Money SA economy
The JSE was wobbly as it entered the afternoon session on Friday, as panicky investors awaited more US economic data and the outcome of an annual meeting of central bankers and top financial officials in Jackson Hole, Wyoming.
By 12.02pm local time the JSE all share index had lost 0.62%, with resources 1.09% lower, and platinum miners falling 2.53%. Gold miners fell 0.67%. Banks declined 1.45%, financials edged down 0.77% and industrials shed 0.11%. Gold was quoted at $1 236.07/oz from $1 239.22/oz at the JSE's previous close, while platinum was at $1 531.00/oz from $1 531.50/oz before.
A trader said in the last couple of days, the market had been focusing on global economic data. “Today is no exception as the US will release more economic data later," the trader said. "The US is expected to downgrade its GDP outlook."
The market was waiting the release of second-quarter gross domestic product data from the US and the UK, as well as a speech on the economic outlook by US Federal Reserve chairman Ben Bernanke.
Dow Jones Newswires reports that that Asian stock markets were mostly weaker on Friday as concerns about the global economic recovery kept buyers at bay, while Tokyo stocks were off lows on hopes the government would soon take steps to address the yen's strength.
European stocks posted small losses on Friday, as investors remained wary ahead of economic data that will give an insight into the health of the world's largest economy. In London, the FTSE100 was 0.10% weaker.
On the JSE, Anglo American fell R2.92 or 1.98% to R259.33, BHP Billiton lost R1.53 to R203.25, and Sasol declined R2.52 to R275.50.
