JSE faces a gloomy Tuesday

Monday’s cheer over China’s proposed economic stimulus proved to be short-lived, with global stocks continuing their downward march on Tuesday.

Tencent was down 3.1% to HK$282.20, indicating Naspers will resume its slide after Monday’s 3.2% rebound.

BHP was down 1% to A$32.85 in Sydney ahead of the JSE’s opening.

Asian markets took their cue from Europe, where the Stoxx 50 declined 0.65% on Monday. A weakening rand translated this into a 1.67% drop to R52.49 for Sygnia’s Euro Stoxx 50 index tracking exchange-traded fund (ETF).