The JSW was weaker on Tuesday morning, with global peers mixed, as local focus turned to the release of the third-quarter GDP data on Tuesday.
GDP is likely to have slowed in the three months ended September compared with the March-June quarter, despite the relative stability in the electricity supply.
According to Trading Economics, GDP will probably have grown 0.2% in the June-September quarter, slowing from 0.6% in the second quarter.
In the US, Tuesday sees the release of both the US services and nonmanufacturing PMI numbers and the Jolts job openings number, while on Friday, the key nonfarm payrolls (NFP) and unemployment data for November is due.
Investors are expecting the key NFP report to confirm that the Fed is finished increasing rates and could cut them in 2024.
“Markets will be watching today's local third quarter GDP number. The economy expanded 1.6% year on year in the second quarter, a welcome outcome, but one unlikely to be replicated. Consensus looks for a fallback to 0.1% year on year in the third quarter, while the RMB house view is for 0.0%,” said RMB analysts.
“SA structural constraints (load-shedding, infrastructure failings, port inefficiencies, etc) will all have contributed to already weak consumption dynamics.”
At 10.30am, the JSE all share had lost 0.44% to 75,604.96 points and the top 40 was down 0.58%. SA listed property had gained 1.38%, retailers 0.68%, food producers 0.57%, financials 0.22% and banks 0.12%. Industrial metals had lost 1.74%, resources 1.07% and precious metals 0.3%.
In Europe, France’s CAC 40 was up 0.22%, while Germany’s DAX was little changed.
Earlier in Asia, the Shanghai Composite index lost 1.67%, Hong Kong’s Hang Seng 2.07% and Japan’s Nikkei 1.37%.
At 10.40am, the rand had weakened 0.19% to R18.8332/$, 0.02% to R20.3772/€ and 0.12% to R23.7683/£. The euro was little changed at $1.0821.
Gold gained 0.25% to $2,033.51/oz, while platinum lost 0.56% to $911.9/oz. Brent crude was 0.9% firmer at $78.91 a barrel.
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