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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 5 November 2018
South Africa
The JSE ended the week on a positive note, reaching a staggering weekly gain of 6.75%, supported by a strong showing by Naspers and banks. The tech giant added 2.99% to reach R2 898.97 in late afternoon trade, once again tracking gains in Tencent. At 18h00 the JSE All Share closed 1.29% higher.
United States
US stocks took a knock on Friday afternoon, erasing an early rally that saw the Dow gain nearly 200 points following a stronger-than expected jobs report. Sharp losses in Apple added to the decline and overshadowed better-than-expected employment data and renewed optimism on trade. At the JSE’s close the Dow was down 0.44%.
Europe
European shares surged on Friday on hopes that a potential trade agreement between the US and China could be on the horizon. This comes after US President Donald Trump indicated that there’s been progress in trade talks with China. He was quoted saying that trade "discussions are moving along nicely." The pan-European STOXX 600 benchmark closed higher at 0.28%.
Hong Kong
Hong Kong's key market index surged by a healthy 4.21% on Friday, following a report that Trump had asked officials in his administration to start drafting a potential trade deal with Beijing. The Hang Seng ended the day on a high at 26 524.00 points.
Japan
Stocks in Japan rebounded on Friday as investors anticipated a potential breakthrough in the US-China trade conflict, topping out a strong week. The Nikkei share average ended the day on a high of 2.63% at 22 243.00 points.
Rand
The rand strengthened against major global currencies on Friday, but was slightly off its best levels after US employment numbers came in much stronger than expected. At 18h00 the rand traded R14.35 against the dollar.
Precious metals
Gold prices struggled for direction in choppy trade on Friday, coming off a fifth consecutive week of gains, amid high expectations of easing US-China trade tensions. Spot gold was up 1.62% at $1 234.60 an ounce.
Oil
Oil prices took a knock Friday afternoon, on track for a weekly loss of more than 6% after a report that Washington granted several countries waivers on sanctions on Tehran, allowing them to continue to import Iranian crude. At 18h30 benchmark Brent crude was trading at $72.73 a barrel.
The JSE ended the week on a positive note, reaching a staggering weekly gain of 6.75%, supported by a strong showing by Naspers and banks. The tech giant added 2.99% to reach R2 898.97 in late afternoon trade, once again tracking gains in Tencent. At 18h00 the JSE All Share closed 1.29% higher.
United States
US stocks took a knock on Friday afternoon, erasing an early rally that saw the Dow gain nearly 200 points following a stronger-than expected jobs report. Sharp losses in Apple added to the decline and overshadowed better-than-expected employment data and renewed optimism on trade. At the JSE’s close the Dow was down 0.44%.
Europe
European shares surged on Friday on hopes that a potential trade agreement between the US and China could be on the horizon. This comes after US President Donald Trump indicated that there’s been progress in trade talks with China. He was quoted saying that trade "discussions are moving along nicely." The pan-European STOXX 600 benchmark closed higher at 0.28%.
Hong Kong
Hong Kong's key market index surged by a healthy 4.21% on Friday, following a report that Trump had asked officials in his administration to start drafting a potential trade deal with Beijing. The Hang Seng ended the day on a high at 26 524.00 points.
Japan
Stocks in Japan rebounded on Friday as investors anticipated a potential breakthrough in the US-China trade conflict, topping out a strong week. The Nikkei share average ended the day on a high of 2.63% at 22 243.00 points.
Rand
The rand strengthened against major global currencies on Friday, but was slightly off its best levels after US employment numbers came in much stronger than expected. At 18h00 the rand traded R14.35 against the dollar.
Precious metals
Gold prices struggled for direction in choppy trade on Friday, coming off a fifth consecutive week of gains, amid high expectations of easing US-China trade tensions. Spot gold was up 1.62% at $1 234.60 an ounce.
Oil
Oil prices took a knock Friday afternoon, on track for a weekly loss of more than 6% after a report that Washington granted several countries waivers on sanctions on Tehran, allowing them to continue to import Iranian crude. At 18h30 benchmark Brent crude was trading at $72.73 a barrel.
Our daily rant..
Current finance minister Tito Mboweni, expressed in his personal opinion that SAA should be sold off by government. Now if you are South African minister, especially the finance minister such opinions and remarks could be seen as the official policy of government. While it would be great if the government finally let go of the loss making SAA stop the political grand standing and acting as if this might be seriously considered by the state because the minister of finance mentioned the selling off of SAA. If SAA is sold off government wasted billions in tax payers money for years and years and years. And gained what from it? Nothing, except a few cronies and cadres that scored lucrative contracts with the SOE. People are sick of hearing the talk. Start walking the walk government.
Finance Minister: Tito Mboweni