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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 8 February 2019
South Africa
The JSE closed in the red on Thursday, amid risk-off trade on global markets. The All Share fell 1.26%.
United States
US shares extended losses on Thursday after a CNBC report said a meeting between President Donald Trump and Chinese President Xi Jinping was “highly unlikely” to take place by a key March deadline, set by the two countries for reaching a trade deal.
Europe
The pound firmed a little after the Bank of England's (BoE) monetary policy announcement yesterday. The BoE left interest rates unchanged, with analysts citing an upbeat assessment of the country’s economic prospects as a reason for sterling strength.
Hong Kong
Mainland Chinese markets are shut for the week for the Lunar New Year holiday.
Japan
Japanese stocks fell on Thursday due to concerns about slowing corporate earnings growth. The Nikkei share average dropped 0.59%.
Rand
The rand weakened during President Cyril Ramaphosa’s State of the Nation (SONA) address last night. The rand was at R13.60/$ from Wednesday’s R13.54 just after the JSE closed. At 19h20 the rand weakened to R13.65/$.
Precious metals
Gold was lower on Thursday, weighed down by a stronger dollar, but uncertainties around the Sino-US trade spat and concerns about slowing global growth supported the metal. At 19h20 spot gold traded at $1 306.60 an ounce.
Oil
Oil steadied on Thursday as growing expectations that global supply could fall significantly short of demand this year. At 19h25 a barrel of Brent crude traded at $60.63 a barrel.
The JSE closed in the red on Thursday, amid risk-off trade on global markets. The All Share fell 1.26%.
United States
US shares extended losses on Thursday after a CNBC report said a meeting between President Donald Trump and Chinese President Xi Jinping was “highly unlikely” to take place by a key March deadline, set by the two countries for reaching a trade deal.
Europe
The pound firmed a little after the Bank of England's (BoE) monetary policy announcement yesterday. The BoE left interest rates unchanged, with analysts citing an upbeat assessment of the country’s economic prospects as a reason for sterling strength.
Hong Kong
Mainland Chinese markets are shut for the week for the Lunar New Year holiday.
Japan
Japanese stocks fell on Thursday due to concerns about slowing corporate earnings growth. The Nikkei share average dropped 0.59%.
Rand
The rand weakened during President Cyril Ramaphosa’s State of the Nation (SONA) address last night. The rand was at R13.60/$ from Wednesday’s R13.54 just after the JSE closed. At 19h20 the rand weakened to R13.65/$.
Precious metals
Gold was lower on Thursday, weighed down by a stronger dollar, but uncertainties around the Sino-US trade spat and concerns about slowing global growth supported the metal. At 19h20 spot gold traded at $1 306.60 an ounce.
Oil
Oil steadied on Thursday as growing expectations that global supply could fall significantly short of demand this year. At 19h25 a barrel of Brent crude traded at $60.63 a barrel.
Our daily rant..
Yesterday we compared South Africa's manufacturing production utilization numbers to that of the USA. Basically it manufacturing utilization shows how much of full capacity is used. Currently our manufacturing utilization numbers are around the 81% mark. So we producing at 815 of our maximum capacity, with the majority of producers stating we not producing at full capacity due to lack of demand. See the full article 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.
The first trading day of February ended in the red. In contrast to January in which every Friday ended the day in the green. So far the market has declined by almost half a percent, -0.48% to be exact during the first 7 days of February 2019. Yesterday, the 7th of February 2019 being the biggest negative day yet in February 2019.