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Johannesburg - The JSE was straight into red territory at its opening on Monday
tracking negative global sentiment.
A local trader said that investors would eye US futures for direction with US earnings season well under way.
By 09:26 local time the JSE all share index had shipped 53% as resources lost 0.46%, platinum miners declined 1.23%, and gold miners were 0.22% weaker. Banks gave up 0.60%, financials dropped 0.59% and industrials shed 0.56%.
The rand was bid at R7.63 to the dollar, from R7.56 at the JSE's last close. Gold was quoted at $1 191.57 a troy ounce from $1 192.80/oz at the JSE's previous close, while platinum was at $1 512.50/oz from $1 516.50/oz before.
A trader said: "We saw Wall Street end lower on Friday, and that performance trickled into Asia, although some markets are on holiday there.
Markets will eye US futures for direction during the course of the morning with some corporate earnings due later."
The trader said that Ireland's downgrade only added to current negative sentiment in Europe, while the economic outlook in the US also remains tentative.
Dow Jones Newswires reported that Moody's Investor Services on Monday cut Ireland's credit rating, citing a rising debt burden, a weak growth outlook and the high cost of rebuilding a shattered banking system.
The ratings agency lowered Ireland's credit rating to Aa2 from Aa1, with a stable outlook, indicating that it is not likely to consider a further downgrade soon.
European stocks started negatively on Monday, after US economic data and corporate earnings failed to live up to expectations, sending Wall Street into the red, according to Dow Jones Newswires.
University of Michigan consumer confidence came in well below the prior reading as well as expectations, indicating consumer-sentiment levels hit a wall as of mid-July, while earnings news from General Electric, Citigroup and Bank of America were
lacklustre.
As a result of the sell off on Wall Street on Friday, and the overall negative session in Asia, Ben Potter, research analyst at IG Markets, called London's FTSE 100 index down 22 points, or 0.4% lower, at 5137; Frankfurt's DAX index down 12 points, or 0.2%, at 6028; and Paris's CAC-40 index down four points, or 0.1%, at 3496.
There may also be some trepidation ahead of the European bank stress test results on Friday, with 91 banks being tested, 65% in the European Union bank sector.
Regional markets in Asia were mostly lower with the Hang Seng giving up 1%, and the Composite Index 0.22% lower. Japan's markets were closed.
- I-Net Bridge
A local trader said that investors would eye US futures for direction with US earnings season well under way.
By 09:26 local time the JSE all share index had shipped 53% as resources lost 0.46%, platinum miners declined 1.23%, and gold miners were 0.22% weaker. Banks gave up 0.60%, financials dropped 0.59% and industrials shed 0.56%.
The rand was bid at R7.63 to the dollar, from R7.56 at the JSE's last close. Gold was quoted at $1 191.57 a troy ounce from $1 192.80/oz at the JSE's previous close, while platinum was at $1 512.50/oz from $1 516.50/oz before.
A trader said: "We saw Wall Street end lower on Friday, and that performance trickled into Asia, although some markets are on holiday there.
Markets will eye US futures for direction during the course of the morning with some corporate earnings due later."
The trader said that Ireland's downgrade only added to current negative sentiment in Europe, while the economic outlook in the US also remains tentative.
Dow Jones Newswires reported that Moody's Investor Services on Monday cut Ireland's credit rating, citing a rising debt burden, a weak growth outlook and the high cost of rebuilding a shattered banking system.
The ratings agency lowered Ireland's credit rating to Aa2 from Aa1, with a stable outlook, indicating that it is not likely to consider a further downgrade soon.
European stocks started negatively on Monday, after US economic data and corporate earnings failed to live up to expectations, sending Wall Street into the red, according to Dow Jones Newswires.
University of Michigan consumer confidence came in well below the prior reading as well as expectations, indicating consumer-sentiment levels hit a wall as of mid-July, while earnings news from General Electric, Citigroup and Bank of America were
lacklustre.
As a result of the sell off on Wall Street on Friday, and the overall negative session in Asia, Ben Potter, research analyst at IG Markets, called London's FTSE 100 index down 22 points, or 0.4% lower, at 5137; Frankfurt's DAX index down 12 points, or 0.2%, at 6028; and Paris's CAC-40 index down four points, or 0.1%, at 3496.
There may also be some trepidation ahead of the European bank stress test results on Friday, with 91 banks being tested, 65% in the European Union bank sector.
Regional markets in Asia were mostly lower with the Hang Seng giving up 1%, and the Composite Index 0.22% lower. Japan's markets were closed.
- I-Net Bridge
