Bourse slips as US Fed fears weigh

The JSE continued tracking weaker global markets on Wednesday as traders’ fears that the US Fed might keep interest rates higher for longer outweighed optimism about economic recovery in China.

Asian markets were mixed as they digested lower US markets overnight.

In China, authorities accelerated a shift towards reopening the economy, with Beijing joining other big cities in scrapping Covid-19 testing requirements. Tencent, which influences the JSE via Naspers and Prosus, increased 0.45%, but remains 30.98% down so far this year.

By 4pm the all-share was 1.07% down at 73,814 points and the top-40 at 20,201.

The rand, which had firmed for the third consecutive session on Tuesday on Chinarelated optimism, reaching an intraday best of R17.25/$, stayed flat on Wednesday at R17.34. It was at R18.19/€ and R21.158/£. The euro was steady at $1.0487.