Banks and precious metals miners were down on Friday morning, with US stocks pummelled overnight due to the prospect of rising rates
The JSE had given back more than 2% on Friday morning, with the rand weakening another 1%, as investors digest a gloomier global economic outlook and the prospect of tougher lending conditions.
The Federal Reserve’s announcement on Wednesday that it was not planning on 75 basis points interest rates hikes had initially supported sentiment, as this had been partially priced in, but there was a sharp reversal on Thursday as Wall Street opened...
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