PSG Wealth Hyde Park, Johannesburg Videos

In Loving Memory of Hayley Frank 🕊

The JSE tracked global markets on Thursday, reporting a loss of over 1.50% for the day. Although the rand took a knock, it still traded stronger against major global currencies shortly after the JSE closed. Wall Street started the day on a low note ahead of select US service sector releases and monetary policy concerns. US uncertainty also burdened European shares, with miners and utilities being the biggest losers on the day. The Hang Seng and Shanghai Composite traded in the red, however, the Nikkei firmed as their domestic vaccine programme quickened, lifting hopes for a faster economic recovery. Spot gold lost about 2%, while silver and platinum both dropped over 3% yesterday, due to upbeat US employment and service data boosting the US dollar and raising questions about US monetary policy. Oil remained steady after the previous two sessions’ substantial gains.

On Wednesday, the local currency firmed to a level last seen over two-and-a-half year’s ago after global risk-on trade boosted emerging market currencies. Shortly after the JSE closed, the rand firmed to R13.56/$, R19.23/£ and R16.56/€. The local market extended gains for the second day in a row, closing at just over 69 000 points. Wall Street opened higher on the back of solid performances from meme* stocks, while investors kept a close eye on upcoming US economic data to be released this week. European markets also enjoyed an uplifting day as stellar performances from energy and consumer shares combined with optimistic US and EU economic data boosted investor sentiment. The Hang Seng posted losses after investors made the most of recent gains by booking profits. Looking at commodities, gold edged up after US treasury yields pulled back. However, oil grew over 1% on Wednesday as OPEC+ agreed to restore supply gradually, and nuclear discussions between the US and Iran moved slowly.

The rand inched higher and the JSE closed up on Monday after the South African Revenue Service released its April 2021 trade statistics. Data showed that the trade balance surplus came in at R51.24 billion; above the expected R31 billion, with precious metal exports being the biggest contributor. Bullion started the week strong as spot gold was on track to reach its biggest monthly gain since July 2020. Brent crude was also up, reaching almost $70/barrel, on investor optimism that demand will increase in the next quarter. Looking at Asian markets, both the Hang Seng and Shanghai posted gains after China’s new three-child policy lifted the health sector. Japan’s Nikkei closed down due to profit-booking, but robust performances from domestic pharmaceuticals capped losses. The pan-European STOXX 600 ended the day down on the back of subdued trade as US and UK indices were closed for a public holiday.

Better-than-expected jobless claims and US President Joe Biden’s $6 trillion budget led to a strong open on Wall Street, Friday. European markets clocked at record highs as upbeat US and UK economic news lifted investor sentiment. In Asia, Japan’s Nikkei posted gains due to the steady vaccine programme boosting economic recovery expectations. However, the Hang Seng closed flat due to losses from the tech and healthcare sectors. Brent crude ended the week on a two-year high on the back of US economic data supporting higher demand expectations. Bullion did not enjoy the same optimism as the stronger US dollar, higher bond yields and US inflation data weighed on safe-haven metals. Looking at the local market, the JSE closed up on Friday, boosted by global markets and the local retail sector.

The local market posted gains on Thursday, lifted by a stellar performance by Mr Price after the release of better-than-expected financial results, and miners finally clawing back losses from the past week. Industrial metals and mining closed up 3.64%, and retailers 6.27%. European markets closed mixed as French plane manufacturer, Airbus, gained over 9% on the back of expansion reports, while a court ruling hit Bayer, a German pharmaceuticals maker. Wall Street opened higher on Thursday, lifted by lower jobless claims, indicating that the US economy is improving. In Asian markets, the Hang Seng was weighed down by profit booking and Japan’s Nikkei by concerns about increasing Covid-19 infections. Optimistic US economic data eased investor fears about Iranian oil supplies, boosting the Brent crude price. However, optimism about the largest economy in the world recovering led to the spot gold slipping somewhat.

On Wednesday, the European Central Bank (ECB) followed the US Federal Reserve's (Fed) example by reaffirming their dovish stance, pledging to "keep monetary policy loose despite recent signs of an uptick in inflation". Although these comments helped stabilise European markets, banks took a knock, leading to the Pan-European STOXX 600 closing flat. Wall Street opened higher, boosted by investor confidence on the back of the Fed's inflation remarks and a strong performance by the tech sector. Asian markets were also upbeat thanks to easing inflation concerns, with Hong Kong shares nearing a four-week high and Chinese stocks an almost three-month peak. Japan's Nikkei posted gains for the fifth session in a row; however, optimism was capped by the rising domestic Covid-19 infection rate. Spot gold also took advantage of the dovish monetary policy stance, firming above the psychological $1 900/oz mark at 19h00. Locally, the rand continued its strong run while the JSE edged up thanks to an impressive performance by Mediclinic.

