JSE weakens as Chinese growth drops to nine-year low
China's growth rate is just the latest data set showing global headwinds, the all share would need rise 2.5% on Friday to finish the week higher
The JSE inched lower on Friday morning, reversing slight gains that were due to Naspers, amid slightly gloomy sentiment on global markets. Hawkish US Federal Reserve minutes on Wednesday and geopolitical tension in Europe and the Middle East has taken the edge off investor appetite this week, although the rand has remained stable. Concern that global economic growth is slowing has dampened sentiment in general, although local banks and retailers have been the beneficiary of falling oil prices this week. At 9.30am the all share was 0.21% lower at 52,025.6 points and the top 40 was down 0.29%. Platinum miners were 0.84% lower, banks 0.78% and industrials 0.2%. The local currency lost about 20c in late overnight trade and was at R14.41 on Friday morning, slightly firmer against major currencies. Market interest in risk assets dulled somewhat after subdued Chinese economic data showed that its growth rate had slowed to a nine-year low. China’s growth in the third quarter dropped to 6.5%...
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