The JSE tracked weaker global markets on Tuesday as the outlook for the Chinese economy and disappointing company earnings from the US weighed on sentimentBeijing has stepped up quarantine efforts after recording a record number of Covid-19 cases, fuelling fears that another widespread lockdown — and its effect on an already reeling global economy — is in the offing.
The warning hit other social media and technology companies, dragging down Meta Platforms, Pinterest, Twitter and Alphabet, as it becomes clear that most companies won’t be able avoid the troubling macro-economic backdrop, Bloomberg reported. “Pessimistic Chinese growth forecasts and a profit warning from Snap appear to have been behind the latest tumble, although there are so many headlines pouring out, you could probably pick another half-a-dozen reasons to explain the selling,” Erlam added. “Ultimately it comes down to the fact that the level of economic uncertainty is immense and while recessions are not the base case, they are a very realistic prospect.
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