JSE opens lower in cautious trade on heightened threat of trade war
The JSE opened weaker on Monday amid poor emerging-market sentiment, in what promises to be another choppy week for developing markets. Trading was mixed at the opening with banks up but property down, while Naspers lost further ground after falling 3.5% last week. US jobs data released on Friday exceeded expectations, raising the possibility of a more aggressive stance on interest rates by the US Federal Reserve. The market has priced in at least two further hikes in 2018, including one later in September. The rand had retreated from the extreme levels it reached last week. "However, headlines regarding former president Jacob Zuma planning a comeback against President Cyril Ramaphosa over the weekend have once again created a backdrop of caution," Nedbank Corporate and Investment Banking analysts said. On the international front, continued talk from US President Donald Trump regarding further escalation of the trade war with China also does not bode well for emerging markets, they ...
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