MARKET WRAP: JSE tracks global peers weaker, while rand breaches R17/$
Risks have shifted from inflation to global economic growth, while the recent uptick in China’s Covid-19 cases has added to concerns
11 July 2022 – 19:07
The JSE tracked global peers lower on Monday, while the rand breached the R17 per dollar level for the first time since October 2020.
Globally, technology stocks were under pressure after Chinese regulators fined both Alibaba and Tencent for past transactions. Reuters reported that China’s State Administration for Market Regulation fined the two tech giants for not properly reporting past deals, indicating how fragile investor mood remains towards the sector despite signs of easing regulatory headwinds.
The latest penalties imposed on Alibaba and Tencent followed fines on a live-streamer for tax evasion in February, while both Alibaba and Tencent were penalised for violations of antitrust rules in November…
Source: businesslive.co.za
