The South African currency along with South African government bond prices was under pressure in early trade due to reports that the Trump administration may go ahead with another round of proposed import tariffs on Chinese, hurting hopes that new talks between the US and China could avert these tariffs. However, the market soon shrugged off these concerns and the rand recovered in late trade thanks to broad greenback weakness. At the close of local trade, the rand quoted 0.3 percent stronger at R14.90/$, after trading in the range of R14.87/$ - R15.07/$. The rand traded slightly weaker this morning. Expected range today R14.80/$ - R15.10/$.
South African bourse
The JSE All Share (-0.5 percent) ended lower yesterday pulled by losses in large industrial (-1.8 percent) and retail (-1.5 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-1.2 percent) traded lower. In local news, retail names such as Clicks (-4.2 percent) and Spar (-3.0 percent) were among the day’s biggest drags.
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