The FTSE/JSE All Share Index (ALSI) ended a four-day losing streak, and the rand strengthened alongside other emerging market currencies on Wednesday as a global recovery gained momentum following Monday’s sell-off. Opinions on Monday’s market plunge vary; some analysts cite rising fears of a potential US recession, while others view it as a long-anticipated correction in an overvalued market, particularly among the Magnificent Seven tech stocks. The rand showed positive performance, trading at R18.39/$ at 21h30 local time on Wednesday.
In the US, stocks lost earlier gains with the S&P 500 and the Nasdaq both declining over 0.30%, and the Dow Jones dropping 0.37%, as the market struggled to sustain its recovery from Tuesday following Monday's downturn. Traders continued to analyse the economic and monetary policy outlook while focusing on earnings reports.
Japan's Nikkei climbed 1.19% to close at 35 090 points on Wednesday, marking its second consecutive session of gains after Bank of Japan Deputy Governor Shinichi Uchida announced that interest rates would not be raised during market instability. Hong Kong’s Hang Seng surged 1.40% to end at 16 878 points, breaking a four-session losing streak with broad sector gains.
European markets closed significantly higher on Wednesday, reflecting a global recovery in riskier assets after recent sell-offs as investors re-evaluated recession concerns and the unwinding of carry trades. The Eurozone’s STOXX 50 increased by 2% to 4 667, and the pan-European STOXX 600 rose 1.60% to 496.
In commodities, gold traded higher at $2 389 per ounce, while Brent crude was priced at $78.42 per barrel at 20h00.
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With signals of global stability, the JSE ends a four-day losing streak
Published 2024/08/08, 08:10
With signals of global stability, the JSE ends a four-day losing streak
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