The JSE continued its slide in global risk-off trade on Wednesday, with market focus remaining on the possible imposition of further US tariffs on China. Rand weakness continued, putting pressure on banks and retailers, while platinum stocks rose sharply. The rand reached an intraday worst of R15.697 to the dollar, from Tuesday’s close of R15.3483. This week has seen it trading at two-year lows. At the JSE’s close it was at R15.4374. Global markets in general were under pressure, as investors waited for news on the future of US trade relations. US negotiations with Canada over the North American Free Trade Agreement (Nafta) continued on Wednesday, while it is widely expected the White House will impose 25% tariffs on $200bn worth of Chinese imports on Thursday. Local economic news was downbeat. The Standard Bank whole-economy purchasing managers index (PMI), released earlier, showed that business conditions deteriorated further in August, with the index dropping to 47.2 points, from...
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