Tradewise Report

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The Nikkei Index slipped into the red in volatile trade on Thursday, pulling back from a two-month high, with investors taking their profits after the recent strong rally on the back of key economic events, including the U.S. jobs report expected on Friday.
The Hang Seng Index traded slightly lower on Thursday, although the shares of Chinese insurers were firmer, with the Shanghai Index flat as caution prevails ahead of key interest rate announcements from the UK and Europe, while there were no other catalysts to point market direction.
Reuters reports that European markets are expected to open steady on Thursday ahead of the ECB meeting at which it is expected to enforce negative interest rates on its overnight depositors, prompting the banks to lend instead, while also preventing the Euro zone from slipping into Japan-like deflation.
According to Reuters, Wall Street inched higher on light trading volume on Wednesday with the S&P 500 Index reaching another record high despite weaker-than-expected labour market data but sentiment was supported by data from the Institute for Supply Management (ISM) which showed that growth in the U.S. services sector increased more than expected and accelerated at the fastest pace in nine months.
Business Day reports that the JSE All Share Index closed almost unchanged or just 0.05% higher on Wednesday with investors preferring the side lines ahead of the European Central Bank interest rate decision due later today, while investor confidence was bruised again after the Association of Mineworkers and Construction Union (AMCU) rejected the latest wage offer to end the 19-week long labour strike.
The Rand was last trading slightly firmer at R10.7393 against the Dollar, while it is quoted stronger at R14.6120 against the Euro but softer at R17.9553 to the Pound.
The gold price traded little changed in Singapore on Thursday with more losses expected should the European Central Bank (ECB) decide on cutting interest rates, which in turn could strengthen the US Dollar and make the Dollar-denominated gold bullion more expensive for holders of other currencies. The gold price was last trading at $1,244.19, with the platinum price quoted at $1,427.20, while the palladium price is trading at $832.50.
Brent was last trading slightly lower at $108.25 a barrel.