ThinkDaily - US Treasury Secretary assures stability...

The Top 40 index in local markets closed Thursday's trading session with a 0.21% increase. However, the Resources 10 sector decreased by 1.15%, while the Financial 15 and Industrial 25 sectors rose by 0.27% and 0.72%, respectively. The rand traded at R18.34 against the US Dollar, R22.28 against the Great British pound, and R19.51 against the Euro. Transition Capital Limited's share price dropped by approximately 40% following the release of a trading statement during Wednesday's trading session, leading to a single-digit share price on Thursday.
 

In the commodities market, Brent Crude oil and WTI Crude oil are trading at $74.79 and $68.69 a barrel, respectively. Gold Spot price is trading at $1931.84, Platinum Spot is trading at $982.60, and Palladium Spot price is at $1445.50. The WTI crude oil is at levels last seen in December 2021. Saudi Arabia's energy minister has announced that OPEC+ will continue to adhere to production cuts agreed upon in October until the year's end.


Figure 1: WTI Crude Oil Historical Price Chart (Source: ThinkTrader Web)
 

In global markets, the S&P 500, Dow Jones, and Nasdaq closed up by 1.76%, 1.17%, and 2.48%, respectively. Meanwhile, the FTSE 100, DAX, and CAC40 fell by 3.83%, 3.27%, and 3.58%, respectively. In Asian markets, the Nikkei 225 and Heng Seng are currently down by 0.8% and 1.64%, respectively. In international news, major US lenders have contributed $30 billion in deposits to First Republic Bank, signaling confidence in the US banking system. US Treasury Secretary Yellen has also assured the Senate finance committee that the American financial system is in good shape despite the collapse of two mid-sized banks. Additionally, the US Federal Reserve Bank has printed $300 billion to aid the economy.


Market Moves (16 March 2023)