News24
12 Jun 2019, 23:43 GMT+10
Global equity markets took a breather on Wednesday after a seven-day winning streak. On Tuesday US President Trump made it clear to the market that he held the cards to any future US-Sino trade deals and that he was stalling the talks as he intends to get "the best deal ever". Equity markets have become very fickle and have jumped at any news that comes from President Trumps Twitter account. What is certain in these markets is volatility is the only constant and uncertainty reigns.
Asian markets closed the day weaker today after protest action in Hong Kong against the second reading of the expropriation bill. The bill intends to lift the vail that protects Hong Kong citizens from repressive Chinese legislation a caveat that has been in place since the handover of Hong Kong back to mainland China in 1997.
The Hang Seng retreated 1.73% whilst the Shanghai composite eased 0.76%, loses were also recorded by the Nikkei and ASX 200 indices which shed 0.35% and 0.04% respectively. Chinese Inflation numbers released this morning indicated an uptick in inflation to 2.7% with food inflation increasing by 1.6%, this inflation number has been the highest since November of 2018. The increase in inflation provides the PBOC with more ammunition to inject more stimulus in the market.
The miners regained their shine on Wednesday as the Rand eased, and commodity prices picked up. AngloGold Ashanti Ltd [JSE:ANG] advanced 6.77% . Gains were recorded by Sibanye Gold Ltd [JSE:SGL], Gold Fields [JSE:GFI] and Harmony Gold Mining Ltd [JSE:HAR] adding 5.27%, 4.67% and 3.92% respectively.
On the flip side of the market losses were recorded by some of the big blue-chip firms. Sasol Ltd [JSE:SOL], British American Tobacco Plc [JSE:BTI] retreated 3.04% and 3.12% respectively. Out of favour chemicals producer Omnia Holdings [JSE:OMN] retreated 5.22% to trade at 4100c.
The JSE All-Share index closed 0.1% weaker whilst the JSE Top-40 index gained 0.07%. The Resource index was firmer on the day gaining 1.13%, the Industrials retreated 0.54% whilst the Financials shed 0.55%.
At 17.00 CAT, Palladium was 0.22% firmer shaking off the losses sustained on Tuesday to trade at $1392/Oz, Platinum was also firmer recording gains of 0.45% to trade at $814.90/Oz, whilst Gold was 0.4% firmer at $1336.80/Oz.
Brent crude was weaker again on Wednesday recording losses of 2.02% to trade at $61.05 per barrel at 17:00 CAT.
The local unit was weaker against the majors on the day and was trading at R14.67 against the USD, R16.61 to the Euro and R18.66 to the Pound Sterling.
Get a daily dose of Japan Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Japan Herald.
More InformationBRISBANE, Queensland, Australia - Two French girls barely out of high school remain behind bars after their arrival into Australia's...
Forget dtente, Moscow must fight to the end Many now speak of humanity's drift towards World War III, imagining events similar to...
New Delhi [India], July 15 (ANI): The bullet train project has achieved a major milestone of opening the first section of the 21 km...
Beijing [China], July 15 (ANI): External Affairs Minister S Jaishankar held detailed talks with Chinese Foreign Minister Wang Yi in...
Lithuanian organizers have banned athletes from Russia and Belarus from representing their countries Organizers of the Vilnius Marathon...
(Photo credit: Jim Dedmon-Imagn Images) England's Paul Waring announced Monday he will not participate in The Open Championship this...
NEW YORK CITY, New York: Bitcoin surged to a new all-time high this week, buoyed by growing institutional interest and a wave of pro-crypto...
SHENZHEN, China: As global chip competition intensifies, Huawei Technologies is exploring new markets in the Middle East and Southeast...
LONDON/NEW YORK CITY: American grocery bills may be headed higher as coffee and orange juice prices face upward pressure from new tariffs...
BATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...