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SA stocks approach six months low as recession fears rise

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Both of the country’s major stock indexes weakened more than 2% following the inversion in the US debt market, a situation where shorter-dated borrowing costs are higher than longer ones.

JOHANNESBURG - South African stocks slipped to a near six-month low on Wednesday after the US Treasury bond yield curve inverted for the first time since 2007, reflecting concerns over the outlook for the world’s biggest economy.

Risk-off refers to a shift in investor sentiment towards safer assets over riskier opportunities in emerging markets such as South Africa. The rand weakened 1.35% to 15.3500 per dollar, as concerns about the global economy overshadowed improved local retail sales data.

 

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