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MARKET WRAP: JSE hit by a wave of interest rate hikes

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Bank of England’s aggressive move catches investors by surprise, while Turkey, Norway and Switzerland add to the gloom

The JSE slipped further on Thursday after a series of rate hikes by central banks in Europe cast serious doubt on talk that the current global monetary tightening cycle could be nearing an end.

The Bank of England raised its key rate by 50 basis points to a 15-year high of 5%, the 13th straight increase as policymakers grapple with stubbornly high inflation. Markets were caught off guard, having priced in about a 60% chance of just a 25 bps hike, according to Bloomberg...

 

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