The JSE was firmer on Friday morning, with its global peers mixed, as investors digest economic data. The focus is on next week’s US Federal Reserve policy meeting.
Markets have mostly struggled, making significant moves this week, with analysts saying markets appear be in a holding pattern before the federal open market committee meeting on June 13-14.
New weekly data released on Thursday showed initial US jobless claims reached the highest level since October 2021, indicating a potentially softening labour market. According to Bloomberg, the uptick also raised expectations the Fed would pause its rate-hiking campaign next week. However, next week’s US inflation numbers are going to be key.
“Right now, it’s all about taking stock of new economic data to see where we are in the fight against inflation and whether the oft-predicted but elusive recession is coming,” Oanda senior market analyst Craig Erlam said. “Right now, the market expects the Fed to hold its benchmark rate steady next week.”
At 10.20am, the JSE all share had gained 0.2% to 77,165 points and the top 40 was up 0.23%. Banks had added 0.6%, financials 0.5% and industrials 0.19%. SA listed property had lost 0.64%, food producers 0.3%, retailers 0.26% and precious metals 0.25%.
At the same time in Europe Germany’s DAX and France’s CAC 40 were little changed.
Earlier in Asia, the Shanghai Composite added 0.55%, Hong Kong’s Hang Seng 0.51% and Japan’s Nikkei 1.97%.
At 10.27am, the rand was little changed at R18.8227/$ and R23.6124/£, while it had strengthened 0.19% to R20.2645/€. The euro was 0.15% firmer at $1.0764.
Gold lost 0.18% to $1,961.75/oz, while platinum rose 0.25% to $1,010/oz. Brent crude was 0.41% firmer at $75.82 a barrel.
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