ngton may be ditching the agreement.White House trade adviser Peter Navarro said his comments that the trade deal with China was “over” were taken out of context. Trump chimed in, saying the Phase 1 trade deal struck with China in January was fully intact.
Locally, on the radar is Finance Minister Tito Mboweni’s emergency Budget in response to the COVID-19 crisis due on Wednesday that is expected to show a markedly wider Budget deficit. “Given how the emergency Budget has little fiscal space to manoeuvre, Mboweni is walking on the tightest of ropes,” Lukman Otunuga, senior research analyst at FXTM, said in a note.
“Whatever the outcome of the speech tomorrow, it will certainly have an impact on the South African rand which has slightly gained against the dollar today.” Trump’s assurances boosted markets globally, including the Johannesburg Stock Exchange . The benchmark FTSE/JSE all share index closed up 2.48% to 55,574 points and the top 40 companies index gained 2.84% to end the day at 51,295 points. Gold continued to be a preferred safe-haven investment due to a fear of a rebound in coronavirus cases with the JSE’s gold index up over 6%.Download the EWN app to your iOS or Android device.
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MARKET WRAP: Local markets subdued as investors await budgetGlobal market sentiment has been damped by fears of a second wave of Covid-19 infections, which could delay economic recovery
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