The JSE looked set for its sixth trading day of losses on Tuesday morning as markets trading ahead of it took their cue from Wall Street. The Nasdaq index closed 1.8% lower on Tuesday, dragged down by Facebook’s share price falling 7% to $172.56 as the social media company came under fire for allowing an advertising company employed by then presidential candidate Donald Trump, Cambridge Analytica, to harvest private user data. The tech stock sell-off sparked by the Facebook scandal led to a 0.35% fall in Tencent, which slipped to $460.20, on Tuesday morning, a bad omen for Naspers and the JSE. The S&P 500 index closed 1.4% lower on Tuesday, but a weaker rand translated that into a 0.2% rise to R32.50 for the JSE-listed CoreShares S&P 500 tracker. At 7am the rand was trading at R12.02 to the dollar, R14.83 to the euro and R16.86 to the pound. If February’s core inflation, which Statistics SA is scheduled to release at 10am on Tuesday, comes in at the expected 4.1%, it would normally ...
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