MARKET WRAP: JSE reverses losses as dollar weakens
The US has been dealt a blow as global growth concern rose this week after China reported its weakest growth in three decades
The JSE rallied on Friday as the rand strengthened against the dollar, which was hit by mounting trade tension and prospects of lower global growth. On Thursday, US commerce secretary Wilbur Ross said that the US and China were “miles and miles” from resolving trade issues. Trade tension between the world’s two largest economies have spooked investors in recent weeks. The all share gained 0.77% to 54,050.2 points and the top 40 rose 0.88%. While banks added 2.51%, gold miners 1.95 and general retailers 0.58%, industrials fell 0.16%. The government shutdown in the US has been going for more than a month — the longest on record. The US has also been dealt a blow as global growth concerns rose this week after China reported its weakest growth in three decades, and the International Monetary Fund downgraded its forecasts for the global economy for 2018 and 2019 On Thursday, European Central Bank president Mario Draghi acknowledged that the outlook for the eurozone economy had deteriorat...
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