South African stocks plummet after Mboweni gives budget speech

[Bradley Prior]

South African stocks plummet after Mboweni gives budget speech

South Africa’s main stock index extended declines, falling the most in more than five months after finance minister Tito Mboweni’s budget update and as negative sentiment from rising coronavirus infections and tougher lockdowns engulfed global equity markets. [Bloomberg]

 

[mercurial]

Viva comrades, viva!!!

 

[Creag]

I was watching the JSE. It has been down the past two days. It seems that speculators were nervy about the upcoming speech and the lack of stimulus from the US.

The ALSI started down today, but spiraled downwards when Tito announced his plans. What a nightmare. No real hope in his announcement. To bank on savings in the spending in wages of the PSA, that is pure desperation.

My personal fear is what happens in taxes, especially personal and corporate taxes. Both are already uncomfortably high. Tito was hinting at this without showing too much.

 

[RedViking]

I was watching the JSE. It has been down the past two days. It seems that speculators were nervy about the upcoming speech and the lack of stimulus from the US.

The ALSI started down today, but spiraled downwards when Tito announced his plans. What a nightmare. No real hope in his announcement. To bank on savings in the spending in wages of the PSA, that is pure desperation.

My personal fear is what happens in taxes, especially personal and corporate taxes. Both are already uncomfortably high. Tito was hinting at this without showing too much.

We are screwed.

 

[CAPS LOCK]

But we have a new statue! All is swell in the People's Republic.

 

[3WA]

Tito's budget was so bad it even knocked NDX down 2.8% today

 

[Quicks]

This finance minister is just another ANC muppet!

 

[Fulcrum29]

Just another indicator, and factor, of confidence on the decline. Somewhere there needs to be relaxation, but, no.

 

[backstreetboy]

Lol all markets dropped. Still have to read a Bloomberg article that isn't useless.

 

[R13...]

Lol all markets dropped. Still have to read a Bloomberg article that isn't useless.

That's because it's Europe and looming lockdowns that threaten markets.

 

[Mystic Twilight]

If the zim political elite can still afford lavish holidays when the currency was changed like 4 times, sa is in for a long rough ride to the bottom.

 

[RonSwanson]

But we have a new statue! All is swell in the People's Republic.

That'll show the fsckrs!

 

[TelkomUseless]

But we have a new statue! All is swell in the People's Republic.

Who needs an economy when we can have a brand spanking new statue!!! That that world!!!

 

[Sarg3_ZN]

Viva comrades, viva!!!

Amandla!!

 

[now05ster]

Amanda!!

Where is she?

 

[Sarg3_ZN]

Where is she?

Hopefully picking up some cheap stocks

 

[neoprema]

Can we stop calling it a Budget Speech. It was everything but...

 

[Creag]

We are screwed.

My financial adviser showed me a view of the JSE about a month ago. It has gone sideways for about 6 years now. It used to be the place where we could see reasonable growth in our pensions, RAs and long term savings mechanisms. But it's done nothing now for a small age. Really worrying.

 

[TelkomUseless]

My financial adviser showed me a view of the JSE about a month ago. It has gone sideways for about 6 years now. It used to be the place where we could see reasonable growth in our pensions, RAs and long term savings mechanisms. But it's done nothing now for a small age. Really worrying.

yes.. ANC doesn't want western investments. There will be no growth...

 

[Messugga]

The budget speech was so bad that the S&P 500 dropped 3.5% as well?

Yeah, correlation does not equal causation. Most if not all major stock markets took an absolute pounding yesterday.