Not so lekker…

Then the US put its players on the field with disappointing PPI data, disrupting the JSE rhythm and ended the game with a loss of 0.62%.

The sector of the day was gold, gaining 1.46%, despite the lower gold price. The dollar was rampant despite the higher PPI data gaining 0.44% against the euro and 0.61% against the yen.

According to the Efficient Group this resulted in the rand losing 0.63% against the dollar and 0.20% against the euro. The strong dollar punished commodities, gold dropped 0.46%, platinum lost 0.37% and oil slipped 1.30% as the latest hurricane will miss the Gulf of Mexico.

The US markets dropped 0.6% on average with oil stocks leading the way. This pulled the Europeans into the doldrums despite the efforts of Novartis (4.3%). The poor performance in the US is magnified in the East this morning as Intel released weaker than expected earnings probably indicating that the US will have yet another poor day.

The Nikkei is lower by 1.7% so far this morning while the Hang Seng is 1.4% lower. With the poor sentiment in the US and even further weakness around the world one should expect a red JSE day.