MARKET WRAP: Rand reverses all of 2019’s gains, and falls further

The rand weakened steadily throughout Monday, as local factors such as the country’s poor economic outlook and problems at state power utility Eskom pushed it to its third consecutive day of losses.

China’s vice-premier Liu He is expected to travel to Washington on Monday, ahead of the possible signing of the first phase of a trade deal with the US later this week. This will mark progress in the protracted trade war between the world’s two biggest economies. Meanwhile, Washington and Beijing have agreed to hold semi-annual talks aimed at resolving disputes and to push for reform.In Europe, the FTSE was flat, France’s CAC 40 down 0.17%The JSE ended the day a little firmer, with investor attention fixed on the White House this week.

“Outside of SA, the US and China are expected to sign the phase-one trade deal on Wednesday. This step should boost global risk sentiment and support not only stock markets but emerging-market assets”, FXTM senior research analyst Lukman Otunuga said.

Source: News Formal (newsformal.com)

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