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US, China spat causes red show on global counters

Locally, the rand firmed against other global currencies.

It’s been a bloody session on global markets, with Asian markets getting whacked particularly hard in their session. This, after President Donald Trump suggested that it was the Chinese side that broke the trade deal. South Korea fell the hardest, with the key benchmark index there down over 3% at the close. If there’s no resolution in the next few hours, it’s expected that the US will raise import tariffs on $200-billion worth of goods to 25%, from the current 10%.

The local market followed the negative sentiment, with the All Share Index closing in the red. Positively though, despite the global risk aversion, the local currency managed to hold its own, making slight gains against major currencies. Could this be due to provisional results which suggest that the ANC has won the national election? David Shapiro, the deputy chairman of Sasfin Securities discusses the markets’ movements with Nompu Siziba.

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