The JSE was weaker in early-morning trade on Tuesday, following a negative close on the Dow and mixed Asian markets, which were under pressure following the release of soft Chinese data. Chinese retail sales growth came in at 8.8% year on year in July, from 9% in June — worse than the predicted 9.1%. Industrial production growth remained unchanged at 6% year-on-year. The consensus was for an uptick to 6.3%. Naspers was more than 3% down at R3,300, as the market heavyweight usually trades on news out of China, where it owns a third of Chinese internet company Tencent.
Banks, financials and retailers were up after the rand recovered more than 2% against the dollar to R14.056. Gold stocks were sharply lower. The Turkish lira has stabilised at 6.5 to the dollar after weakening above 7/$ earlier. Investors remain cautious, however, with emerging markets not out of the woods yet. The Turkish government has dismissed hiking interest rates or taking other necessary steps to contain th...
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