Chinese tech giant Tencent reported a halving of quarterly profit on Wednesday, while a number of US firms also released troubling results
The JSE looks set to contend with significant pressure on Asian markets on Thursday morning, with investors digesting earnings reports that point to a deteriorating global economy.
The tech-heavy Nasdaq lost 4.7% on Wednesday and the S&P 500 4%, losses similar to those seen in early 2020 when much of the world was reacting to the emergence of Covid-19. Naspers and Prosus had lost almost 5% on Wednesday, and Tencent’s results had been released before the JSE close. Gold was flat at $1,815.64/oz, while platinum had fallen 0.64% to $928.50. Brent crude was up 1.27% to $110.58 a barrel.Domestic focus on Thursday is squarely on the Reserve Bank policy announcement later, amid expectations that a 50-basis-point hike may be on its way. SA’s inflation for April had remained steady at 5.9% year on year, towards the top end of the Bank’s target range.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JSE faces green Asian markets as Chinese tech stocks riseTencent, which influences the local bourse via the Naspers stable, gains 3.71%
Read more »
JSE faces mixed Asian markets as inflation concerns persistWorry about inflation remains, despite Shanghai’s lockdown coming to an end and Liu He saying he supports the development of the tech sector
Read more »
Asian stocks rise, offers some light for JSE | CitypressThe JSE closed in positive territory on Monday with financials and resources sectors leading the gains to close at 69 211.76. The All Share index was 0.82% higher, resources were up 1.53% while financials gained 1.26%.
Read more »
Fix the potholes and cut JSE red tape, urges Gareth AckermanThe Pick n Pay boss has criticised the number of delistings on the JSE, while also taking aim at the government over infrastructure maintenance
Read more »
Hope that China will ease Covid-19 restrictions boosts JSEBut ‘if literally one case appears again [in Shanghai], any relief rally in the markets could disappear in a puff of smoke’
Read more »
JSE firmer, with local focus firmly on inflation dataThe local bourse is stronger on Wednesday morning as investors await release of consumer price index data
Read more »