Global markets traded lower on Thursday while the International Monetary Fund said it would lower its global outlook as recession fears continue to rise.
IMF head Kristalina Georgieva said an upcoming report from the financial agency would downgrade its growth projections for next year, “one that she said would paint a dark picture of the looming economic threats,” reports the New York Times.
The IMF currently projects global output to grow by 2.9% next year but this will be lowered when it releases its World Economic Outlook report next week.
Stock markets rose earlier on Thursday as the dollar eased while oil prices surged after OPEC agreed to cut production output, but stocks have since sunk into the red while investors are anxiously keeping an eye on Friday’s US non-farm payrolls report.
The data will give some direction as to what the outlook is for future interest rates.
The local bourse gained 0.34% to see the All Share Index close at 65,833 points.
In the currency markets, the dollar continues to climb and is currently trading half a per cent up for the day with the local unit trading at R17.92/$.
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