JSE opens lower after Donald Trump’s warning curbs trade-deal hopes
Trump threatened a tougher deal or no deal between the two economic superpowers in tweets on Tuesday, after officials from China and the US met in Shanghai this week
The JSE was lower on Wednesday morning tracking Chinese markets after US President Donald Trump dampened hope that the US and China would soon reach a trade deal.
Trump threatened a tougher deal or no trade agreement between the two economic superpowers in a series of tweets on Tuesday, after officials from both countries met in Shanghai this week.
“His untimely tweets confirmed once again his reluctance to get a trade deal done in the foreseeable future,” London Capital Group senior market analyst, Ipek Ozkardeskaya said in a note.
Earlier, the Shanghai Composite had fallen 0.67% and Hong Kong's Hang Seng 1.31% while Japan's Nikkei 225 earlier gained 0.43%.
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At 10.45am, the JSE all share had fallen 0.41% to 57,007.60 points and the top 40 0.36%. Industrials were down 0.69% and gold miners 0.77%.
Intu Properties plunged 20% to R9.57 after the company said on Wednesday that it may require more funding from shareholders to cut its debt.
Small-cap electrical products company Ellies is expected to release annual results while the SA Revenue Service is scheduled to release balance of trade figures for June later on Wednesday.
Pick n Pay fell 1.15% to R65.43. The company announced Lerena Olivier as the retailer's chief financial officer and executive director effective from September 6 2019. Olivier served as a senior executive for the company's financial division for eight years.