The JSE was firmer on Wednesday morning, while global markets were mixed as investors awaited tech corporate earnings in the US for direction.
Stock traders are awaiting Nvidia’s results later Wednesday, which are set to test the fervour around artificial intelligence (AI) hype, while wider markets are marking time ahead of a speech from Federal Reserve chair Jerome Powell on Friday, reported Bloomberg. Powell’s Jackson Hole speech will be scrutinised for an indication of the central bank’s path on interest rates.
The Fed has already hiked its main interest rate to the highest level since 2001 in hopes of bringing down high inflation to a 2% target.
“The benchmark 10-year US treasury yield hit almost 16-year highs overnight, driven by the view that the Fed could keep rates higher for longer,” said Citadel Global director Bianca Botes. “Markets await further cues from the US monetary policy this week.”
At 10.25am, the JSE all share had gained 0.78% to 73,847.08 points and the top 40 0.7%. Precious metals had added 1.49%, banks 1.28%, retailers 1.16%, financials 1.15%, resources 1.14%, industrial metals 0.89%, food producers 0.76% and industrials 0.24%
In Europe, France’s CAC 40 had added 0.57% and Germany’s DAX 0.55%.
In Asia, the Shanghai Composite lost 1.34%, while Hong Kong’s Hang Seng gained 0.39% and Japan’s Nikkei 0.48%.
At 10.19am, the rand had strengthened 0.71% to R18.6477/$, 0.74% to R20.1913/€ and 0.67% to R23.7448/£. The euro was 0.15% weaker at $1.0828.
Gold gained 0.38% to $1,904.45/oz and platinum 0.15% to $924/oz. Brent crude was 0.18% weaker at $83.67 a barrel.
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