JSE struggles to maintain earlier momentum Fri, 17 Aug 2018 19:13:46 +0200
The JSE barely closed firmer on Friday as it struggled to maintain earlier gains.
Wall Street stocks have fallen as the Turkish lira fell on the latest diplomatic frictions with the United States.
Andre Botha, senior currency Dealer at TreasuryONE, said in a morning note that the rand was still taking its cue from risk-averse emerging market sentiment.
European stocks have rebounded on news that Beijing and Washington will hold trade talks, while the Turkish lira rose after Qatar offered to invest $15bn in Turkey.
The JSE rebounded to close firmer on Thursday following Wednesday’s sharp sell-off.
Wall Street stocks have risen early following news US and Chinese officials will hold trade talks, and as Walmart surged on strong earnings.
Analysts say the period of sharp volatility for the local currency is likely to continue, with both local and international factors playing a role.
Asia stocks have closed lower, joining a global sell-off on concerns over Turkey's financial crisis, although losses were capped by news that China and the US would hold trade talks.
Hong Kong stocks have continued their week in red despite news of fresh US-China trade talks, tracking losses on Wall Street.
European equity markets have climbed at the start of trading, with London's benchmark FTSE 100 index up 0.3% at 7 521.53 points.
Asia stocks have drifted lower, joining a global sell-off on concerns over Turkey's financial crisis.
Tokyo's benchmark stock index has closed flat, trimming early losses after the news that China and the US would hold trade talks.
The rand headed for its biggest drop against the dollar since 2016, buffeted by headwinds, including a downbeat view of the economy by Moody’s and a plunge in the biggest company on the JSE.
Naspers has come under pressure following the release of its Hong Kong listed associate, Tencent's second quarter earnings results.
Stock markets have mostly fallen with commodities-linked assets hit by dollar strength, while the Turkish lira recovered further.
The rand has slumped more than 3% due to renewed uncertainty over South Africa's land reform plan and a Moody's warning on the country's fiscal deficit.
European stock markets have risen at the start of trading, with London's benchmark FTSE 100 index climbing 0.3% to 7 631.64 points.
Asian shares have fallen as concerns about Turkey's financial crisis weighed on investor sentiment but the crisis-hit lira took a breather following the turmoil of the past week.
Tokyo stocks have erased early gains to finish lower in trading, as Turkey's currency crisis fuelled concerns of contagion to other emerging economies.
South Africa just had its strongest bond auction since March, a sign investors see value in the country’s debt after a sell-off sparked by Turkey’s currency woes.