Daily Financial Markets Report | Wednesday, 08 July 2015

sacci-logoDaily Financial Markets Report sources information from Business Day, Reuters, JSE Ltd and others.

Highlights

 U.S. stocks staged a dramatic finish Tuesday after a morning selloff to end the session with modest gains, following news reports that Greek Prime Minister Alexis Tsipras has proposed an interim financing until the end of July. European stocks fell for a fourth straight session on Tuesday after a closely watched meeting of Eurozone finance officials ended with little progress on solving Greece’s debt problems. Chinese stocks plunged rapidly out of the Wednesday open, with the Shanghai Composite Index SHCOMP, -6.40% starting down 7% and extending the loss to 8.2%, before recovering slightly to 4.8%.

 Spot gold is currently trading at US$ 1 149.40/oz and platinum at US$ 1 013.40/oz. Brent crude oil is currently trading at US$ 56.10 per barrel.

 The US dollar is currently trading at 1.10 to the euro; 1.54 to the pound and will buy 121.96 Japanese Yen or 12.51 South African Rand.

International Markets

U.S. stocks staged a dramatic finish Tuesday after a morning selloff to end the session with modest gains, following news reports that Greek Prime Minister Alexis Tsipras has proposed an interim financing until the end of July. European stocks fell for a fourth straight session on Tuesday after a closely watched meeting of Eurozone finance officials ended with little progress on solving Greece’s debt problems. Chinese stocks plunged rapidly out of the Wednesday open, with the Shanghai Composite Index SHCOMP, -6.40% starting down 7% and extending the loss to 8.2%, before recovering slightly to 4.8%.

The S&P 500 recovered from a 1% decline to end with a 12-points, or 0.6% gain, to 2 081.34. The Dow Jones Industrial Average fell more than 200 points at session lows, but recovered to finish up 93.40 points, or 0.5%, higher at 17 776.The Nasdaq Composite also pared more brutal declines to close 5 points, or 0.1%, higher at 4 997.46.

The Stoxx Europe 600 slumped 1.6% to 372.74, its lowest close since Feb. 11. Germany’s DAX 30 dropped 2% to 10 676.78 and France’s CAC 40 swung 2.3% lower to 4 604.64. The FTSE 100 slid 1.6% to 6 432.21.

The Hang Seng Index was down 3.8% and the Shanghai Composite Index was down 3.7%.

The US dollar is currently trading at 1.10 to the euro; 1.54 to the pound and will buy 121.96 Japanese Yen or 12.51 South African Rand.

Domestic markets

The All-share index was 0.57% lower at 51 086 points and the Top 40 index traded 0.64% softer at 45 441.

Commodities

Spot gold is currently trading at US$ 1 149.40/oz and platinum at US$ 1 013.40/oz. Brent crude oil is currently trading at US$ 56.10 per barrel.

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