MONEY LIVE | Markets and oil prices extend losses on recession fears -
Aveng has found a potential buyer for its subsidiary Trident Steel after technical issues about its classification weighed heavily on the JSE-listed construction group’s performance and share price.
The mood turned dark following a sharp Wall Street sell-off on Friday after data showed US consumer prices surged 8.6% in May, its biggest gain since 1981, raising worries about a bigger 75-basis-point rate hike at the Fed meeting this week. "The correlation between the equity markets and bitcoin continues to" gain strength, said AvaTrade analyst Naeem Aslam.- AFPA rocketing dollar saw the rand crash through the R16/$ level for the first time in more than three weeks. On Friday morning, the rand was trading 3.5% weaker at R16.01.
Fresh Covid-19 outbreaks in Shanghai and Beijing have also seen authorities reimpose containment measures soon after lifting them, leading to fears about the world's number two economy. With the central bank forced to be more aggressive, there is a concern that the US economy could be sent into recession next year.
Asia followed suit, with Hong Kong, Tokyo and Seoul down more than three percent, while Mumbai, Jakarta, Taipei, Jakarta and Wellington were off more than two percent.Goldman Sachs analysts said in a note:"At some point financial conditions will tighten enough and/or growth will weaken enough such that the Fed can pause from hiking."
Parts of Shanghai were put back into lockdown and officials carried out mass testing on millions of people, just weeks after lifting strict measures in the country's biggest city.The dollar rallied on Friday, after data showed US consumer prices accelerated in May, suggesting the Federal Reserve may have to continue with interest rate hikes through September to combat inflation.
"Inflation is now at a 40-year high with little evidence that it has peaked," said John Doyle, vice president of dealing and trading at Monex USA. CPI jumped one percent compared to April, after the modest 0.3 percent gain in the prior month, the Labour Department reported, far higher than expected by analysts who were looking for inflation pressures to ebb slightly.
But one of the conditions for the deal was that Magister wouldn’t have to make a mandatory offer to minority shareholders as part of the deal. MSCI's world equity index fell 0.22% to its lowest since May 26, and was heading for a 2% fall for the week. Cash transactions contributed almost 80% of sales, while online sales now contribute more than 10% of total turnover.
Orion intends to soon make an announcement to update the market in relation to capital raising. At R0.26 a share, Orion’s stock price is 33% lower over the past year. Paper and pulp producer Sappi said in a statement that the Public Investment Corporation has hiked its interest in the company to 20.011%.SA's current account surplus increases
South Africa’s trade surplus widened from R336 billion in the fourth quarter of 2021 to R360 billion in the first quarter of 2022, thanks in part to record gold exports. The shortfall on the services, income and current transfer account widened to R217 billion in the first quarter of 2022 from R204 billion in the fourth quarter of 2021.Vukile jumps almost 7% as it reports strong trading
Its gross property revenue for the year to end-March increased to R3.5 billion, from R3.1 billion in the previous year. Adding to the gloom was the OECD's sharp downward revision of its global growth outlook and doubling of its inflation forecast. The comment lifted expectations that the Federal Reserve will stick to its hawkish path and hike interest rates by half a point for at least three more meetings this year as it tries to bring down inflation from four-decade highs.
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.
People in Joburg, West Rand could live almost 4 years longer if air were cleaned up - report | Fin24South Africans can improve their life expectancy by 1.5 years if the government follows the World Health Organisation's guidelines of safe air quality, research shows. | Fin24
Read more »
YOUR MONEY: When there’s no wiggle room leftA reader asks how she can stretch her income further, and save more.
Read more »
UKRAINE LIVE UPDATES | Russia's war in Ukraine could last years, NATO's Stoltenberg saysUkraine live updates
Read more »
LIVE | 2022 Canadian Grand Prix | SportThe Canadian Grand Prix returns after a two-year absence as Red Bull and Max Verstappen look to continue their impressive form. But can Ferrari and Charles Leclerc get their F1 title bid back on track?
Read more »