The JSE was weaker on Tuesday morning after disappointing Chinese manufacturing data upset global markets.
China’s official purchasing managers index (PMI) fell to a three-year low of 49.7 in August from 50 in July. A reading below 50 indicates a contraction in economic activity.
Asian markets retreated. The Shanghai Composite index was down 1.23% at the close‚ the Hong Kong Hang Seng lost 2% and the Japanese Nikkei 225 fell 3.84%.
Concern about growth in China has upset US and European markets. The Dow Jones industrial average closed 0.69% lower overnight and European markets are weaker in morning trade.
At 10.01am‚ the all share was down 1.15% at 49‚397.1 and the blue-chip top 40 lost 1.26%.
Gold miners led the gainers‚ up 3.16%. Platinums were up 0.51%‚ while resources fell 0.77%.
Banks and financials led the decliners‚ giving back 1.36% and 1.4% respectively.
Barclays analysts said in a global note that the fall in US equities on Monday was probably due to comments from Federal Reserve vice-chairman Stanley Fischer at the Jackson Hole symposium as well as concern about China.
Mr Fischer’s comments about inflation increasing and warning that “we should not wait until inflation is back to 2% to begin tightening” probably led markets to price in a higher probability of a rate hike in September‚ Barclays said.
Among individual shares on the JSE‚ Anglo American was down 1.12% at R145.21 and rival BHP Billiton was down 1.4% at R222.75. Glencore shed 4.89% to R29.20.
Sasol gained 2.14% to R434 amid a firmer Brent oil price.
Among gold stocks‚ Harmony added 5.59% to R11.91 and AngloGold Ashanti was up 3.30% at R110.31.
Impala Platinum added 1.05% to R50.04‚ while Lonmin was down 1.81% at R7.06.
Building materials company Cashbuild fell 1.85% to R307.01 despite reporting on Tuesday that full-year headline earnings were up 33% to R352m. — BDlive
JSE weaker after disappointing Chinese data
The JSE was weaker on Tuesday morning after disappointing Chinese manufacturing data upset global markets.
China’s official purchasing managers index (PMI) fell to a three-year low of 49.7 in August from 50 in July. A reading below 50 indicates a contraction in economic activity.
Asian markets retreated. The Shanghai Composite index was down 1.23% at the close‚ the Hong Kong Hang Seng lost 2% and the Japanese Nikkei 225 fell 3.84%.
Concern about growth in China has upset US and European markets. The Dow Jones industrial average closed 0.69% lower overnight and European markets are weaker in morning trade.
At 10.01am‚ the all share was down 1.15% at 49‚397.1 and the blue-chip top 40 lost 1.26%.
Gold miners led the gainers‚ up 3.16%. Platinums were up 0.51%‚ while resources fell 0.77%.
Banks and financials led the decliners‚ giving back 1.36% and 1.4% respectively.
Barclays analysts said in a global note that the fall in US equities on Monday was probably due to comments from Federal Reserve vice-chairman Stanley Fischer at the Jackson Hole symposium as well as concern about China.
Mr Fischer’s comments about inflation increasing and warning that “we should not wait until inflation is back to 2% to begin tightening” probably led markets to price in a higher probability of a rate hike in September‚ Barclays said.
Among individual shares on the JSE‚ Anglo American was down 1.12% at R145.21 and rival BHP Billiton was down 1.4% at R222.75. Glencore shed 4.89% to R29.20.
Sasol gained 2.14% to R434 amid a firmer Brent oil price.
Among gold stocks‚ Harmony added 5.59% to R11.91 and AngloGold Ashanti was up 3.30% at R110.31.
Impala Platinum added 1.05% to R50.04‚ while Lonmin was down 1.81% at R7.06.
Building materials company Cashbuild fell 1.85% to R307.01 despite reporting on Tuesday that full-year headline earnings were up 33% to R352m. — BDlive
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Trending
Latest Videos