The JSE was firmer on Wednesday morning, along with global peers at the start of the shortened trading week, which is also the final week of the year.
Investors are optimistic that the US Federal Reserve (Fed) will soon end its tightening campaign, as inflation eases and the economy remains resilient.
Fed chair Jerome Powell has emphasised that the timing of rate cutting is not set in stone, and if the economy comes back roaring, inviting yet another climb in inflation, more rate hikes or a delay in cuts could be the next phase of the Fed’s policy action, Bloomberg reports.
At 10.50am, the JSE all share had gained 2.68% to 76,370.63 points and the top 40 2.99%. Industrial metals added 3.74%, industrials 3.71%, resources 2.83%, precious metals 1.76%, retailers 1.47%, banks 1.36%, financials 1.37%, food producers 0.81% and SA listed property 0.81%.
At the same time in Europe, France’s CAC 40 gained 0.33% and Germany’s DAX 0.18%.
Earlier in Asia, the Shanghai composite index was up 0.54%, Hong Kong’s Hang Seng 1.75% and Japan’s Nikkei 1.13%.
At 10.34am, the rand had strengthened 0.26% to R18.5804/$, 0.22% to R20.5186/€ and 0.26% to R23.6065/£. The euro was little changed at $1.1045.
Gold was unchanged at $2,067.87/oz, while platinum gained 0.69% to $981.24/oz. Brent crude was 0.1% firmer at $80.7 a barrel.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.