The JSE was weaker on Wednesday morning, with global markets mixed as investors looked at US data ahead of the key jobs report this week.
The US Job Openings and Labor Turnover Survey (Jolts) report on Tuesday showed an unexpected increase in job openings in November, indicating that companies continued to seek workers despite a cooling labour market.
Openings rose in professional and business services, as well as finance and insurance, but declined in the information industry.
Investors now await the ADP private payrolls report and jobless claims data, both due out on Wednesday. The Federal Reserve will also release the minutes from its December meeting in the evening.
The highly anticipated December nonfarm payrolls (NFP) report, scheduled for release on Friday, will provide one of the first significant data points of the year.
Altogether, this week’s jobs data will offer vital insights into the US labour market, which has demonstrated remarkable resilience. The Fed began cutting interest rates in September after inflation eased closer to its 2% target.
However, achieving the Fed’s 2% target may prove challenging as concerns rise that tariff plans and policies under the administration of Donald Trump’s second presidency could push inflation higher.
At 9.40am, the JSE all share had lost 0.73% to 83,399 points and the top 40 was down 0.81%.
Earlier in Asia, the Shanghai Composite was little changed, while Hong Kong’s Hang Seng lost 0.86% and Japan’s Nikkei 0.26%.
The rand began the day weaker, as “strong labour data reduced Fed rate cut expectations to just one for 2025, supporting the dollar strength,” TreasuryOne currency strategist Andre Cilliers siad.
At 9.50am, the rand had weakened 0.3% to R18.77/$, 0.18% to R19.39/€ and 0.12% to R23.39/£. The euro was 0.21% weaker at $1.03.
Cilliers said traders would monitor US payroll data and Fed minutes for the dollar and global bond market direction.
Gold lost 0.18% to $2,651.92/oz and platinum 0.19% to $961/oz. Brent crude was 0.74% firmer at $74.81 a barrel.
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