Fading optimism over the partial trade deal as well as the US House of Representatives passing a bill which supports the Hong Kong protestors has seen investors take a more cautious stance. EM currencies have all retreated from recent highs after the IMF lowered their global growth forecast and we have the Rand trading at 14.9250 this morning. Geopolitical tensions over Turkey's offensive in Northern Syria are escalating and could still negatively impact EM markets further. The Dollar is at 1.1034 against the Euro and 1.2760 against the Pound. The Pound gained yesterday on positive Brexit discussions.
Upbeat results from JP Morgan and Citibank, amongst others, saw Wall Street close higher. The S&P was up 1.00%, the Dow 0.89% and the Nasdaq 1.24%. Stocks in Asia are mixed this morning while US futures are trading lower. The local JSE All Share index closed 0.64% up yesterday.
Gold is lower this morning at $1 484.00 while Palladium hit a new record high of $1 739.93.
Economic data releases to look out for today include Eurpean CPI, South African Retail Sales and US Retail Sales numbers.
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