{"id":111153,"date":"2016-02-03T08:57:23","date_gmt":"2016-02-03T06:57:23","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=111153"},"modified":"2016-02-03T08:58:17","modified_gmt":"2016-02-03T06:58:17","slug":"5-things-you-need-to-know-before-the-jse-opens-today-4","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/111153\/5-things-you-need-to-know-before-the-jse-opens-today-4\/","title":{"rendered":"5 things you need to know before the JSE opens today"},"content":{"rendered":"<p>Here is what\u2019s happening in the markets:<\/p>\n<ul>\n<li>More signs of recession as the <strong><a href=\"http:\/\/ewn.co.za\/2016\/02\/02\/World-Bank-SA-economy-on-brink-of-recession\" target=\"_blank\">World Bank warned that South Africa&#8217;s growth prospects for 2016 have declined<\/a>.<\/strong> The group forecast that South Africa&#8217;s growth would only be 0.8% this year, down from a previous forecast of 1.5%. 2017&#8217;s projection has been lowered to 1.1%, from 1.6%. The World Bank has an even bleaker outlook for the country than the IMF, which forecast growth in 2016 of 0.9%.<\/li>\n<\/ul>\n<ul>\n<li>Following reports from Moody&#8217;s that the SARB rate hike was a bad thing for banks, <strong><a href=\"http:\/\/www.bdlive.co.za\/markets\/2016\/02\/03\/financial-stocks-and-risk-aversion-drag-down-jse\" target=\"_blank\">the banking and insurance sectors have taken a knock on the JSE<\/a><\/strong>, dragging the bourse down with it. The Financial 15 index dropped by 3.9% by Wednesday on the news, pulling the JSE blue chip top 40 down by 2.07%. South African stocks closed lower for a second consecutive day on Tuesday as demand for high-yielding assets declined.<\/li>\n<\/ul>\n<ul>\n<li>South Africa&#8217;s manufacturing sector is under strain, with <strong><a href=\"http:\/\/www.iol.co.za\/business\/news\/weak-rand-fails-to-drive-up-car-prices-1979071\" target=\"_blank\">macroeconomic factors resulting in a 4.1% decline in domestic vehicle sales last year<\/a><\/strong>. A stressed economy is putting pressure on consumers and businesses alike, and the weakening rand will continue to put strain on the market. Vehicle sales could fall by up to 8% in 2016 due to the rand and lower consumer confidence.<\/li>\n<\/ul>\n<ul>\n<li>In global markets, Asian shares tumbled on Wednesday as <strong><a href=\"http:\/\/www.sharenet.co.za\/news\/Oil_futures_drop_for_3rd_session_on_rising_crude_stocks_oversupply\/18b7473c2c59c7571b48c863c877bb0a\" target=\"_blank\">oil prices dropped for a third day on the back of U.S. crude stocks surging to more than half a billion barrels.<\/a><\/strong> U.S. crude oil fell by 22 US cents to $29.66, with experts saying it hasn&#8217;t reached bottom price yet. Brent is expected to trade between $25 and $35 this quarter before slowly recovering.<\/li>\n<\/ul>\n<ul>\n<li>In company news, <strong><a href=\"http:\/\/businesstech.co.za\/news\/mobile\/111149\/vodacom-sees-revenue-climb-as-sa-customers-grow\/\" target=\"_blank\">Vodacom has reported a strong third quarter, with an 8.7% increase in group revenue and group customers growing to 65.3 million<\/a><\/strong> across all its operations. The group said it expects revenue growth in the fourth quarter to be lower due to the economic conditions in the country.<\/li>\n<\/ul>\n<p><strong>Currencies<\/strong><\/p>\n<ul>\n<li>ZAR\/USD &#8211; R16.26<\/li>\n<li>ZAR\/GBP &#8211; R23.45<\/li>\n<li>ZAR\/EUR &#8211; R17.76<\/li>\n<\/ul>\n<p><strong>In case you missed it:<\/strong> President Jacob Zuma has put forward a proposal that will end the ongoing Nkandla &#8216;pay back the money&#8217; saga. <a href=\"http:\/\/businesstech.co.za\/news\/general\/111145\/zuma-to-pay-back-the-money-for-nkandla\/\" target=\"_blank\">Zuma said he is willing to pay back some of what he owes, as outlined in the Public Protector&#8217;s report on the matter.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here is what\u2019s happening in and affecting the South African market today.<\/p>\n","protected":false},"author":10,"featured_media":110603,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26,175],"class_list":["post-111153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline","tag-jse"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/111153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=111153"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/111153\/revisions"}],"predecessor-version":[{"id":111163,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/111153\/revisions\/111163"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/110603"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=111153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=111153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=111153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}