File Image: IOL

JOHANNESBURG - The South African rand surrendered early session gains during European trade yesterday as investors focused on US-Sino trade talks according to NKC Research. 

White House spokesperson Stephanie Grisham confirmed on Monday that top US officials will meet with high-ranking Chinese visitors for the commencement of the latest round of talks set to take place on Thursday. Meanwhile, emerging market risk sentiment was dampened by geopolitical concerns surrounding hostilities near the Turkey-Syria border. Investors also had to contend with thin liquidity as China and Hong Kong markets remained close for domestic holidays. At the close of trade, the rand quoted 0.39 percent weaker at R15.14/$, after trading in range of R15.03/$ - R15.19/$. The rand came back overnight, but is struggling for traction. Expected range today R15.00/$ - R15.25/$.

South African bourse

The JSE All Share (+1.34 percent) ended firmer yesterday, in step with European stock markets, as traders dialled in on upcoming Sino-US trade talks. Yesterday, local mining house Impala Platinum (Implats) announced its first purchase outside of Africa. Implats (+1.03 percent) is set to buy Canada-based North American Palladium for roughly C$1bn. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.24 percent) traded lower.

South African bourse

The Brent oil price traded higher yesterday, as investors were hopeful that the US and China will hold productive trade talks this week. At the close of local trade, benchmark Brent crude futures quoted 2.11 percent higher at $59.53pb. Crude prices traded slightly higher during Asian trade this morning. 

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