The JSE ended weaker on Monday after a fairly patchy session, while the rand extended its winning streak against the dollar, suggesting that traders think the US Federal Reserve might not be as aggressive in hiking interest rates as initially thought because of weak economic data.The weaker session comes after the all share index logged its biggest monthly gain in July — 4% — since late December, according to Bloomberg data, boosted by improving sentiment on global markets.
Industrial stocks including Shoprite and Tiger Brands were notable gainers during the month, but they don’t necessarily move the needle in the overall market. The resource market, which constitutes the biggest weighting in the all share, was relatively flat in July due to broadly weaker commodity prices.
Fears of a global economic slowdown are increasingly feeding into market perceptions that the Fed and other central banks may dial back in hiking rates aggressively to fight off inflation, which is at multiyear highs in many jurisdictions.
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