MARKET WRAP: JSE weakens as market eyes future of ‘Trumponomics’
The tone on global markets is cautious ahead of the US mid-term elections, with local retailers and rand hedges under strain
The JSE weakened on Tuesday, led lower banks and rand hedges, but came off its worst levels towards the close as Naspers pared losses. The tone on global markets was cautious, with investor focus on the outcome of the US mid-term elections, which offers the prospect of political gridlock in Washington. Global markets edged lower for much of the day, although the Dow opened higher, giving some relief to most local indices. Should the Democrats win back a majority in the house of representatives, US President Donald Trump will find it more difficult to push his agenda, analysts said. This could reduce market volatility, to the benefit of emerging-market risk assets. However, should Republicans prevail, stocks could be boosted by the prospect of “Trumponomics 2.0”, said Oanda vice-president of market analysis Dean Popplewell. Naspers fell 0.54% to R2,910, tracking losses in Hong Kong-listed associate Tencent. Pressure on the share price of Apple has once again put other tech stocks on ...
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