MARKET WRAP: JSE closes slightly firmer amid surge in US markets
A probable interest-rate hike by the US Federal Reserve on Wednesday has added to the woes of emerging markets
The JSE closed marginally higher on Tuesday with retailers and financials leading the way amid cautious trade as global miners and platinum stocks were among those that declined.Markets adopted a cautious view towards the historic summit between the US and North Korea as the agreements between US President Donald Trump and North Korean leader Kim Jong-un still lacked some detail.Volumes traded on the JSE were low for the second consecutive session as the market sought direction from global markets, which traded mostly flat or slightly weaker on the day.The local market, together with other emerging markets, has been on the back foot for most of May and June as American markets jumped on steady economic growth and better-than-expected company results.A probable interest-rate hike by the US Federal Reserve on Wednesday has added to the woes of emerging markets.Allocation to US equities climbed 16 percentage points to a net 1% overweight, the first time investors surveyed have gone ove...
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