The JSE opened weaker on Wednesday on broad-based losses following Human Rights Day on Tuesday amid indications the Trump rally in global markets might be unravelling. This followed a sharp fall on the Dow on Tuesday, with the industrial average losing 1.14% to 20,668.01 points, the worst percentage drop so far this year. Financial and retail stocks were mostly lower. Asian markets were lower on Wednesday morning, with the Nikkei 225 shedding 2.13% to the worst level since the end of February. The Hang Seng was off 1.4%. Global markets have been rallying so far in 2017, with the Dow hitting a high of 21,169.11 points on March 1 on the expectation of tax reform and an expansionary fiscal policy from President Donald Trump’s administration. That has increased market valuations on US markets, particularly banks and financials, with little actual policy implementation coming forward from the administration. Trump has initiated health reforms in the US Congress, but slow process is expec...
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