JOHANNESBURG - The South African rand oscillated as volatile risk sentiment took cues from US-Sino trade developments and slashed hopes of a quick resolution, although upbeat industrial data from China lifted the mood according to NKC Research.
After risk appetite returned late in the Monday session on optimism of a resolution between Beijing and Washington amid escalating tensions last week, doubts cast on US claims at the sidelines of the G7 summit that the trade counterparts will return to the negotiating table fed into renewed risk-off sentiment. At the close of local trade, the rand quoted 0.24 percent weaker at R15.33/$, after trading in range of R15.25/$ - R15.39/$. The rand traded little changed overnight. Expected range today R15.20/$ - R15.50/$.
South African bourse
The JSE All Share (+0.16 percent) managed to close on the front foot yesterday. The share price of Imperial Logistics (+8.9 percent) edged higher after the group said its earnings should improve in the year to June 2020, as asset write-downs and restructuring costs weighed on earnings for the 2019 financial year. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.39 percent) traded higher.
Brent crude oil
The Brent oil price traded higher yesterday, although it struggled to gain a solid foothold, underpinned by hopes of a potential trade deal between the world’s two largest economies. At the close of local trade, benchmark Brent crude futures quoted 0.48 percent higher at $59.20pb. Crude prices traded firmer during Asian trade this morning.
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