JSE faces continued global uncertainty on Wednesday
The JSE may take its cue from a weaker rand on Wednesday morning amid continued US-China trade war uncertainty as well as potential US sanctions against Turkey.
Markets remained concerned that recent US-China negotiations may not result in a comprehensive deal, while the US has imposed sanctions on Turkish officials in response to that country’s military offensive in Syria.
US markets, however, rose on Tuesday due to a series of better-than-expected corporate releases, though Asian markets were subdued on Wednesday morning.
At 6.15am SA time, Hong Kong’s Hang Seng was flat, while the Shanghai Composite had lost 0.28%.
Gold was up 0.21% at $1,484.21/oz and platinum 0.25% to $886.44. Brent crude was flat at $58.84 a barrel.
The rand was 0.28% down at R14.92/$.
Local focus on Wednesday is on August’s retail numbers, due to be released at 1pm, with the consensus that sales rose 1.5% year on year in that month. The figures will be closely watched following subdued mining and manufacturing numbers for the same month, which have raised fears that SA’s economy contracted in the third quarter.
US retail sales numbers and UK inflation data will be watched globally, while investors are also awaiting further Brexit developments.
Source: businesslive.co.za
