Daily Financial Markets Report | Friday, 17 October 2014

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

Highlights

 An attempted rebound by the U.S. stock market Thursday fizzled out by the end of the session, as the main benchmarks wrapped up another rocky trading day essentially flat. European stocks dropped Thursday, pushing the Stoxx Europe 600 further into correction and extending the recent frenzied selloff, which has been stoked by fears that global economic growth is stagnating. A recent selloff in Asia due to global volatility was fading Friday with stocks in Australia edging higher, though shares on China’s mainland fell amid slowdown concerns.

 Spot gold is currently trading at US$ 1 240.50/oz. and platinum at US$ 1 255.20/oz. Brent crude oil is currently trading at US$ 85.99 per barrel.

 The US dollar is currently trading at 1.28 to the euro, 1.60 to the pound and will buy 106.18 Japanese Yen or 11.11 South African Rand.

International markets

An attempted rebound by the U.S. stock market Thursday fizzled out by the end of the session, as the main benchmarks wrapped up another rocky trading day essentially flat. European stocks dropped Thursday, pushing the Stoxx Europe 600 further into correction and extending the recent frenzied selloff, which has been stoked by fears that global economic growth is stagnating. A recent selloff in Asia due to global volatility was fading Friday with stocks in Australia edging higher, though shares on China’s mainland fell amid slowdown concerns.

The S&P 500 closed flat at 1 862.76, with energy sector leading the gains. The Dow Jones Industrial Average slipped 24.5 points, or 0.2%, to 16 116.24, closing low for the sixth straight session. The Nasdaq Composite ticked up 2 points to 4 217.39.

After a brief period of gains, the Stoxx Europe 600 index fell as much as 2.9%. Germany’s DAX 30 fought for a higher close, ending up 0.1% at 8 582.90. France’s CAC 40 lost 0.5%, paring an intraday loss of more than 3%. The FTSE 100 closed 0.3% lower at 6 195.91.

The Shanghai Composite Index was down 1.3%, ahead of next week’s Fourth Plenum, an annual meeting of China leaders which may offer clues about plans to address a slowing economy. Hong Kong’s Hang Seng was up 0.3% with pro-democracy demonstrators marking their third week of occupying various streets, although numbers are dwindling and police have stepped up their efforts to reopen streets.

The US dollar is currently trading at 1.28 to the euro, 1.60 to the pound and will buy 106.18 Japanese Yen or 11.11 South African Rand.

Domestic markets

The Top-40 ended the session up 0.53% at 41 794 after earlier falling as far as 40 925. The broader All-Share rose 0.45% to 46 881. Both indices staged a recovery in late trade, boosted as US stocks pared losses after a sharply lower open.

Commodities

Spot gold is currently trading at US$ 1 240.50/oz. and platinum at US$ 1 255.20/oz. Brent crude oil is currently trading at US$ 85.99 per barrel.

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