JSE faces a gloomy Tuesday
Monday’s cheer over China’s proposed economic stimulus has proved to be short-lived and global stocks have resumed their downward march
Monday’s cheer over China’s proposed economic stimulus proved to be short-lived, with global stocks continuing their downward march on Tuesday.
Tencent was down 3.1% to HK$282.20, indicating Naspers will resume its slide after Monday’s 3.2% rebound.
BHP was down 1% to A$32.85 in Sydney ahead of the JSE’s opening.
Asian markets took their cue from Europe, where the Stoxx 50 declined 0.65% on Monday. A weakening rand translated this into a 1.67% drop to R52.49 for Sygnia’s Euro Stoxx 50 index tracking exchange-traded fund (ETF).
Sygnia’s FTSE 100 tracker fell 1.25% to R131.59 as Brexit jitters dragged UK stocks down
Tuesday is a quiet day on the JSE results and local economic fronts, a lull before Wednesday’s medium-term budget policy statement.
The rand was trading at R14.37/$, R16.46/€ and R18.62/£ at 6.30am.