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MARKET WRAP: JSE closes lower with miners faring worst

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Manufacturing production contracted 1.1% in July from a downwardly revised 3.6% in June

The JSE closed in negative territory on Tuesday with miners leading losses, while global markets were mixed as focus shifts to stimulus hopes amid growing fears of a global economic slowdown.

“European shares are positioned to enter standby mode ahead of the highly anticipated ECB meeting on Thursday,” senior research analyst at FXTM Lukman Otunuga said in a note. “Where global equity markets conclude this week will not only be influenced by ongoing trade developments but whether the ECB satisfies expectations by introducing a new wave of monetary policy stimulus to support the eurozone economy.

Gold was down 0.21% to $1,495.65/oz and platinum 0.74% to $937.29. Brent crude added 1.48% to $63.61 a barrel.

 

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