The events that have unfolded in the DA have shown that Zille has more influence than Maimane. He serves at her pleasure, writes Ralph Mathekga.
Showers early. Mostly sunny. Mild.
Markets in Asia did have some direction primarily on the back of weaker than expected Chinese GDP numbers which fell to a 30-year low of 6.0% QoY.
The JSE also shrugged off earlier momentum from Chinese markets which rallied on the optimism of a partial trade deal. The rand held on to its gains as it peaked at a session high of R14.72/$ before it was recorded trading 0.01% firmer at R14.79/$ at 17:00.
With the Chinese markets still closed for a holiday, the Hang Seng and Nikkei lost 0.19% and 0.49% respectively as they reacted to worse than expected US economic data.
The greenback strengthened against a basket of major currencies which saw it peak as high as 99.46 index points on the US dollar index.
Positive GDP growth out of the USA also aided in reassuring market participants that the US economy was still strong despite the risks associated with trade war.
With global market sentiment still being driven by the developments and comments around the Sino-US trade war, investors are increasingly becoming skeptical to take big bets on stocks.
Stocks in Europe tracked mostly higher while in the USA investors waited in anticipation of the first estimate of US GDP QoQ which, although slower came in better than expected at 2.1% compared to a forecast of 1.8%.
The general mining index closed significantly weaker despite marginal gains from both the platinum and gold mining index. Other major indices on the local bourse also tracked lower albeit at a slower rate than the general mining index.
Tensions between the United State and China, continue to make the headlines as no firm deal appears to have been made by the two economic giants. The Trump regime continues to utter statements that provide very little confidence to the market.
The local bourse shrugged off gains that were recorded in Europe and the United States of America following the announcement that the United Kingdom and European Union had agreed on a Brexit deal.
With the United States earnings reporting season having kicked off today following the release of earnings from some of the major banks, investors shifted their focus to the health of the US companies.
Reactions to the headlines about the trade war have become fickle as the tension has been drawn out, however there seems to be an elevated sense of optimism that the current talks will yield a partial deal.
With Chinese markets closed for a holiday, there was little sentiment filtering from that market. In Japan, the Nikkei eventually closed 0.59% firmer.
Major world indices tracked higher on the day starting off in Asia where the Nikkei rallied 1.19%, while the Hang Seng and Shanghai Composite Index gained 0.08% and 0.25% respectively.
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In a turn of events on Monday, United States President Donald Trump seemed to change his stance on his Friday’s comments as he stated that prospects for a deal with China were more than likely to happen now compared to when talks began.
The move in the rand was indirectly a result of the euro weakening ahead of the European Central Bank's interest rate decision and press conference which took place on Thursday afternoon.
Although modest, major equity indices in Asia inched higher while a similar trend was also recorded in Europe including the United Kingdom where Boris Johnson won the Conservative party leadership contest to become the new UK prime minister.
The Johannesburg Stock Exchange blamed a unfavourable economic environment for headline earnings per share were expected to register at be between 490.95 cents and 425.49 cents for the six months ended in June, that the exchange announced on Monday.
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