JSE lifts a little after rand’s recovery
Fears over cooling global growth have abated somewhat, with the rand holding on to overnight gains, to the benefit of banks and retailers
The JSE edged higher on Tuesday morning, boosted by recent gains in the rand, which helped lift local banks and retailers. Global equities suffered their second day of sharp losses on Monday, as concern mounts about the state of the global economy. The inversion of the US treasury yield curve has been of particular concern to investors, as it often points to a looming recession. An inverted yield curve refers to the yield on longer-dated debt falling below that of shorter-dated debt, pointing to market expectations of future accommodative monetary policy. However, US treasuries recovered on Monday. But despite some improvement in sentiment, analysts say markets remain sceptical about global growth prospects.
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