Local bourse could follow Asian stocks lower as US-China trade tensions continue
The JSE, which has been on the front foot so far in June, could give up some of its gains on Wednesday morning as Asian markets retreat and Tencent falls in Hong Kong.
“There is still no clear sign of a de-escalation of US-China trade tensions after President Trump defended his tariff strategy on Tuesday,” analysts at OCBC Bank in Singapore said. Amid protests over an extradition bill in the Chinese special administrative region, Hong Kong’s Hang Seng index fell 1.6% on Wednesday morning. The Shanghai Composite declined 0.6%, and Korea’s Kospi 0.2%.Chinese internet and gaming giant Tencent, which influences the JSE via major shareholder Naspers, fell 2.2% in Hong Kong.“Further support for infrastructure spending in China should see metals markets well supported this week,” analysts at ANZ Banking Group’s research arm said.
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