JSE drops as global markets digest weak Chinese data
The JSE was lower on Friday morning, in its second day of losses as weaker Chinese economic data weighed on Asian markets.
China’s GDP growth in the third quarter slowed to its slowest pace in almost 28 years, data showed on Friday. The latest figure heightened fears about the effect the US-China trade war has had on the latter’s economy.
“Weak growth data confirmed that the trade disruptions with the US have continued taking a toll on China’s economy during the third quarter and a trade truce is the only way to put the emerging-market giant back on its feet,” London Capital Group senior market analyst Ipek Ozkardeskaya said.
Earlier, the Shanghai Composite lost 1.32%, Hong Kong’s Hang Seng 0.48% and while Japan’s Nikkei 225 added 0.18%. In Europe, the FTSE 100 and France’s CAC were down 0.45% each, while Germany’s DAX was flat.
At 10.55am, the JSE all share was down 0.22% to 55,868.1 points and the top 40 0.23%. Industrials lost 0.39% and resources 0.27%.
South32 was down 2.04 to R24.91, Glencore 1.57% to R43.19, BHP Group 1.01% to R302.84 and Anglo American 0.79% to R357.69.
Source: businesslive.co.za
