Picture: MICHAEL ETTERSHANK
Picture: MICHAEL ETTERSHANK

The JSE tracked broadly weaker global markets on Tuesday morning, with only gold miners lifted a little by safe-haven trade, as markets continued to dial back expectations of US interest-rate cuts.

Although markets have still priced in a 100% chance of a 25 basis points cut in July, market expectations of a 50 basis points cut had dropped to 2.5% on Tuesday morning, from 23.5% a week ago.

An upbeat US jobs report on Friday caused the shift in expectations, and focus is now upon a speech by US Federal Reserve chair Jerome Powell, expected at 2.45pm SA-time.

At 9.30am the all share was down 0.56% to 57,408.1 points and the top 40 had fallen 0.61%. Banks were down 0.77%. Gold miners added 0.98%.

Gold was down 0.12% to $1,393.74/oz while platinum had fallen 0.37% to $811.87. Brent crude was 0.25% higher at $64.06 a barrel.

The rand was flat at R14.1771/$.

Diversified miner Glencore had fallen 1.86% to R47.59.

Sasol was 2.24% lower at R336.10.

Implats was down 1.14% to R74, paring Monday's 3.38% gain, which followed its announcement that platinum sales volumes for the year to end-June were expected to increase 12% year on year, while refined platinum production was expected to rise 4%.

Investec edged 0.13% lower at R15.38. After markets closed on Monday, it said that it had acquired an additional interest in Investec Argo Property fund, bringing its total investment to £36.7m — a 33% shareholding.

Intu Properties was down 0.14% to R13.88.

Murray and Roberts was up 4.42% to R14.19. Bloomberg reported that an analyst at Renaissance Capital had upgraded the stock from hold to buy.

gernetzkyk@businesslive.co.za