Investors await sovereign ratings update amid global concerns over US-China trade war
The JSE could get off to a cautious start on Friday, with Asian markets trading mixed and ahead of a sovereign ratings update for SA.
Global markets remained under pressure on Friday on concerns that the trade war between the US and China is likely to drag on indefinitely. There are also growing fears that the dispute is morphing into a technology war. Hong Kong’s Hang Seng index was 0.2% higher, though mainland Chinese stocks were lower and Japan’s Nikkei 225 fell 0.5%. Korea’s Kospi was 0.8% down, as was Australia’s main benchmark.
Chinese technology and gaming giant Tencent was 0.3% up in Hong Kong after sliding since Wednesday last week. That could take the pressure off major shareholder and JSE-heavyweight Naspers on Friday.While no major data releases are expected in SA on Friday, S&P Global Ratings is scheduled to provide an update on SA’s sovereign credit rating.Moody’s is the only major rating agency that has not already downgraded SA’s sovereign debt to subinvestment grade.
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