JSE drops as global markets digest more trade news
The US says it may impose tariffs of up to 100% on $2.4bn worth of French imports including champagne, cheese and handbags
The JSE was lower on Tuesday morning while global markets were mixed as investors mull over the latest trade news.
The US said on Monday that it may impose tariffs of up to 100% on $2.4bn (R35bn) worth of French imports including champagne, cheese and handbags saying that France's new digital services tax would affect US tech companies, Reuters reported.
This follows comments by US President Trump on Monday that the US would restore tariffs on steel and aluminium imports from Brazil and Argentina.
“Traders have had US-China trade tunnel vision. As Americans would say, this came out of left field. The new tariffs in South America are a reminder that with Trump as US President, a phase one trade deal with China doesn’t mean global trade just resets to the old status quo,” London Capital head of research Jasper Lawler said.
Earlier, the Shanghai Composite added 0.31% while Hong Kong's Hang Seng lost 0.2% and Japan's Nikkei 225 0.64%.
At 11am, the JSE all share was down 0.56% to 54,507.7 points and the top 40 0.6%. Resources lost 1.39% and industrials 0.25%.
Curro Holdings said on Tuesday that it had acquired three new schools in Gauteng as parts of its plan to increase its presence in the province. Its share price was down 0.12% to R16.26.
Grindrod Shipping said on Tuesday that it has extended the termination date of its IVS Bulk joint venture to December 31. Its share price was up 1.03% to R98.