Daily Financial Markets Report | 8 July 2014

sacciDaily Financial Markets Report sources information from Business Day, Reuters, JSE Ltd and others.

Highlights

 The U.S. stock market on Monday gave up some of last week’s gains that sent the Dow Jones Industrial Average above 17 000 for the first time. Investors took a step back to reassess Thursday’s stronger-than-expected jobs report while awaiting second-quarter earnings that start trickling in this week. European stocks retreated on Monday after a surprisingly steep drop in German industrial production data sparked worries that Europe’s economic engine is losing steam. Hong Kong stocks slipped in choppy trading early Tuesday after U.S. markets offered a weak lead.

 Spot gold is currently trading at US$ 1 316.50/oz. and platinum at US$ 1 497.10/oz. Brent crude oil is currently trading at US$ 110.06 per barrel.

 The US dollar is currently trading at 1.35 to the euro, 1.71 to the pound and will buy 101.85 Japanese Yen or 10.76 South African Rand.

International markets

The U.S. stock market on Monday gave up some of last week’s gains that sent the Dow Jones Industrial Average above 17 000 for the first time. Investors took a step back to reassess Thursday’s stronger-than-expected jobs report while awaiting second-quarter earnings that start trickling in this week. European stocks retreated on Monday after a surprisingly steep drop in German industrial production data sparked worries that Europe’s economic engine is losing steam. Hong Kong stocks slipped in choppy trading early Tuesday after U.S. markets offered a weak lead.

The S&P 500 closed 7.8 points, or 0.4%, lower at 1 977.65, with only the defensive sectors, such as utilities, telecoms and consumer staples, ending with modest gains. The Dow Jones Industrial Average fell 44.05 points, or 0.3%, to 17 024.21. The Nasdaq Composite was dragged down by losses in biotech and Internet companies, ending the day down 34.4 points, or 0.8%, to 4 451.53.

The Stoxx Europe 600 index dropped 0.9% to close at 344.80, after finishing last week with the biggest weekly advance since March. Germany’s DAX 30 index slumped 1% to 9 906.07, while France’s CAC 40 index gave up 1.4% to 4 405.76. The U.K.’s FTSE 100 index slid 0.6% to 6 823.51.

The Hang Seng Index inched down 0.1%, while the Shanghai Composite Index dropped 0.3%. The Nikkei Average decreased by 0.3% and the Shanghai Composite Index was up 0.1%. In Sydney the S&P/ASX 200 was down 0.1%.

The US dollar is currently trading at 1.35 to the euro, 1.71 to the pound and will buy 101.85 Japanese Yen or 10.76 South African Rand.

Domestic markets

The All-share index inched down 0.35% to 51 877 points, pulling back from a record 52 125 set earlier. The blue-chip JSE Top-40 was down 0.44% at 46 873.

Commodities

Spot gold is currently trading at US$ 1 316.50/oz. and platinum at US$ 1 497.10/oz. Brent crude oil is currently trading at US$ 110.06 per barrel.

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