JSE faces weaker Asian markets on Thursday
The JSE faces weak Asian markets on Thursday morning amid a slew of data that painted a mixed picture of China’s recovery from the Covid-19 pandemic.
The world’s second-largest economy grew by a better-than-expected 3.2% in the second quarter, rebounding from an almost 7% contraction in the first.
However, retail sales, a key indication of consumer sentiment, fell short of expectations, shrinking 1.8% in June, Bloomberg reported.
Markets this week have been boosted by vaccine hopes, but geopolitical tension over China’s relationship with the US and rising Covid-19 numbers remains a threat to sentiment.
In morning trade, the Shanghai Composite was down 1.4% and Hong Kong’s Hang Seng 1.17%.
Tencent, which influences the JSE via Naspers, had slumped 3.2%.
Gold was up 0.12% to $1,810.10/oz, while platinum had fallen 0.68% to $826.80. Brent crude was down 0.25% to $43.52 a barrel.
The rand was 0.42% weaker at R16.64/$.
Woolworths is due to release a trading update for its year to end-June later, while TFG is expected to release the final terms of a rights offer, having said recently it is targeting about R3.95bn.
Would you like to comment on this article or view other readers' comments? Register (it’s quick and free) or sign in now.
Please read our Comment Policy before commenting.