On Tuesday, the JSE All Share tracked
markets down, closing 0.54% lower as gains by banks and financials were offset by miners and industrials. The
also tumbled on the release of US inflation figures, data investors monitor as an indicator of when the US Federal Reserve (Fed) could taper stimulus. The
rate eased slightly to 5.30% in August 2021 from 5.40% reported in June and July of this year and to 0.10% from 0.30%
over the same period.
Wall Street opened strong on news that CPI dropped to its lowest level in seven months, easing investor fears about the Fed reducing stimulus early. The hype around US inflation was short-lived in Europe, with markets flat after Covid-19 concerns in Asia weighed heavily on luxury shares. The STOXX Europe 600 Index ended the day 0.01% lower on 467.65 points.
Indices in China and Hong Kong lost ground on the back of poor performances from tech, financials, and real estate “after China’s most indebted developer warned of a risk of a cross-default”. In Tokyo, the Nikkei continued to enjoy its over 31-year high, boosted by cyclical counters, overnight Wall Street profits, and optimism around their domestic vaccine programme.
Spot gold reached a one-week high as the cooling US inflation figures weighed on the greenback. Although tropical storm Nicholas brought heavy rains and power outages to the Gulf’s oil facilities, it caused less damage than Hurricane Ida and left Brent crude largely unchanged. The Bureau of Safety and Environmental Enforcement (BSEE) confirmed that over 39% of the Gulf of Mexico’s crude and natural gas production facilities remained shut.
Read full report
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.