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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 29 January 2019
South Africa
The JSE ended the first day of the week lower due to poor global sentiment and concerns around the Chinese economy and the continuing tariff spat. At the close of trade, the All Share was down 0.52%.
United States
US indices started Monday slow as the increased tariffs took its toll on US corporate profits, and Caterpillar Inc and Nvidia Corp released performance warnings. The Nasdaq was up 1.29% for the day%.
Europe
Monday was a disappointing day for European markets in light of worries around the US and China tariff talks, the upcoming Brexit vote and disappointing Chinese data. The STOXX 600 closed down 0.97%, its biggest fall since 3 January 2018.
Hong Kong
It was a flat Monday for the Hang Seng as investors eagerly waited for the US and China to resolve their trade war, and due to the release of poor Chinese industrial data. The Hang Seng ended the day 0.03% in the green.
Japan
Japan’s Nikkei ended Monday in the red as the yen strengthened and investors cautiously awaited earnings report releases, which includes chip companies. The Nikkei closed down 0.60%.
Rand
According to Goldman Sachs strategists, the local currency’s current climb might just the beginning. Bloomberg data also showed that the rand is heading for its biggest January rise since 1999. At 22h40, the rand traded at R13.67 a dollar.
Precious metals
Although gold prices fell somewhat on Monday due to the US dollar strengthening slightly, it remained above $1 300 as investors practised caution in light of the US-China negotiations. At 22h40, Spot gold was trading at $1 302.94 an ounce.
Oil
Oil prices fell almost 3% on Monday after the US crude drilling increased despite fears regarding a global economic slowdown. At 22h40, benchmark Brent crude was trading at $59.98 a barrel.
The JSE ended the first day of the week lower due to poor global sentiment and concerns around the Chinese economy and the continuing tariff spat. At the close of trade, the All Share was down 0.52%.
United States
US indices started Monday slow as the increased tariffs took its toll on US corporate profits, and Caterpillar Inc and Nvidia Corp released performance warnings. The Nasdaq was up 1.29% for the day%.
Europe
Monday was a disappointing day for European markets in light of worries around the US and China tariff talks, the upcoming Brexit vote and disappointing Chinese data. The STOXX 600 closed down 0.97%, its biggest fall since 3 January 2018.
Hong Kong
It was a flat Monday for the Hang Seng as investors eagerly waited for the US and China to resolve their trade war, and due to the release of poor Chinese industrial data. The Hang Seng ended the day 0.03% in the green.
Japan
Japan’s Nikkei ended Monday in the red as the yen strengthened and investors cautiously awaited earnings report releases, which includes chip companies. The Nikkei closed down 0.60%.
Rand
According to Goldman Sachs strategists, the local currency’s current climb might just the beginning. Bloomberg data also showed that the rand is heading for its biggest January rise since 1999. At 22h40, the rand traded at R13.67 a dollar.
Precious metals
Although gold prices fell somewhat on Monday due to the US dollar strengthening slightly, it remained above $1 300 as investors practised caution in light of the US-China negotiations. At 22h40, Spot gold was trading at $1 302.94 an ounce.
Oil
Oil prices fell almost 3% on Monday after the US crude drilling increased despite fears regarding a global economic slowdown. At 22h40, benchmark Brent crude was trading at $59.98 a barrel.
Our daily rant..
Yesterday saw Caterpillar (CAT) bring out their full year results for the year ending December 2018. The stock ended the day down 9.1% after it raised concerns regarding its future earnings in China, and to be honest considering the bumper year they had, their dividend given was extremely disappointing. We feel they should have rewarded shareholders with a bigger year considering their bumper profits recorded during this year.
See our article on Caterpillar results here.
See our article on Caterpillar results here.
Our JSE All Share index daily performance calendar
The graphic below provides the daily returns of the JSE All Share Index (J203) on a calendar chart. Provides a great overview of the All share index over the course of the month. It will be updated daily with our daily investment update as received from PSG.
For the month of January 2019 so far, the JSE All share index is up by 2.49%. Wednesday the 2nd saw its worse day of the month, while Wednesday the 9th saw the JSE All share record its best performing day of the month so far. Interestingly every Friday so far in January has seen the JSE end of a positive note.