The JSE slipped on Thursday along with its global peers as renewed fears of a global recession weighed on investors’ decision-making.
By mid-morning, the local bourse was a touch softer having tracked US markets overnight, which closed lower following the release of a poor December retail sales reading, which has stoked the flames of a possible recession.
The sales report indicated that users were slowing spending in the face of growing inflation in higher interest rates.
“Continued hawkishness from Federal Reserve speakers spurred investors’ concerns that bad news on the economy means bad news for company outlooks,” commented forex trading house TreasuryONE.
The All Share Index fell 0.45% to 79,505 points.
At 05.24 pm, the S&P 500 had slipped 0.58% and the Nasdaq was down 0.85%, France’s CAC 40 slumped 1.60%, London’s FTSE 100 was down 0.77%, and Germany’s DAX fell 1.34%. Earlier, Asian markets closed mixed with the Nikkei closing 1.44% lower and Hong Kong Hang Seng losing 0.12% while the Shanghai Composite added 0.49%.
In the currency markets, the rand is on the back foot against all major currencies. The local unit is trading at R17.2903 against the dollar, R18.69 against the euro and R21.3772 against the pound sterling.
