JSE lower, led by banks after Dow’s 3% plunge
Local stocks are reacting to a broad sell-off on US markets on Tuesday, prompted by fading optimism over the US-China trade war
The JSE slipped more than 1% in broad-based losses on Wednesday morning, reacting to a sharp sell-off of US equities on Tuesday as investors grew sceptical about the prospect of easing US-China trade tensions. Global markets, including the JSE, had rallied strongly on Monday after the US and China agreed to a 90-day truce in their trade dispute in order to settle on an agreement. Analysts, however, have pointed to a lack of any clear details of an agreement, with a number of outstanding issues remaining. The Dow fell more than 3% on Tuesday, with Asian markets lower on Wednesday. At 9.28am the all share was down 1.19% at 51,613.2 points and the top 40 was down 1.27%. Industrials fell 1.36%, banks 1.61%, and food and drug retailers 1.31%. Naspers lost 2.07% to R2,869.33, in line with losses of its Hong Kong-listed associate, Tencent, earlier. Local focus is on politics, with investors watching the debate on land expropriation without compensation. This has put some pressure on the ra...
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