JSE lower as US Fed strikes hawkish note
Asian markets lose ground as the all share tests 52,000 points with Naspers on the back foot as the rand remains steady
The JSE all share opened lower on Thursday as risk-off trade received another boost after the minutes released from the US Federal Reserve's federal open market committee (FOMC) reflected a hawkish stance. The market has priced in a further hike at the Fed's December meeting, with hikes set to rise further in 2019, "albeit gradually", the minutes showed. The release of the Fed minutes halted the risk-on environment in the market over the past couple of days, TreasuryOne currency dealer Wichard Cilliers said. "The Fed thinks interest rates are still low, which encourages borrowing, investing and spending, thereby boosting overall economic growth," he said. The dollar firmed in response but the rand traded largely unchanged at about R14.24 a dollar. The Dow closed 0.36% lower on Wednesday. The Nikkei 225 was 0.8% lower on Thursday, with the Shanghai Composite down 2.94% and the Hang Seng 0.48%. Naspers followed a lower Tencent share price in Hong Kong, losing 1.97% to R2,702.95, exten...
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