Bank Stocks in Johannesburg Feel the Pain as Investors Shun Risk
- Bond yields climb to six-month highs, driving up bank costs
- Emerging-market rather than local issues, at play: PSG Wealth
Photographer: Nadine Hutton/Bloomberg
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South African bank stocks tumbled to their lowest levels this year, victims of an aversion among investors toward riskier, emerging-market assets as the U.S. and China square up for a trade war.
Johannesburg’s banking-sector benchmark slumped as much as 3.8 percent Tuesday to levels last seen in December. It’s on track for the deepest three-day decline since December 2015.