The JSE was weaker on Monday morning, with global peers mixed as investors awaited this week's data that could provide insights as to the US Federal Reserve's policymakers could do next.
Investors are still hoping for a series of interest-rate cuts by the Fed; however, the uncertainty of when the rate cuts have increased.
According to data by the CME Group’s FedWatch Tool, as of Friday investors were pricing in a roughly 47% chance of a Fed rate cut in March, a steep decrease from 81% a week earlier.
This week investors will get a broad picture of the US fourth-quarter economic growth for 2023, when the country's commerce department releases its initial GDP estimate on Thursday.
On Friday, the December reading on the personal consumption expenditures (PCE) price index, a favorite Fed inflation gauge, is scheduled to be released.
“This will be a data-packed week, with investors closely monitoring the US fourth-quarter GDP growth rate, the PCE price index, personal income and spending numbers, durable goods orders and PMI figures,” Citadel Global director Bianca Botes said.
At 10.35am, the JSE all share had lost 0.34% to 72,417.04 points and the top 40 fell 0.45%. The SA listed property index had added 0.61% and industrial metals 0.42%. Precious metals had lost 0.82%, retailers 0.61%, industrials 0.51%, banks 0.44%, financials 0.35% and resources 0.28%.
At the same time in Europe, London’s FTSE 100 was up 0.23%, France’s CAC 40 0.96% and Germany’s DAX 0.71%.
Earlier in Asia, Shanghai’s composite fell 2.68% and Hong Kong’s Hang Seng 2.33%, while Japan’s Nikkei gained 1.62%.
At 10.13am, the rand had weakened 0.51% to R19.1415/$, 0.58% to R20.8391/€ and 0.79% to R24.3084/£. The euro was little changed at $1.0895.
Gold lost 0.36% to $2,022.16/oz and platinum 0.61% to $896.53/oz. Brent crude was 0.13% weaker at $78.23 a barrel.
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