|
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 6 March 2019
South Africa
Better-than-expected local economic data had little influence on the JSE on Tuesday as the local bourse shrugged off positive GDP data that showed growth in SA’s economy. At market close, the All Share was down 0.71%.
United States
US stock futures traded lower on Tuesday despite optimism that Beijing and Washington would soon reach a trade agreement that would halt steep tariffs on billions of dollars’ worth of both Chinese and American goods. At the close of trade, the Dow was 0.05% lower.
Europe
Although Italy was confirmed to be back in a recession, better-than-expected economic data from Germany and France lifted Europe’s STOXX 600 index on Tuesday. The pan-European STOXX 600 index closed up 0.15%.
Hong Kong
The Hong Kong stock market was flat on Tuesday following China’s announcement of a reduction in its economic growth target and a vow to cut taxes. The Hang Seng ended the day 0.01% up.
Japan
Following reports of Beijing’s downwardly revised economic growth target, the Nikkei plunged on Tuesday weighing heavily on corporations with large exposure to China. At market close, the Nikkei was down 0.44%.
Rand
An upbeat GDP reading for the fourth quarter of 2018 lifted the local currency on Tuesday afternoon, keeping it above the psychologically important R14/$ mark. At 18h15, the rand traded at R14.18 against the dollar.
Precious metals
Gold prices gravitated towards a five-week low on Tuesday amid a strengthened dollar environment while global stock markets came close to a five-month peak, denting the precious metal’s appeal. At 18h00, spot gold traded at $1 283.83 an ounce.
Oil
Oil prices slipped on Tuesday pressured by the resumption of production in Libya’s biggest oil field and on expectations of growth in US crude inventories. At 18h00, a barrel of Brent crude traded at $65.44.
Better-than-expected local economic data had little influence on the JSE on Tuesday as the local bourse shrugged off positive GDP data that showed growth in SA’s economy. At market close, the All Share was down 0.71%.
United States
US stock futures traded lower on Tuesday despite optimism that Beijing and Washington would soon reach a trade agreement that would halt steep tariffs on billions of dollars’ worth of both Chinese and American goods. At the close of trade, the Dow was 0.05% lower.
Europe
Although Italy was confirmed to be back in a recession, better-than-expected economic data from Germany and France lifted Europe’s STOXX 600 index on Tuesday. The pan-European STOXX 600 index closed up 0.15%.
Hong Kong
The Hong Kong stock market was flat on Tuesday following China’s announcement of a reduction in its economic growth target and a vow to cut taxes. The Hang Seng ended the day 0.01% up.
Japan
Following reports of Beijing’s downwardly revised economic growth target, the Nikkei plunged on Tuesday weighing heavily on corporations with large exposure to China. At market close, the Nikkei was down 0.44%.
Rand
An upbeat GDP reading for the fourth quarter of 2018 lifted the local currency on Tuesday afternoon, keeping it above the psychologically important R14/$ mark. At 18h15, the rand traded at R14.18 against the dollar.
Precious metals
Gold prices gravitated towards a five-week low on Tuesday amid a strengthened dollar environment while global stock markets came close to a five-month peak, denting the precious metal’s appeal. At 18h00, spot gold traded at $1 283.83 an ounce.
Oil
Oil prices slipped on Tuesday pressured by the resumption of production in Libya’s biggest oil field and on expectations of growth in US crude inventories. At 18h00, a barrel of Brent crude traded at $65.44.
Our daily rant..
Statistics South Africa (Stats SA) released South Africa's GDP numbers for the 4th quarter of 2018. Growth came in at 1.4% quarter on quarter seasonally adjusted and annualised. Giving South Africa an economic growth rate in 2018 of 0.8%. The market expected between 1.1% and 1.2% so the 1.4% beat estimates, and this is 1.4% growth on an upwards revised Q3:2018 growth from 2.2% to 2.6% making the 4th quarter 2018 growth slightly more impressive
See our South Africa GDP page for the latest GDP numbers.
See our South Africa GDP page for the latest GDP numbers.
Our JSE All Share index daily performance calendar
Visit our JSE Calendar tracker page for a expanded version of the calendar below
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.
So the first trading two trading days of March 2019 ended on a positive note, the second one was basically flat and then yesterday the market was down significantly. And so far for 2019 every month the JSE All Share Index has ended in the green. Will March 2019 buck the trend? But when looking at the returns of the All Share in Dollar terms South African investors are losing out against the rest of the world. Recent Rand weakness not helping the local investors returns in dollar terms.