In Tuesday’s trading session in the local markets, the Top 40 closed the day down by 0.65%. The Resources 10 sector went down by 1.99%, the Financial 15 went up by 1.60%, the Industrial 25 went down by 0.53% and lastly the South African Listed Property index up by 1.85%. The Rand traded at R14.35 against the United State Dollar, R19.82 against the Great British pound, and R16.95 against the Euro. JSE All Share slipped 0.54% as weak platinum prices pulled down the mining companies. In the local news, African Rainbow Investments expects the digital bank to break even in 2022. Growthpoint Properties Limited revenue increased by 6.2% to R13.13bn in FY’21 And HEPS increased by 112.7% to 169.98 cents in FY’21.
On the commodities front, the Brent Crude oil is trading at $74.15 a barrel and WTI Crude oil traded at $70.98 a barrel. Gold Spot price is currently trading at $1803.19, Platinum Spot is now trading at $931.03 and lastly, Palladium Spot price is at $1976.93. Gold declined in early Asia trade as USD weakened following the release of U.S. inflation data (5.3% vs 5.4% previously) leading to uncertainty about tapering. Oil rose in early Asian trade, amid eased concerns over the impact of Tropical Storm Nicholas on crude and natural-gas production in the Gulf of Mexico increase in expectation that demand will recover as vaccine rollouts widens.
Across the globe, the S&P 500 closed the day down 0.57%, Dow Jones closed down 0.84% and the Nasdaq had a 0.33% down. The FTSE 100 closed down 0.49% and the DAX was up 0.14% and CAC40 was down 0.36%. In the Asian markets, the Nikkei 225 is down 0.52% and the Hang Seng is currently down 1.90%. Wall Street heavy weight dipped as economic uncertainties and corporate tax rate hike is highly likely hence instigated a broad sell-off despite signs of easing inflation. In terms of the latest global news, Chinese Industrial Production (YoY) (Aug) decreased from 6.4% to 5.3% vs 5.8 forecast. GBP CPI (YoY) (Aug) increased to 3.2 % vs 2.9% forecast.
Things to look out for today in the trading day:
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