Tradewise Report

on . Posted in Investment general

The Nikkei share average advanced the tenth straight trading session on Friday, tracking the gains on Wall Street overnight on the back of upbeat U.S. economic data but trading was subdued ahead of the annual gathering of central bankers in Jackson Hole, Wyoming.

The Hang Seng Index, as well as the Shanghai Composite Index edged higher on Friday, supported by blue-chip shares and other Asian markets after upbeat U.S. economic data sparked another record close on Wall Street.

According to Reuters, European markets are expected to edge slightly lower on Friday, pausing after a brisk two-week rally, with investors turning cautious ahead of a speech by U.S. Federal Reserve Chair Janet Yellen, while disappointing Chinese PMI manufacturing data yesterday, the world's biggest metals consumer could still put a dampener on mining shares.

Reuters reports that U.S. markets closed higher on Thursday with the S&P 500 Index ending above its previous record high on the back of positive economic data, while investors shifted their focus to the annual meeting of central bankers in Jackson Hole, Wyoming for clues on any interest-rate hikes in the near future.

Business Day reports that the JSE All Share Index closed relatively unchanged on Thursday as advances in banking shares were offset by losses in platinum and gold mining shares.

The Rand was last trading firmer at R10.6878 against the US Dollar, with the Euro quoted stronger at R14.1978 and the British Pound at R176870.

The gold price traded steady at a two-month low in Singapore on Friday with strong U.S. economic data and fears that the Federal Reserve could raise interest rates sooner than expected hurting investor sentiment towards the precious metal. Gold was last trading at $1,280.31, with the platinum price quoted at $1,419.50, while the palladium price was last trading at the $879.00 level.

Brent was last trading slightly higher at $102.48 a barrel.

Traders Corner

on . Posted in News Flash

US markets closed higher yet again last night, with the S&P500 closing on its 28th record high of the year. Asia is also trading higher this morning, with miners lower and Tencent higher. The Rand has firmed overnight to R10.67/$, with gold at $1279 an ounce. World futures are trading +0.1%

Key macro events:

  • SA: Bloomberg Economic Survey

Tradewise Report

on . Posted in Investment general

The Nikkei Index climbed to a three-week high on Thursday, extending its advance into a ninth straight day, as the weaker Yen boosted exporters on the back of a stronger US Dollar after minutes of the U.S. Federal Reserve's July meeting suggested that interest rates would remain near zero for a longer period after the central bank ends its program of buying assets, which is expected about October.

The markets in both Hong Kong and on mainland China slipped lower on Thursday after the release of the HSBC/Markit Flash China Manufacturing Purchasing Managers' Index (PMI) survey which showed that growth in China's vast factory sector slowed to a three-month low in August, strengthening fears that the economy was slowing.

According to Reuters, European markets edged lower on Wednesday with investors rattled after the share price of Danish brewer Carlsberg fell 5.8% after the company released a profit warning on the back of deteriorating conditions in Russia, which generates about 35% of its profits.

Reuters reports that U.S. markets closed mostly higher on Wednesday, with the S&P 500 Index barely missing its record close, with the NASDAQ edging off its recent 14-year high, after minutes from the Federal Reserve's two-day meeting gave investors reason to believe that the central bank was in no hurry to increase interest rates.

Business Day reports that the JSE All Share Index ended in positive territory after a volatile trading session on Wednesday with platinum and banking shares leading the decliners on the back of indications that fund managers regard the market as being overvalued, while resources and gold mining shares provided some support.

The Rand was last trading weaker at R10.7441against the US Dollar, with the Euro quoted softer at R14.2306 and the British Pound at R17.7731.

The gold price continued to lose ground for a fifth session in Singapore on Thursday, after the U.S. Dollar gained on the release of the latest minutes from the U.S. Federal Reserve. Gold was last trading at $1,285.21, with the platinum price quoted at $1,422.90, while the palladium price was last at the $863.75 level.

Brent was last trading slightly higher at $101.96 a barrel.

Traders Corner

on . Posted in News Flash

Both the Dow & S&P 500 indices closed higher last night, with the NASDAQ closing 0.02% lower. China is trading lower this morning, with Australia flat and Japan 7-tenths higher. The Rand lost a lot of ground overnight, currently trading at R10.75/$ with gold last quoted at $1,285 an ounce. World futures are trading flat.

Key macro events:

    • UK: Retail sales
    • Eurozone: Manufacturing PMI
    • Eurozone: Consumer confidence
    • China: Manufacturing PMI
    • Japan: Manufacturing PMI
    • US: Jobless claims – expected: 303k
    • US: Existing home sales
    • US: Bloomberg consumer comfort
    • US: Leading index
  • US: Markit manufacturing PMI – expected: 55.7