London - Stocks took direction from weaker US equities overnight as carmakers reported disappointing trade. Gold strengthened with the yen and dollar while the rand dropped on a ratings downgrade.
A gauge of global shares fell a third day after auto companies’ monthly sales offered a warning that Americans may have become more thrifty.
The rand extended declines for a seventh day after the country lost its investment-grade credit rating from S&P Global Ratings for the first time in 17 years. Gold headed for the highest close since the aftermath of the US election and the yen was the top performer among major currencies.