Wall Street traded in the green on Monday evening, after opening in the red as investors disinvested from growth stocks in the previous session on concerns that rising inflation could erode future earnings. Continued worries about the spread of Covid-19 in Asia and unsatisfactory Chinese retail data forced indices in Europe and Japan to close lower. Data released yesterday showed that Chinese retail sales missed expectations in April 2021, rising less than expected. However, the local bourse was not fazed by inflation fears of disappointing Chinese economic data, with the FTSE/JSE All Share Index rising by 0.93%, mainly supported by miners and the price of gold. The price for an ounce of spot gold traded above $1 840 at 20h00, a price last seen more than three months ago. Brent crude traded higher as the hope for rising demand was fueled after more economic restrictions were lifted across Europe.

US equities rallied in a sharp rebound on Friday as investors shrugged off inflation concerns and bought shares hammered by the week’s volatility after riskier assets returned to the spotlight buoyed by loose monetary policy. The market’s volatility was aggravated by a 4.20% spike in US consumer price inflation for April 2021, marking the fastest annual growth rate in over a decade, which prompted fears of higher interest rates. European markets received a strong handover from Asia, where the Nikkei gained over 2%, leading gains across the region. Although the FTSE/JSE All Share Index followed global markets higher, it fell 2.97% for the week dragged by declines in the mining and industrial sectors. The rand was steady for most of the day, trading at R14.13/$, R17.15/€ and R19.91/£ at the close of business. Spot gold gained 0.76%, trading at $1 837.90/oz on weak retail sales, while oil prices ended higher for the week, as a major US fuel pipeline reopened after days of inactivity following a ransomware attack.

Oil markets slipped on Thursday as the world's third-largest crude consumer continued to battle with the rapid spread of Covid-19, recording an average of more than 370 thousand daily new cases. Brent crude was down 2.94% at $67.24 a barrel in afternoon trade after a key US pipeline resumed operations. Wall Street ended on a strong note lifted by upbeat labour market data, while European markets struggled for direction for the most part of the day as investors remained cautious amid rising inflation and speculation that the Federal Reserve (Fed) could raise interest rates in the near future. However, a Fed official said: “the twin surprises of weak jobs growth and strong inflation have not dented the Fed's plans to keep its support for the economy-wide open.” Concerns of inflationary pressure also weakened the local market with the FTSE/JSE All Share Index closing down 1.86%. Asian markets also stumbled with the Hang Seng and the Nikkei shedding 1.67% and 2.49%, respectively.

Most global markets were under pressure on Wednesday as inflationary pressure in the US sparked fears that interest rates and bond yields could rise sooner than expected. The US inflation rate rose to a 13-year high of 4.20% in April 2021, pushing US indices lower, while a brief stock market recovery emerged in Europe, buoyed by solid earnings and signs of economic recovery. Local bonds recorded their biggest decline in nearly two months and the rand weakened to R14.21/$, R17/05/€, and R19.81/£ at the close of business after a jump in US consumer prices sparked concerns that demand for emerging market (EM) assets will be impacted. Bargain hunting in Asia led to China’s Shanghai Composite Index and Kong’s Hang Seng Index closing up by 0.61% and 0.81% respectively, following a tech sell-off in the previous session. Spot gold shedded about 1.30% at the closing bell, while Brent crude was firmer with a barrel trading at $69.52 at 17h45 on an improved outlook for energy demand.

Global markets were mixed on Monday as investors digested disappointing economic data from the US which cemented expectations that interest rates would remain lower for longer. The FTSE/JSE All Share Index (ALSI) closed down by 0.21% and the local currency weakened to R19.82/£ at the close of business. The S&P 500 was muted as falling technology stocks countered a rise in commodity-linked energy shares, while the Nasdaq closed down by 2.28% following an unexpected tech slump. European markets were buoyant on the back of optimism over the global economic recovery and easy monetary policy, while most Asian indices edged lower as the technology sector fell amid China’s intensifying anti-trust war. China’s internet watchdog, the Cyberspace Administration of China (CAC), declared a ban on some mobile news applications as regulators increased efforts to “limit the clout of tech giants”. The Hang Seng closed down by 0.12%, while the China Enterprises Index lost 0.50% for the day. Gold prices traded at a near three-month high as tepid US employment numbers supported the case for a lower interest rate environment, while Brent crude traded at $68.52 a barrel after a cyberattack in the US caused a supply disruption.

