JSE slumps on trade jitters, led by 4% fall in banks
Banks posted their biggest one-day loss in five months after global markets reacted badly to a decision by the US to impose new tariffs on China
The JSE fell almost 1% on Friday, capping what was a busy week in terms of news, with rand sensitive stocks taking their direction from risk-off trade.A decision by the White House to implement $50bn in new tariffs against Chinese goods spooked the market, with the JSE, along with US and European markets, all lower on the day.The prospect of trade war — which analysts said was increasingly been seen as an impediment to global economic growth — hit local mining shares, with diversified miners posting the greatest losses. The rise in global trade tension came at a time when emerging-market export growth had already started to slow, said Capital Economics analysts.Local news was also downbeat, with Eskom continuing with load shedding, amid an ongoing unprotected strike at the utility.The all share fell 1.43% to 57,660.5 points and the top 40 dropped 1.63%. The bourse lost 0.97% for the week.Banks fell 3.94%, gold miners 2.83% and financials 2.44%. Platinums firmed 0.2%.Diversified mine...
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