The JSE was firmer on Thursday morning, tracking modest US gains overnight in a holiday-shortened week.
Overall, investors remain optimistic that the Federal Reserve will cut interest rates as soon as March as slowing US inflation edges closer to the central bank’s 2% target.
Economic data to date indicates that while prices are easing, the US economy appears stronger than expected, raising hopes that a recession will be avoided.
“Markets continue to bet on a rate cut from the Fed as early as March,” said TreasuryONE currency strategist Andre Cilliers. “Volumes remain low and liquidity is very thin. The only notable economic data expected today is the weekly US jobless claims number.”
At 11.49am the JSE all share was 0.23% firmer at 76,822.52 points, while the top 40 was little changed. Banks had added 1.04%, financials 0.94%, retailers 0.78%, industrials 0.75%, food producers 0.52% and SA listed property 0.27%. Precious metals were down 2.13%, resources 1.28% and industrial metals 0.73%.
Equity markets were weaker in Europe, with London’s FTSE 100 down 0.11%. France’s CAC 40 eased 0.1%, and Germany’s DAX 0.13%.
Earlier in Asia, Tokyo’s Nikkei ended the day 0.42% lower, though Hong Kong’s Hang Seng and Shanghai’s composite added 2.52% and 1.37%.
The rand was weaker, easing 0.92% to R18.5494, 1.22% to R20.6566/€, and 0.94% to R23.7544/£
Gold was unchanged at $2,077.44/oz, while platinum gained 0.15% to $996/oz. Brent crude was 0.18% weaker at $79.13 a barrel.
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