Money SA economy
The JSE was sharply down this morning, tracking global sentiment amid growing tensions between North and South Korea, and continued fiscal concerns for Europe.
By 9.25am the JSE all share index was 2.39% weaker, with resources 2.39% worse off, and platinum miners 3.41% lower. Gold miners declined 1.15%. Banks wavered 2.66%, financials lost 2.35%, and industrials were 2.37% softer. Gold was quoted at $1,187.47/oz from $1,187.72/oz at the JSE's last close. Platinum was at $1,494.50/oz from $1,529/oz at the JSE's last close.
A local trader said: "Stocks have opened sharply lower tracking developments in Asia, and amid continued fiscal concerns in Europe. Market sentiment is negative across the board - US futures are sharply lower, as is Europe. On the local front GDP figures aren't expected to have a major impact on the JSE," she said.
European stock markets opened markedly lower on Tuesday, hit by Wall Street's weakness on Monday, concerns about the banking industry following the weekend rescue of Spanish regional savings bank CajaSur and worries about the growing tensions between North and South Korea, according to Dow Jones Newswires.
On Wall Street Monday, stocks declined as the rescue of CajaSur reignited concerns about the euro-zone's financial system, while investors continued to fret over the potential impact of a regulatory overhaul in the U.S. Overall, the Dow Jones Industrial Average dropped 1.2% to 10,066.57.
In Asia on Tuesday, stock markets traded sharply lower, with South Korean shares selling off amid political tensions on the Korean peninsula.
