Daily Financial Markets Report: Monday, 28 July 2014

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

Highlights

 U.S. stocks dropped on Friday on disappointing earnings and big declines consumer discretionary stocks pushed the S&P 500 away from the record close set on Thursday. German business confidence fell short of expectations Friday, weighing on German stocks as the report underscored worries that growth in Europe’s largest economy is losing steam. Hong Kong stocks headed higher Monday morning toward their fifth straight session of gains.

 Spot gold is currently trading at US$ 1 308.00/oz. and platinum at US$ 1 486.10/oz. Brent crude oil is currently trading at US$ 107.93 per barrel.

 The US dollar is currently trading at 1.34 to the euro, 1.69 to the pound and will buy 101.81 Japanese Yen or 10.49 South African Rand.

International markets

U.S. stocks dropped on Friday on disappointing earnings and big declines consumer discretionary stocks pushed the S&P 500 away from the record close set on Thursday. German business confidence fell short of expectations Friday, weighing on German stocks as the report underscored worries that growth in Europe’s largest economy is losing steam. Hong Kong stocks headed higher Monday morning toward their fifth straight session of gains.

The Dow Jones Industrial Average lost 123.23 points, or 0.7%, to 16 960.57. The S&P 500 closed 9.6 points, or 0.5%, lower at 1 978.34 and finished the week roughly where it started it. The Nasdaq Composite shed 22.5 points, or 0.5%, to 4 449.56, but eked out a weekly gain of 0.4%.

The Stoxx Europe 600 index remained lower, closing down 0.7% to 341.95. Germany’s DAX 30 index extended its loss to 1.5%, closing at 9 644.01. In London, the FTSE 100 had been higher after government data showed U.K. economic growth expanded in the second quarter to above pre-crisis levels, but the index later fell by 0.4% to 6 791.55. France’s CAC 40 index declined 1.8%.

The Shanghai Composite Index rose 1.4% and the Hang Seng Index gained 0.6%.

The US dollar is currently trading at 1.34 to the euro, 1.69 to the pound and will buy 101.81 Japanese Yen or 10.49 South African Rand.

Domestic markets

The All-share index was only 0.14% higher on 51 694 points and the Top 40 index traded 01.6% higher on 46 524.

Commodities

Spot gold is currently trading at US$ 1 308.00/oz. and platinum at US$ 1 486.10/oz. Brent crude oil is currently trading at US$ 107.93 per barrel.

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