The FTSE/JSE All Share Index (ALSI) closed in the green on Friday ahead of Moody’s latest credit review of South Africa. Moody’s previously rated South Africa, two notches below investment grade, at Ba2 with a negative outlook. Most analysts expected Moody’s to retain this rating when their report was released later Friday evening. The local currency also firmed ahead of this review with one US dollar trading at R14.06 at 17h30. Wall Street opened in the green on Friday after US jobs data reduced investor concerns that the US Federal Reserve could decrease its stimulus program. Upbeat economic data out of Germany boosted markets in Europe with investors hoping for a swift economic recovery on the continent. Losses in technology companies, sensitive to tensions between China and the US as well as EU, forced the Hang Seng Index to close down before the weekend, while Japans Nikkei closed slightly higher. A decrease in US Treasury yields and weaker greenback continued to boost the safe-haven appeal of gold, while oil prices dropped slightly below $69 a barrel.

Most global markets started May 2020 on a high note, except for Asian markets, which closed down mainly due to thin trading volumes because of public holidays in China and Japan. After a week of upbeat earnings reports in the US, Wall Street opened higher on expectations that companies could start to see sustained growth in profits. IBES data from Refinitiv has shown that “profits [were] seen rising 46% in the first quarter, compared with forecasts of 24% growth at the start of April 2020”. After more than half of companies listed on the S&P 500 having already reported results, Reuters confirmed. Strong factory and retails sales data from Europe helped this continent’s indices trade higher at the start of this month, while markets in China and Japan were closed for public holidays.

Global markets were flat on Friday as caution amid rising Covid-19 cases in parts of Asia and India, as well as disappointing economic data from China continued to dampen sentiment. Wall Street took a knock amid a tech slump, while disappointing GDP data showed that the Eurozone fell into a second technical recession in the first quarter. Shares in Hong Kong were set for a weekly decline on heightening US-China trade tensions and policy tightening concerns, while the Nikkei dipped amid a selloff in floundering tech stocks. In commodities, gold was on track for the biggest weekly decline in a month as rising US Treasury yields capped prices, while oil prices pulled back after a strong week as concerns over new infections in India grew. Locally, the ALSI fell 0.68% while the rand weakened to R14.49/$, R17.41/€, and R20.02/£ at the close of local markets.

Despite upbeat performances from the financial sectors, European markets closed down as investors booked profits, while resources, industrials and precious metals weighed on the local bourse on Thursday. Hong Kong shares ended the day on a high note, tracking peers after the US Federal Reserve released its latest monetary stance on Wednesday night and US President Joe Biden proposed a further $1.8 trillion stimulus plan to Congress. Although investors were still digesting US economic data and a slew of earnings reports, the S&P 500 and the Nasdaq opened strong on Thursday, boosted by a tech rally. In commodities, gold fell over 1% on Thursday on the back of rising US Treasury yields, while palladium reached record-highs. The oil price recovered losses as robust US economic data countered concerns about the rising number of Covid-19 infections in Japan, India and Brazil.

The US dollar and global bond yields rose ahead of the US Federal Reserve (Fed) policy decision on Wednesday. Mixed earnings from tech giants weighed on the Dow and the Nasdaq, while European markets struggled for direction as sentiment seesawed between strong first-quarter earnings reports and concerns ahead of the Fed’s policy statement. Asian indices closed up in Hong Kong as financials and consumer shares advanced on solid corporate earnings, while the Nikkei ended 0.21% higher driven by a rally in tech shares. The local bourse advanced 0.25% with listed property, banks, and financials in the lead, while the rand strengthened to R14.28/$, R17.28/€, and R19.88/£ at the closing bell on Wednesday.

Global markets struggled for direction on Monday, as rising Covid-19 cases offset upbeat sentiment driven by an improved global economic outlook and more signs of recovery. European stocks advanced as higher metal prices boosted miners, with the STOXX Europe 600 Index gaining 0.30% for the day. The Hang Seng lost 0.43% as rising Covid-19 infections in India and Japan weighed on sentiment, while the Nikkei gained 0.36% as travel stocks rebounded from losses driven by fears of renewed lockdown restrictions. Spot gold traded at $1 781.87 an ounce at the close of business, amid a weakened dollar environment. Oil prices fell almost $1 on fears that the rising infections in India will disrupt economic activity and affect fuel demand in the world’s third-largest consumer. The local bourse gained 0.41%, boosted by a surge in Aspen Pharmacare shares following an announcement that South Africa will resume the Johnson & Johnson vaccine rollout after a brief suspension due to a possible link between the vaccine and blood clots. At the closing bell, the rand strengthened to R14.25/$, R17.23/€ and R19.78/£.

On Friday, the JSE gained 0.48%, boosted by a stellar performance from the property sector, which ended the week on a daily increase of 2.47% and about 13% up year-to-date.

Upbeat earnings from offshore corporates helped to boost the JSE on Friday, with the All Share Index closing 1.29% in the green.