JOHANNESBURG - The rand’s reprieve in the wake of the Cabinet appointments proved to be short-lived as the local unit succumbed to modest bearish pressure from external factors during the European session according to NKC Research.
US-Sino trade tension continues to grab headlines, although temporary relief was offered to risk assets on Thursday. The USD continued its ascend as initial jobless claims edged up 3,000 last week to 215,000, a tad higher than the estimate of 214,000. At the close of local trade, the rand quoted 0.3 percent weaker at R14.68/$, after trading in range of R14.58/$ - R14.71/$. The rand fell overnight. Expected range today R14.70/$ - R15.00/$.
South African bourse
The JSE All Share (+1.4 percent) ended higher yesterday, led by gains in large bank (+3.2 percent) and property (+2.2 percent) stocks. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.0 percent) traded higher. In local news, FirstRand (+3.5 percent) shares traded higher after the South African lender said it will cut prices and up rewards on its retail banking products.
Brent crude oil
The Brent oil price traded lower yesterday with trade war uncertainty continuing to take its toll. At the close of local trade, benchmark Brent crude futures quoted 1.6 percent lower at $68.66pb. Crude prices traded weaker during Asian trade thIs morning.
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