Traders work on the floor at the New York Stock Exchange . Picture: REUTERS/Brendan McDermid/File Photo
The S&P 500 Index closed 0.8% up on Wednesday, marking its third consecutive day of reaching new record highs. Hong Kong’s Hang Seng Index was 0.1% down at the lunch break, while the Shanghai Composite lost 0.3%. Japan’s Nikkei 225 was 0.3% up, but below its earlier highs, and Korea’s Kospi was 0.1% up. Australia’s main benchmark rose 0.5%.
“While growth concerns abound globally, the bets that both the European Central Bank and the US Federal Reserve will cut rates, coupled with strong gold prices and ongoing carry trade by yield seekers, continue to keep the rand on a stable footing,” said Bianca Botes, treasury partner at Peregrine Treasury Solutions.
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