South African rand, stocks sink as US recession fears hit riskier assets
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South African stocks and the rand sank in early trade on Monday as global investor sentiment soured towards riskier assets due to growing fears that the United States could be heading for recession; At 0723 GMT, the rand traded at 18.50 against the dollar, more than 1.2% weaker than its previous close; On Johannesburg Stock Exchange, the Top-40 index was down about 2.5% in early trade, mirroring a sell-off on global stock markets; Markets have been hit by Friday’s weak U.S. July payrolls report, which showed the unemployment rate had risen to 4.3%, driving concerns that the world’s biggest economy could be heading for a recession; Traders are pricing in a more than 70% chance that the Federal Reserve will cut interest rates by a full 50 basis points in September to rescue growth, compared with an 11.5% chance a week earlier, according to the CME FedWatch tool.

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https://www.cnbcafrica.com/2024/south-african-rand-stocks-sink-as-us-recession-fears-hit-riskier-assets/