Markets rise as investors eye US stimulus talks, gold hits record Wed, 05 Aug 2020 13:15:36 +0200
Asian markets tracked another record on Wall Street Wednesday as traders monitored talks on a key US stimulus package.
Spot gold rose to a record as speculation increased that US lawmakers would move forward on a stimulus bill.
Emerging-market stocks and currencies are within touching distance of erasing their pandemic-fueled losses of 2020.
The local currency opened trade at R16.75 on Friday and ended the day 1.5% weaker at R17.01.
Asian and European stocks struggled on news of rapidly-shrinking economic activity, highlighting the "devastating impact" of coronavirus on the global economy, analysts said.
Asian markets struggled and the dollar extended losses as data showing the US suffered its worst quarter on record highlighted the impact of the virus on the global economy.
Gold’s record-breaking rally showed signs of losing steam after futures touched $2 000 an ounce for the first time.
Spot gold blasted past its longstanding record as the dollar plunged and concerns about the global economy boosted demand for havens
Global equities took a beating Friday as China-US tensions intensified, while stalled stimulus talks in Washington fueled fears for the economy as the dollar fell further.
Gold heads for seventh weekly gain as it benefits from weak dollar and inflation expectations globally.
Global equities took a beating on intensifying China-US tensions while a worse-than-forecast US jobs report fuelled fears about the economic recovery.
Markets fluctuated as investors kept a nervous eye on Washington this week, hoping the Federal Reserve will pledge to extend its dovish monetary policy.
South Africa's main stock index retreated 1.2% to its lowest level in more than a week as of 9:30 a.m. in Johannesburg, after the government closed schools for a second time.
Signs that the prolonged coronavirus pandemic is stalling an economic recovery and the recent surge in tensions between the US and China are underpinning demand for the metal.
Stocks were mixed as investors juggled hopes for a new stimulus deal in Washington with coronavirus concerns and another flare-up between China and the United States.
Global stocks sank Wednesday after US President Donald Trump warned that the coronavirus crisis in the US was likely to "get worse before it gets better".
Crude was stuck in a tight range near $40 a barrel as investors weigh surging coronavirus cases.
Wall Street stocks opened higher following an agreement by European leaders on a giant stimulus plan and gains by IBM and other companies that reported earnings.
Europe's stock markets advanced at the open on coronavirus vaccine hopes and after EU leaders finally clinched a landmark €750bn stimulus deal.
Oil extended losses toward $40 a barrel as concerns about demand linger with the coronavirus raging unabated across many regions.