JSE slips as trade war concerns persist
The JSE started the week in negative territory, tracking global markets as the protracted trade war between the US and China escalated last week.
US President Donald Trump said that Chinese officials had indicated their willingness to return to the negotiation table after the US threatened to impose a 25%-30% tariff on $250bn worth of Chinese goods.
The latest threat comes in retaliation to Beijing’s decision to impose new tariffs between 5% and 10% on $75bn of US imports.
Earlier, the Shanghai Composite had lost 1.17%, Hong Kong Hang Seng 1.97% and Japan’s Nikkei 225 2.17%.
At 10.10am, the JSE all share was down 0.62% to 53,661.10 points and the top 40 0.68%. Banks fell 1.24% and financials 1.07%.
Naspers fell 1.21% to R3,377.67 after its Hong Kong-listed subsidiary Tencent earlier was down 2.51%.
Stadio Holdings was flat at R2.89 after the company said on Monday that its core headline earnings increased 46% to R46m in the six months to end-June.
Redefine was down 1.25% to R7.90 after the property owner said on Monday that it planned to cut its debt.
Source: businesslive.co.za
