Money SA economy
The JSE opened lower on Tuesday in response to wobbly global markets and news that China's manufacturing activity expanded at a slower pace in May than the previous month.
By 9.17am the JSE all share index fell 0.52%, with resources down 0.43%, and platinum miners gave up 1.72%. Gold miners lost 1.69%. Banks shed 1.64%, financials weakened 0.90%, but industrials were 0.54% lower. Gold was quoted at $1 218.30/oz from $1 216.97/oz at the JSE's close on Monday. Platinum was at $1 560.00/oz from $1 566.00/oz at the JSE's last close.
A local equity trader: "The local market is down in response to weaker world markets. The European and Asian markets were negative."
The trader said the announcement in China also weighed on the sentiments.
On the international front, Dow Jones Newswires reported that in a separate survey that underlined the slowdown taking place inChina's manufacturing sector, HSBC Holdings said its HSBC China Manufacturing Purchasing Managers Index fell to 52.7 in May from a revised 55.2 in April.
Traders in the US return to their desks on Tuesday following the Memorial Day holiday. Market activity was also limited on Monday by a bank holiday in the UK.
In Asia regional bourses were lower with no overnight leads from the US, as markets took data showing a slowdown in China manufacturing as cue to sell.
European stocks opened lower taking a lead from a weak session in Asia, with traders noting concern that weaker-than-expected Chinese PMI data signals an economic slowdown.
On the JSE, Anglo added 40c to R291.40 and BHP Billiton gained R1.54 to R209.54. Sasol lost R3.29 to R276.49.
