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The JSE closed lower on Friday after US President Donald Trump threatened to impose additional tariffs on $300 billion worth of Chinese goods from 1 September. Shortly after the closing bell, the All Share was down 1.66%.
Following a renewed sense of fear over a slowing global economy, shares on Wall Street fell on Friday after Trump fuelled trade tensions with China while investors kept a close watch on employment figures. At 19h00, the S&P 500 was trading 0.73% in the red.
European shares slid into negative territory on Friday, losing over 2% as Trump’s latest tariff threat on China pushed trade-sensitive sectors into a nose-dive. At 19h25, the FTSE 100 was 2.34% in the red.
Hong Kong shares fell on Friday as a lack of progress in the US-Sino trade negotiations prompted what Bloomberg economists called a “harsh” response from Trump which had a negative ripple effect on Asian markets. At 19h40, the Hang Seng lost 2.35%.
Japan’s Nikkei ended at a six-week low on Friday after Trump threatened to impose a 10% tariff on $300 billion worth of Chinese goods from 1 September, with the likelihood of imposing further tariffs if China continues to drag the bilateral talks. At the closing bell, the Nikkei had lost 2.11%.
The local currency lost its footing against the dollar on Friday after employment figures in the US for July were in line with market expectations. At 19h45, the rand traded R14.97 against the dollar.
Gaining over 1.30%, gold was on track for a good week but prices slipped on Friday in a broad-based sell-off in commodities after Trump’s latest threat shook global markets. At 19h50, spot gold was trading in the green at $1 440.88 an ounce.
Rebounding from one of the biggest falls this year, oil prices clawed back on Friday as the current global economic slowdown continued to prompt weakened oil demand in the US. At 20h00, a barrel of Brent crude was trading at $61.36.
Source: Reuters, Business Day, Trading Economics
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