The JSE was firmer on Thursday morning, with global peers mixed, as investors mull the pace of future Federal Reserve rate cuts.
Minutes from the Fed’s December meeting, released on Wednesday, showed that most committee participants expected upside risks to the inflation outlook. This fuelled concern that the Fed might cut rates fewer times than expected this year.
“Participants indicated that the committee was at or near the point at which it would be appropriate to slow the pace of policy easing,” the minutes said.
Investors are now waiting for the December nonfarm payrolls report, scheduled for Friday; US job openings data was released on Tuesday.
US markets will observe a national day of mourning for former president Jimmy Carter, with stock markets closed and bond markets closing early on Thursday.
At 10.25am, the JSE all share had gained 0.45% to 83,525 points and the top 40 0.5%.
At the same time in Europe, the FTSE 100 added 0.55%, while France’s CAC 40 had lost 0.12% and Germany’s DAX 0.19%.
Earlier in Asia, the Shanghai Composite was down 0.58%, Hong Kong’s Hang Seng 0.2% and Japan’s Nikkei 0.94%.
At 10.55am, the rand had strengthened 0.22% to R18.89/$, 0.18% to R19.49/€ and 0.51% to R23.22/£. The euro was little changed at $1.03.
TreasuryOne currency strategist Andre Cilliers said traders would monitor US payroll data for movement in the dollar-rand rate and the global bond market.
Gold was little changed at $2,664.93/oz, while platinum gained 1.64% to $985.75/oz. Brent crude was unchanged at $76.14 a barrel.
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