MARKET WRAP: JSE closes weaker in risk-off trade ahead of heightened US-China tension
The JSE closed weaker on Wednesday as risk-off sentiment gripped global markets ahead of a likely escalation in trade tension. The local market focus has shifted to global issues following Tuesday’s GDP data that revealed the South African economy was in recession, having contracted 0.7% in the second quarter from a revised 2.6% drop in the first. Tension over trade between the US and its partners has put pressure on global markets in recent months. The "public comment period" for the US’s proposed new tariffs on more than $200bn worth of Chinese goods is due to end on Thursday, possibly paving the way for US President Donald Trump’s administration to implement the tariffs. Negotiations between the US and its trade partners have been a source of anxiety for Wall Street, though this has been largely offset by strong corporate results and signs of a healthy domestic economy, Dow Jones Newswires reported. The Dow was flat at the JSE’s close, with European markets rattled by the intensi...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.