Money SA economy
The JSE remained mired in red in midday trade on Monday as global markets tumbled amid worries about the US economic recovery and growing concerns that the European sovereign-debt crisis could widen.
By 12:00 the JSE all share index had shed 0.86%, with resources 1.13% weaker, platinum miners 1.57% softer and gold miners off 0.14%. Banks were 1.12% weaker, financials eased 0.94% and industrials gave up 0.54%. Gold was quoted at US$1,213.78 a troy ounce from US$1,204.05/oz at the JSE's previous close. Platinum was at $1,500/oz from $1,515/oz at the JSE's last close.
"We're down with the rest of the markets. Wall Street ended sharply lower on Friday and Asian and European markets are also down sharply today," a local trader said.
"We're just treading water at the moment. Al eyes are now on the US and Hungary and any news that might come out of that region," the trader added.
Dow Jones Newswires reports that European stocks fell Monday, with slumps on Wall Street Friday and Asian markets Monday adding downside pressure amid growing concerns that the European sovereign-debt crisis could widen.
Japanese shares tumbled Monday to lead Asian markets sharply lower as weak U.S. jobs data and Hungary's fiscal woes sapped risk-appetite, also sending the euro to multi-year lows against the U.S. dollar and the Japanese yen.
Meanwhile US stocks are called to open lower Monday, in line with US futures, says David Morrison at GFT. He calls the Dow Jones Industrial Average down 20 points at 9,932 and the S&P 500 down three at 1062.
On the JSE, Anglo was down R3.71 or 1.31% to R279.50 and BHP Billiton shed R3.02 or 1.50% to R197.93. Sasol declined R1 to R272.
