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second-largest economy.
Year to date, the Nikkei is down 8.27 per cent, the Shanghai composite 15.81 per cent and the Hang Seng 29.2 per cent.
In US markets, the Dow Jones closed 1.71 per cent down on Friday and the S&P 500 and the Nasdaq both fell 1.51 per cent.
Firmer
Tencent, which influences the JSE via Naspers, slid back 2.25 per cent on Monday morning.
The JSE closed firmer amid mixed global peers on Friday, as markets attempted to rebound, wrapping up another brutal month and third quarter amid recessionary fears.
The local bourse closed 0.73 per cent firmer at 63 726 points, supported by gains in most major indices, but sentiment remains fragile amid quarter-end portfolio rebalancing.
The Dollar continued to hover around R18/US$ as it remained flat, trading at R18.05.
It was green screens for Brent crude, gold and platinum. Brent crude was up 2.45 per cent, trading at US$87.23 a barrel. Gold and platinum ticked up slightly as they increased 0.24 per cent and 0.19 per cent, respectively. Gold was US$1 663.71/oz and platinum US$860.66/oz.
Little corporate news is expected on Monday, but some action is expected on the economics side. Absa’s latest purchasing managers index (PMI) is likely to show how SA’s manufacturing and service sectors managed frequent load-shedding and growth slowing at SA’s trading partners.
North West University’s Business School will release the policy uncertainty index (PUI) for the third quarter.
Reinforced
The PUI reached its highest level since 2016 in the second quarter, mainly driven by heightened global economic unpredictability arising from the Russia-Ukraine war.
This was further reinforced by domestic issues including load-shedding problems, escalating food and fuel prices, the economic damage from the floods in KwaZulu-Natal, continued local government delivery failures, and progressively higher borrowing costs for business and consumers.