Renewed confidence in emerging markets
SOUTH AFRICAN MARKETS
South African stocks booked a record close on Thursday, led by resource and mining companies, as the market maintained a 2012 bull run on renewed confidence in emerging markets that has pushed the two main indices to several new peaks this year.
South Africa’s rand firmed almost 1% against the dollar in thin holiday trade on Thursday as it followed the euro higher but its moves were exaggerated by low end-of-year liquidity.
GLOBAL MARKETS
The yen hit its lowest level in more than two years on Friday, helping lift Japanese stocks to 21-month highs on expectations of drastic monetary easing, while shares in the rest of Asia inched higher on signs Washington is racing to avoid a fiscal crisis.
WALL STREET
US stocks fell for a fourth day on Thursday, but recovered most of their losses after the House of Representatives, in the barest sign of progress, said it would come back to work on avoiding the “fiscal cliff” this weekend.
GOLD
Gold firmed for a fifth straight day on Friday, ahead of talks to prevent the United States from plunging off a “fiscal cliff” of tax increases and spending cuts, with the metal on track for its biggest weekly gain in a month.
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What's happening on the markets
Renewed confidence in emerging markets
SOUTH AFRICAN MARKETS
South African stocks booked a record close on Thursday, led by resource and mining companies, as the market maintained a 2012 bull run on renewed confidence in emerging markets that has pushed the two main indices to several new peaks this year.
South Africa’s rand firmed almost 1% against the dollar in thin holiday trade on Thursday as it followed the euro higher but its moves were exaggerated by low end-of-year liquidity.
GLOBAL MARKETS
The yen hit its lowest level in more than two years on Friday, helping lift Japanese stocks to 21-month highs on expectations of drastic monetary easing, while shares in the rest of Asia inched higher on signs Washington is racing to avoid a fiscal crisis.
WALL STREET
US stocks fell for a fourth day on Thursday, but recovered most of their losses after the House of Representatives, in the barest sign of progress, said it would come back to work on avoiding the “fiscal cliff” this weekend.
GOLD
Gold firmed for a fifth straight day on Friday, ahead of talks to prevent the United States from plunging off a “fiscal cliff” of tax increases and spending cuts, with the metal on track for its biggest weekly gain in a month.
.
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