The pain has been felt across all assets, with bitcoin threatening to fall below $20 000 for the first time since December 2020, currencies retreating against the dollar, and safe havens including the yen and gold feeling the squeeze.
"While there is no doubt that inflation is a considerable challenge for the US at this point, slamming on the brakes too hard risks pushing the economy off its track," said Tai Hui of JP Morgan Asset Management. The JSE's All Share index dropped almost a percent by lunchtime on Tuesday, with Telkom losing more than 9% following a downbeat revenue and profit forecast. Resource shares - including Thungela and Sibanye also lost ground.Elsewhere, data Tuesday confirmed annual inflation in Germany, Europe's biggest economy, hit a record 7.9 percent in May.
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