Money SA economy
Investors headed for cover at the JSE's opening on Monday, but this was not unexpected in the wake of the dismal showing on world markets.
Wall Street fell 3.15% on Friday and Asian markets, taking their cue from the US, tumbled sharply on Monday. Europe's debt and fiscal woes and worries about the US recovery continue to weigh on market sentiment.
By 9.15am the JSE all share index had shed 1.17%, with resources 1.68% weaker, platinum miners 1.48% softer and gold miners off 0.19%. Banks were 0.76% weaker, financials eased 0.74% and industrials gave up 0.86%. Gold was quoted at $1 214.35/oz from $1 204.05/oz at the JSE's previous close. Platinum was at $1 496/oz from $1 515/oz at the JSE's last close.
A local trader noted that the US jobs data was released on Friday afternoon when the JSE - and European markets - were still open.
The JSE tumbled just over 2% on Friday and was down around 1% this morning. It was the Asian markets that are playing "catch-up" with bourses there down 2-3% this morning.
The trader said the rand is quite a bit weaker this morning, and that is helping select safe-haven stocks trim losses. US stock futures are lower and the local trader reckons, at this stage, the Dow looks likely to open down around half a percent.
Dow Jones Newswires reports that European bourses are lower on continued angst over Europe's debt and fiscal issues that flared up last week. Investors are worried that these problems could dim the economic outlook and valuations.
Hungary's new government is currently creating its economic programme and will publish it in one and a half days, the prime minister's spokesman said on Sunday.
