Rand and the JSE heave with relief as Chinese hopes rise

Business

Rand and the JSE heave with relief as Chinese hopes rise

Investors have been fearing the coronavirus outbreak will damage global economic growth prospects

Lindiwe Tsobo

The JSE firmed for a second consecutive session on Wednesday as global risk assets continued to recover from the effects of the coronavirus outbreak.

Global markets rallied  following a “significant breakthrough” by scientists at Imperial College, London. CNBC reported earlier that the lead scientist said he would start testing a vaccine on animals next week.

Investors have fixated on the outbreak over the past two weeks, amid concerns it will damage global economic growth prospects. Reuters reported that Chinese authorities had pumped billions of dollars into the country’s economy to cushion the blow from the outbreak. These actions earlier boosted stocks in mainland China by more than 1%, as well as lifting shares in Hong Kong and Japan...

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