MARKET WRAP: Record UK inflation sends JSE reeling
Tuesday’s rebound halted in its tracks by UK price data and the Fed’s unflinching commitment to tackle inflation
The JSE reversed Tuesday’s gains as investors once again turned their attention to inflation, the prospect of further aggressive interest rate hikes and their effect on the global economy.
Consumer prices in the UK rose by 9% in April, the highest in 40 years, adding pressure on the Bank of England to act decisively and prompting a decline of 1.07% in London’s FTSE 100. Economists surveyed by Bloomberg had expected an inflation reading of 9.1%, ..