MARKET WRAP: JSE slips as investors bet on higher interest rates for longer

The JSE tracked weaker global markets on Tuesday as investors’ fears that the Federal Reserve might keep interest rates higher for longer outweighed optimism about an economic recovery in China.

Speculation that the Fed would keep monetary policy tight to tame stubborn inflation gained momentum after US services data for November. The measure of business activity by the Institute for Supply Management came in stronger than expected on Monday, suggesting the largest part of the world’s biggest economy remains resilient. The data comes after stronger nonfarm payrolls last week. ..

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