Rand also dropped ahead of elections with margin of victory for the ANC keenly watched by analysts
Donald Trump's unpredictable behaviour played havoc with SA’s markets, with the JSE posting its biggest drop in more than a month after the US president’s sudden threat to increase tariffs on Chinese imports sparked a fresh round of risk aversion.
“Trump's tweet is a reminder that the global economy heavily influences SA, and in turn is heavily influenced by Trump,” said South African Institute of Race Relations chief economist Ian Cruickshanks. The local currency fell 14c over the weekend and was at R14.5066/$ as the JSE closed. It is 9.5% weaker since reaching its 2019 best on January 31.
Volatility in the rand has picked up ahead of Wednesday’s election, which promises to be the most hotly contested of the democratic era. One-week implied volatility was just above 17%, the most among emerging-market currencies, according to Bloomberg data.The currency has been falling ahead of the elections with polls giving conflicting signals on the expected margin of victory for the ANC.
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.
Trump’s tariff threats boost bullionNervous investors flocked to safe-haven gold after Trump announced tariffs hikes on $200bn of Chinese goods this week
Read more »
Oil slips on Donald Trump’s tariff threatsBrent falls after the US president says he will sharply hike tariffs on Chinese goods, risking the derailment of trade talks between the world’s two biggest economies
Read more »
JSE slumps 2% after Donald Trump’s tariff threatThe local bourse was on track for its worst performance in 2019 on Monday morning, after the US president's China tariff threats
Read more »
Tension rises as Donald Trump vows to hike tariffs on Chinese goodsStock markets sink and oil prices tumble as negotiations are thrown into doubt
Read more »
Asian markets plunge as Trump threatens to hike China tariffs | News | World | M&GPresident Trump sent Asian markets plunging on Monday after threatening to hike tariffs on $2000-billion of Chinese goods at the end of the week in a bid to speed up trade talks between the economic superpowers.
Read more »
Donald Trump’s promises to hike tariffs trip up global marketsEquities tumble after the US president unexpectedly intensifies pressure on China to reach a trade deal, saying he will increase US tariffs on Chinese goods this week
Read more »
Newsdeck: Trump vows tariff hike on Chinese goods, escalating tension in trade talksWASHINGTON, May 5 (Reuters) - President Donald Trump dramatically increased pressure on China to reach a trade deal on Sunday, saying he would hike U.S. tariffs on $200 billion worth of Chinese goods this week and target hundreds of billions more soon.
Read more »
China trade team still plans on US talks as Trump vows to raise tariffsStock markets sink and oil prices tumble after US president’s remarks
Read more »
World stocks dive as Trump threatens China tariffs
Read more »
US stocks futures tumble on Trump trade threat on ChinaAbout 25 minutes into trading, the Dow Jones Industrial Average stood at 26,182.21, down 1.2%.
Read more »
MAY DAY RALLY: Ramaphosa calls for unity at Durban Workers’ Day rallyA week before the 2019 elections, the Congress of South African Trade Unions held May Day rallies across all nine provinces to commemorate Workers’ Day. President Cyril Ramaphosa called for unity at the national rally in KwaZulu-Natal while in the Western Cape workers demanded service delivery, action to tackle gang violence and an end to corruption. In the end, it appears that support for the ANC remained strong.
Read more »