File image: IOL
File image: IOL

WATCH: Rand weakens after low China loan growth data

By Compiled by Dhivana Rajgopaul Time of article published Nov 14, 2018

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JOHANNESBURG - The rand remained on the back foot during yesterday’s European trading session according to NKC Research. 

The South African currency traded weaker following disappointing Chinese loan growth data which exacerbated fears that economic growth in China – the world’s second-largest economy and a top-buyer of South African commodities – is slowing. At the close of local trade, the rand quoted 0.3 percent weaker at R14.46/$, after trading in the range of R14.35/$ - R14.53/$. The rand remained on the back foot overnight. Expected range today R14.30/$ - R14.60/$.

South African bourse

The JSE All Share (-0.3 percent) ended lower yesterday dragged by losses in large mining (-1.5 percent) and technology (-0.9 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.04 percent) traded lower. In local news, market heavyweights British American Tobacco (-2.1 percent) and Naspers (-1.9 percent) were among the day’s biggest laggards.

Brent crude oil

The Brent oil price traded lower yesterday after president Donald Trump put pressure on Opec to avoid reducing its crude output. At the close of local trade, the Brent oil price quoted 1.4 percent lower at $68.33/pb. Crude prices traded sharply lower during Asian trade this morning, dipping below $65/pb.

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