JSE weakens as investors parse gloomy economic news
Chinese exports drop sharply in February, while the downgrade of eurozone growth forecasts on Thursday has the market worried
Gloomy international economic news ensured the JSE tracked weaker Asian markets on Friday morning, although gold miners benefited from a weaker rand and investor interest in safe-haven assets. Chinese exports dropped 20.7% in February month on month, surprising the market, which according to macroeconomics website Trading Economics had expected a 4.8% fall. The downbeat data comes a day after the European Central Bank (ECB) lowered its growth forecasts for the eurozone, with its promises of new stimulus measures putting pressure on the rand and the euro. The local currency is now at its worst level against the dollar since early January. Both President Cyril Ramaphosa's reiteration of the ANC's plans to nationalise the Reserve Bank, as well as news of electricity tariff increases that are well above inflation, also served as headwinds for the local currency, analysts said. Naspers was down 1.19% at R3,092.83 at 10am on Friday, tracking losses of its main asset, Hong Kong-listed Tenc...
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