Picture: MICHAEL ETTERSHANK
Picture: MICHAEL ETTERSHANK

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.

mjoo@businesslive.co.za