US-China trade war threats: JSE and the Rand under pressure

LAST Thursday China blamed the US of creating "panic" over Beijing's controls on rare earth minerals.

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THE JSE All Share index closeD the week in the green gaining more than 700 points for the week on 110 736 point or 0.6% higher than the previous Friday, by Supplied

(Supplied)

The country, however, has shown willingness to open to trade talks to resolve a dispute that has threatened to reignite a trade war between the world's two largest economies.

"The US interpretation seriously distorts and exaggerates China's measures, deliberately creating unnecessary misunderstanding and panic," Ministry of Commerce spokesperson He Yongqian told a news conference, according to the state newspaper Global Times.

Some sell off from emerging markets assets usually accompanies such trade tensions. Profit taking after five weeks of unprecedented demand for precious metals also affected South African markets last Friday.

Despite strong sell offs of especially resources on Friday, most indices on the JSE ended the week in the green.

The JSE All Share index broke easily through the 110 000 point, 111 000 point and 113 00 point (113 024) record level by Thursday, contracted on Friday but still close the week in the green gaining more than 700 points for the week on 110 736 point or 0.6% higher than the previous Friday.