JSE opens lower in risk-off trade after $200bn tariff threat by Donald Trump
The JSE opened weaker on Tuesday as risk-off sentiment continued to hammer markets after US President Donald Trump threatened to impose another $200bn worth of tariffs on China. Trump said the tariffs would come into effect if China "refuses to change its practices", rattling global markets. The dollar strengthened in reaction, firming to $1.1583 to the euro while the rand weakened to near the crucial R14/$ threshold, at R13.9168. However, market reaction among miners and rand hedges were mixed with Naspers trading 1% lower. Retailers and banks were the main losers in early trade. The only real bright spot on the JSE were gold stocks, which firmed on a higher gold price at $1.28/oz. "It is expected that the latest instalment of concerns over the US and China entering a potential trade war would result in global stock markets coming under pressure this week," FXTM analyst Jameel Ahmad said. Reduced risk appetite was likely to lead to the rand facing additional selling pressure, he sa...
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