Aveng has found a potential buyer for its subsidiary Trident Steel after technical issues about its classification weighed heavily on the JSE-listed construction group’s performance and share price.
The mood turned dark following a sharp Wall Street sell-off on Friday after data showed US consumer prices surged 8.6% in May, its biggest gain since 1981, raising worries about a bigger 75-basis-point rate hike at the Fed meeting this week. "The correlation between the equity markets and bitcoin continues to" gain strength, said AvaTrade analyst Naeem Aslam.- AFPA rocketing dollar saw the rand crash through the R16/$ level for the first time in more than three weeks. On Friday morning, the rand was trading 3.5% weaker at R16.01.
Fresh Covid-19 outbreaks in Shanghai and Beijing have also seen authorities reimpose containment measures soon after lifting them, leading to fears about the world's number two economy. With the central bank forced to be more aggressive, there is a concern that the US economy could be sent into recession next year.
Asia followed suit, with Hong Kong, Tokyo and Seoul down more than three percent, while Mumbai, Jakarta, Taipei, Jakarta and Wellington were off more than two percent.Goldman Sachs analysts said in a note:"At some point financial conditions will tighten enough and/or growth will weaken enough such that the Fed can pause from hiking."
Parts of Shanghai were put back into lockdown and officials carried out mass testing on millions of people, just weeks after lifting strict measures in the country's biggest city.The dollar rallied on Friday, after data showed US consumer prices accelerated in May, suggesting the Federal Reserve may have to continue with interest rate hikes through September to combat inflation.
"Inflation is now at a 40-year high with little evidence that it has peaked," said John Doyle, vice president of dealing and trading at Monex USA. CPI jumped one percent compared to April, after the modest 0.3 percent gain in the prior month, the Labour Department reported, far higher than expected by analysts who were looking for inflation pressures to ebb slightly.
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