Heightened concerns about lacklustre global growth continued to keep investors on their feet with cautious trade witnessed across all major stock markets combined with oil falling to a four-year low of under $83 a barrel. "This market is being driven by fear. Investors are on edge about where it’s going," said Sasfin Securities portfolio manager Joe Klopper. The JSE All Share has erased practically all of the gains made this year, however, it has been ripe for a correction for some time now.
US retail sales declined in September and prices paid by businesses also fell, raising concerns that consumer demand may be faltering while inflation is failing to gain traction. This has deepened concerns of the Fed’s ability to raise interest rates, causing the 10 year US bond yield to retract to 2% this week.
Industrial production, which measures the output of US manufacturers, utilities and mines, posted solid gains in September, increasing by 1% month on month from a decline of 0.2% in August.
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