In Wednesday’s trading session in the local markets, the
closed the day up by 2.27%. The
sector went up by 3.25%, the
went up by 0.85%, the
went up by 1.79% and lastly the
South African Listed Property index
up by 0.25%. The
traded at R15.17 against the United State Dollar, R20.52 against the
Great British pound
, and R17.13 against the
Figure 1: Brent crude oil 5-day chart
On the commodities front, the Brent Crude oil is trading at $89.22 a barrel and WTI Crude oil is traded at $86.55 a barrel. Gold Spot price is currently trading at $1810.17, Platinum Spot is now trading at $1018 and lastly, Palladium price is at $2308. The oil price surged above $90 in the previous session for the first time in seven years, as markets remained concerned over Russia-Ukraine tensions. OPEC+ is also expected to stick to their plan and ratify another modest production increase of 400,000 bpd next week. US president Joe Biden threatened to sanction Vladimir Putin if the latter orders an invasion of Ukraine, prompting analysts to warn that a potential conflict could negatively impact oil production at a time when supply could not keep up with demand.
Across the globe, the S&P 500 closed the day down 0.15%, Dow Jones closed down 0.38% and the Nasdaq had a 0.17% up. The FTSE 100 closed up 1.33% the DAX was up 2.22% and CAC40 was up 2.11%. In the Asian markets, the Nikkei 225 is down 3.11% and the Hang Seng is currently up 2.78%. In the United States, the volatile market action came after the Federal Reserve Powell signalled the Fed would hike rates to fight persistent inflation, and that there’s “quite a bit of room” to do so before hurting the labour market. Electric-vehicle maker Tesla (NASDAQ: TSLA ) Inc. set a record for profit but warned of supply chain problems.
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