Silver Rises Almost 1%
Silver traded higher above $25 an ounce on Wednesday, despite a stronger dollar and falling Treasury yields, as investors remain concerned over slower global growth amid rising coronavirus infections and renewed restrictions in many countries.
Indian Stocks Down to 1-Month Low
The BSE Sensex index tumbled 871 points, or 1.7% to 49,180 on Wednesday, its lowest close since February 26th and following a 0.6% gain in the previous session, amid weakness in financial stocks as a spike in local coronavirus cases dented sentiment. Infections in the last 24 hours in India rose by 47,262, the highest since early November, bringing the total caseloads to 11.7 million, data from the health ministry showed. Sentiment was also dragged down by fresh lockdowns in Europe that could hamper economic recovery.
Stocks in Tunisia Hit 12-month High
TUN increased to a 12-month high of 7004
Turkish Lira Remains Under Pressure
The Turkish lira traded around 7.95 per USD on Wednesday, after falling as much as 15% to a near record low of $8.5 at the start of the week after President Erdogan’s decision to replace the hawkish central bank governor with a critic of high-interest rates. It was the third time since mid-2019 that Erdogan has abruptly fired a central bank chief. President Erdogan said last week that the fight against inflation and fiscal discipline were the main priorities of economic reforms and that structural reforms were also necessary. Meantime, latest data showed consumer confidence rose for the third month in March as some of the coronavirus outbreak related restrictions were lifted.
South African Stocks Down for 3rd Day
The FTSE/JSE All Share Index in South Africa fell 0.4% to around 65,067 on Wednesday, its lowest level since February 8th and extending losses for a third session, as predictions of a sooner-than-anticipated third wave of Covid-19 in South Africa raised concerns about possible new lockdowns hampering the country’s fragile recovery. Meanwhile, investors remain cautious ahead of the South African Reserve Bank monetary policy decision. At the same time, South Africa’s consumer inflation rate slowed to its lowest in eight months at 2.9% in February, dipping below the central bank’s target range of 3-6%. Globally, investors keep an eye on tensions between the West in general and China, following sanctions by the US and its allies, including the EU, the UK and Canada, against China for extreme human rights violations.