The JSE was slightly stronger on Friday morning, with global peers mixed as investors awaited key US jobs data later on Friday.
The September nonfarm payrolls (NFP) data will give further insights into the labour market, which will influence the Federal Reserve’s rate-cutting strategy.
Economists polled by Bloomberg are forecasting 150,000 jobs to have been added in September, while unemployment is projected to stay flat at 4.2%.
The NFP report will follow this week’s private sector hiring, which exceeded expectations in September, while weekly jobless claims rose slightly.
“The NFP report is critical, as it will test the Fed’s soft-landing thesis. While the Fed has indicated it is nearing victory over inflation, labour market outcomes remain central to its policy decisions,” TreasuryOne currency strategist Andre Cilliers said.
At 10.50am, the JSE all share had gained 0.17% to 86,604.72 points and the top 40 was up 0.16%. Financials had added 0.43%, banks 0.35%, food producers 0.19%, retailers 0.16% and industrials 0.15%.
SA listed property had lost 0.45%, resources 0.24%, industrial metals 0.13% and precious metals 0.11%.
At the same time in Europe, the FTSE 100 was down 0.28%, while France’s CAC 40 0.47% and Germany’s DAX 0.2%.
Earlier in Asia, the Shanghai Composite rose 8.06%, Hong Kong’s Hang Seng 2.84% and Japan’s Nikkei 0.22%.
Analysts cautioned that escalating geopolitical tension has created turbulence, and these external pressures may continue to drag equities down.
The rand has had a tricky week, “largely driven by a resurgence fuelled by better-than-expected US labour data and rising geopolitical risks,” said Cilliers.
“The rand’s correction was overdue after a period of significant appreciation, and the NFP data today will play a key role in determining its next move,” Cilliers said.
At 10.46am, the rand had strengthened 0.11% to R17.4769/$ and 0.15% to R19.2688/€, while it had weakened 0.22% to R23.0016/£. The euro was little changed at $1.1027.
In commodity markets, gold gained 0.1% to $2,658.42/oz and platinum 0.96% to $1,001.88/oz. Brent crude was 0.75% firmer at $78.33 a barrel.
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