The JSE was slightly firmer on Tuesday morning, along with its global peers as investors awaited key US inflation data to be released later on Tuesday.
January’s consumer price index (CPI) is expected to have fallen from an annualised rate of 3.4% to 2.9%. The monthly CPI is expected to fall from 0.3% to 0.2%, with core CPI expected unchanged at 0.3%.
The data will be closely watched as an indicator of the probability of a first Fed rate cut at its meeting in May. A cut in March seems unrealistic unless the data shows an unfeasibly strong drop in CPI, reported Bloomberg.
“The landscape remains largely unchanged as markets wait with bated breath [for] today’s US CPI data release,” Citadel Global director Bianca Botes said. “This number will provide markets with new cues as to the future direction of US monetary policy.”
At 10.10am, the JSE all share all share had gained 0.12% to 73,807.99 points and the top 40 was up 0.17%. Precious metals had added 1.5%, resources 0.72%, SA listed property 0.16%, financials 0.14%, banks 0.13% and food producers 0.12%. Industrials had lost 0.2% and retailers 0.1%.
At the same time in Europe, France’s CAC 40 gained 0.55% and Germany’s DAX 0.65%.
Earlier in Asia, the Shanghai Composite rose 1.28% and Japan’s Nikkei 2.89%. Markets were closed for a holiday in China.
At 9.47am, the rand was little changed at R18.8933/$ and R23.8905/£, while it had strengthened 0.34% to R20.3452/€. The euro was unchanged at $1.0767.
Gold gained 0.28% to $2,025.32/oz and platinum 0.75% to $896.96/oz. Brent crude was 0.24% firmer at $82.22 a barrel.
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