Money SA economy
The JSE opened slightly weaker on Tuesday as investors took a breather following strong gains on Monday and ahead of key economic data in the US.
The US is releasing personal income and spending data later on Tuesday and it is widely expected that it will reflect a slowdown in US consumption growth.
By 09.20am local time the JSE all share index had lost 0.13%, as platinum miners fell 0.29% and resources declined 0.09%. But gold miners added 0.61%. Banks shed 0.64%, financials slid 0.42% and industrials edged down 0.03%. Gold was quoted at $1 182.81 a troy ounce from $1 184.40/oz at the JSE's previous close, while platinum was at $1 593.00/oz from $1 588.00/oz before.
A trader said the JSE opened weaker after disappointing economic data from Australia and China took the shine off Monday's rally.
"We had a big day yesterday. Now the market is taking a breather and is turning its focus to the US, which is due to release key economic data today," the trader said.
Dow Jones Newswires reported that Asian stock markets were mostly higher on Tuesday with financials and commodity plays rising, but China's market took a breather after its recent run-up. Japan's Nikkei Stock Average ended up 1.29% and Hong Kong's Hang Seng Index was last trading 0.19% higher.
The Dow Jones Industrial Average surged 2.0% on Monday to mark its biggest one-day point gain since July 7 and closed at its highest level since May 13.
European stocks opened slightly lower on Tuesday, as investors took a breather after the gains seen in the previous session. The FTSE 100 was last 0.59% lower.
