The FTSE/JSE All Share Index (ALSI) continued to decline for the third straight session on Friday, down around 0.40% while the rand crossed the R19/$ barrier on Friday. In his yearly State of the Nation Address (SONA) on Thursday, President Cyril Ramaphosa pledged to improve the country's healthcare system, increase welfare payments, and deal with the energy and logistics challenges in before of important elections.
Friday saw a rise in global markets as carefully watched US Treasury yields rose and US inflation data reinforced hopes of an interest rate cut this year. The S&P 500 crossed the 5 000-point milestone for the first time ever. While the Dow Jones dropped 0.14% on Friday, the S&P 500 and the Nasdaq 100 closed at all-time highs as investors processed the revised US CPI and the Fed's intentions. The S&P 500 increased 1.50% this week, marking 14 of the last 15 weeks that it has closed higher—a feat not witnessed in more than 50 years. In the meantime, the Nasdaq surged 2.50% and the Dow Jones gained 0.50% this week.
European markets retreated on Friday, the FTSE 100 dropped 0.50% during the week and by 0.30% to a two-week low on Friday. Frankfurt's DAX ended the week with a flat close, closing just below the flatline at 16 927 points. Investors weathered a week full of company announcements and cautionary comments from major central bank authorities.
Asian markets were mixed on Friday, with China’s Hang Seng ended 0.83% lower while the Nikkei rallied to finish at 0.09% on the last day of the week to trade.
In commodities, Brent crude oil was trading above $82 a barrel at 18h00 while spot gold declined at $2 023 an ounce.
