Global markets turned to red on Wednesday while OPEC and its allies, including Russia, agreed to slash oil production by two million barrels a day in an effort to bolster prices, risking US backlash against Saudi Arabia, reports Financial Times.
The local bourse gave back some of the gains it made on Tuesday and closed 1.06% down with the All Share Index at 65,613 points.
In the currency markets, the dollar is on the front foot and is trading over 1% stronger against the rand at R17.85/$. “Traders are now focused on Friday’s non-farm payrolls and unemployment data for clues to the Fed’s next moves on interest rates, but the big driver will likely be Thursday’s US CPI data next week,” comments forex trading house TreasuryONE.
On the commodity front, oil is trading stronger following the OPEC decision to cut production with brent crude currently trading at $93.73 a barrel while WTI is trading at $87.65 a barrel.
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