound and the euro, despite the greenback making up ground. At 19h20, the rand traded R13.94 to the dollar.
Precious metals
Spot gold lost some footing on Tuesday after the dollar strengthened as investors waited for US interest rate guidance and the US-China trade war took a bad turn. At 19h40, gold traded $1 212.65 an ounce.
Oil
Oil prices steadied on Tuesday ahead of the G20 summit, to begin 30 November, and the possible agreement to slow down output at the next OPEC meeting. At 19h40, Brent crude cost $59.53 per barrel.
US President Donald Trump’s trade war announcements weighed heavily on investor sentiment, which caused the local market to stumble on Tuesday despite banks and financials enjoying a positive day. At close of business, both the All Share and the Top 40 were down.
United States
US markets were not spared on Tuesday; they took a knock after Trump announced his plans to increase Chinese import tariffs even further, dampening hopes of the trade war being resolved at the G20 summit. At 19h50, the Dow, the S&P 500 and the Nasdaq were all trading down.
Europe
European markets lost some of their gains on Tuesday after Trump announced that he wants to raise the Chinese import tariffs by 25% instead of 10% and that he wants to impose tariffs on all Chinese imports. The pan-European STOXX 600 benchmark closed 0.23% down.
Hong Kong
Although Chinese markets were hit by threats of additional import taxes and Trump's reluctance to discuss a truce at the G20 summit, the Shanghai Composite Index only closed down 0.04% on Tuesday.
Japan
Japanese shares enjoyed a third straight day of gains on Tuesday as Wall Street had a positive trading day on Monday. However, the Nikkei’s gains were hindered by renewed trade war threats. At the end of their trade, the Nikkei was up 0.81%.
Rand
The rand put up a brave fight on Tuesday, staying below the R14/$ threshold and gaining against the pound and the euro, despite the greenback making up ground. At 19h20, the rand traded R13.94 to the dollar.
Precious metals
Spot gold lost some footing on Tuesday after the dollar strengthened as investors waited for US interest rate guidance and the US-China trade war took a bad turn. At 19h40, gold traded $1 212.65 an ounce.
Oil
Oil prices steadied on Tuesday ahead of the G20 summit, to begin 30 November, and the possible agreement to slow down output at the next OPEC meeting. At 19h40, Brent crude cost $59.53 per barrel.
Our daily rant..
So Amazon announced that Cyber Monday (26 November 2018) was their biggest sales day ever in their history. So much for Black Friday. Cyber Monday is the new Black Friday. This saw Amazon's share price shoot up after the announcement. But no numbers were supplied by the group other than making that statement. Since we love numbers we were pretty disappointed about the fact that no numbers were attached to that statement. One can only hope they supply some numbers soon.
Locally Takealot generated R196million on Black Friday with 68% of the spending taking place on mobile devices.
Locally Takealot generated R196million on Black Friday with 68% of the spending taking place on mobile devices.