|
Related Topics |
|
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.
|
|
Short summary of PSG's market commentary for 30 October 2018
South Africa
The JSE started the week on a positive note and recorded gains on Monday, as the local bourse was buoyed by a strong showing from banks, with most indices ending the day on a high. Despite the strong start to the week, analysts said investor sentiment towards emerging market equities continued to be uncertain, following apprehensions over escalating trade tensions which could harm economic growth. The JSE All Share closed 0.95% higher.
United States
US stocks traded higher on Monday, as investors recovered from sharp losses this month, while sentiment was also bolstered by a major acquisition in the tech space as well as strong gains by the banking sector. At 19h20 the Dow was 0.53% higher.
Europe
Autos and banks drove strong gains for Europe’s main stock gauge on Monday, as British multinational bank, HSBC Holdings PLC posted positive results and some relief that Italian debt wasn’t downgraded to junk status, underpinned the market uptrend. The pan-European STOXX 600 benchmark finished 0.92% in the green.
Hong Kong
Hong Kong stocks followed their regional counterparts on Monday, recovering from Friday’s global selloff, after Beijing’s latest supportive measures for the stock market and economy failed to lift sentiment. The Hang Seng index ended the day on a 0.49% high.
Japan
Japanese stocks traded lower on Monday as a lack of major buying incentives continued to haunt Asian markets. Losses in the automobiles and parts, glass and services sectors led Japanese stocks on a downward spiral which saw the Nikkei fall 0.16% to new 6-month low. The Nikkei share average ended lower on 21 150.00 points.
Rand
The rand was firmer against major global currencies on Monday afternoon, despite the dollar firming against the euro following German chancellor Angela Merkel's announcement that she would resign as Christian Democratic Union of Germany (CDU) leader. At 18h30 the rand traded R14.53 against the dollar.
Precious metals
Gold prices took a knock on Monday afternoon as an upbeat tone surrounding global equities boosted Wall Street. Analysts asserted that the upbeat sentiment over global equity indexes pointed to a higher risk appetite which hurt the demand for safe havens such as the precious metal. Spot gold was trading at $1 225.94 an ounce at 19h15.
Oil
Oil prices slipped on Monday as apprehensions over the slowing global economy sharply pushed crude towards its biggest monthly fall since mid-2016. At 18h00 Benchmark Brent crude was trading at $77.58 a barrel.
The JSE started the week on a positive note and recorded gains on Monday, as the local bourse was buoyed by a strong showing from banks, with most indices ending the day on a high. Despite the strong start to the week, analysts said investor sentiment towards emerging market equities continued to be uncertain, following apprehensions over escalating trade tensions which could harm economic growth. The JSE All Share closed 0.95% higher.
United States
US stocks traded higher on Monday, as investors recovered from sharp losses this month, while sentiment was also bolstered by a major acquisition in the tech space as well as strong gains by the banking sector. At 19h20 the Dow was 0.53% higher.
Europe
Autos and banks drove strong gains for Europe’s main stock gauge on Monday, as British multinational bank, HSBC Holdings PLC posted positive results and some relief that Italian debt wasn’t downgraded to junk status, underpinned the market uptrend. The pan-European STOXX 600 benchmark finished 0.92% in the green.
Hong Kong
Hong Kong stocks followed their regional counterparts on Monday, recovering from Friday’s global selloff, after Beijing’s latest supportive measures for the stock market and economy failed to lift sentiment. The Hang Seng index ended the day on a 0.49% high.
Japan
Japanese stocks traded lower on Monday as a lack of major buying incentives continued to haunt Asian markets. Losses in the automobiles and parts, glass and services sectors led Japanese stocks on a downward spiral which saw the Nikkei fall 0.16% to new 6-month low. The Nikkei share average ended lower on 21 150.00 points.
Rand
The rand was firmer against major global currencies on Monday afternoon, despite the dollar firming against the euro following German chancellor Angela Merkel's announcement that she would resign as Christian Democratic Union of Germany (CDU) leader. At 18h30 the rand traded R14.53 against the dollar.
Precious metals
Gold prices took a knock on Monday afternoon as an upbeat tone surrounding global equities boosted Wall Street. Analysts asserted that the upbeat sentiment over global equity indexes pointed to a higher risk appetite which hurt the demand for safe havens such as the precious metal. Spot gold was trading at $1 225.94 an ounce at 19h15.
Oil
Oil prices slipped on Monday as apprehensions over the slowing global economy sharply pushed crude towards its biggest monthly fall since mid-2016. At 18h00 Benchmark Brent crude was trading at $77.58 a barrel.
Our daily rant..
So yet another minister currently serving in cabinet comes clean regarding his meetings with the Guptas. This time it is the minister of Trade and Industry, Rob Davies telling the world that he has met up with them on a number of occasions. Even socially. Then he goes on to say yes I met with them, but so did Helen Zille, an opposition party politician. So just because she met with the Guptas too, does not make your meetings with them any less of a problem Minister Davies. She is not a serving member of cabinet they tried to use to wield influence. You yourself admitted they asked you to assist in some of the submissions made to the Industrial Development Corporation (IDC). Do what former finance minister, Nene did, and fall on your sword and resign. We sick of all you Gupta linked ministers.