Positive Economic Data Ease Bear Worries

  • Market Overview
South Africa
The local market had a slow Monday as investors held back before Wednesday’s public holiday and ahead of global economic releases in the week. At the close of trade, the All Share was 0.39% in the negative.

United States
The S&P 500 enjoyed its highest trading session on Monday since September 2019. Improved consumer spending data and optimistic earnings reports, which uplifted investor sentiment around the current bull market, boosted the index. At 20h10, the S&P 500 was 0.47% up.

Europe
Albeit flat, European markets started the week in the green lifted by Banco Santander (MC: SAN )'s gains and as investors took positive news away from Spain’s elections over the weekend. At the close of trade, the STOXX 600 was 0.08% higher.

Hong Kong
Hong Kong shares rose on Monday on the back of strong US growth in the first quarter and Chinese industrials showing profits for the first time in four months. The Hang Seng closed 0.97% in the green.

Japan
Markets were closed for a public holiday.

Rand
The rand strengthened marginally on Monday due to positive economic data released by the US on Friday and by China on Monday. At 20h10, the rand traded at R14.32 against the dollar.

Precious metals
The positive news for equity markets spelt losses for bullion prices on Monday as investors once again turned to risk-on trade. At 20h10, spot gold was trading at $1 279.09 an ounce.

Oil
On Monday, Brent crude prices regained some of Friday’s losses, shaking off US president Donald Trump’s request that OPEC increase production. At 20h10, Brent crude was trading at $72.28 per barrel.

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PSG Wealth Daily Investment Insights, 30 April 2019


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