JSE faces mixed Asian markets on Thursday
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The JSE faces mixed Asian markets on Thursday morning, with focus on the Jackson Hole economic symposium in the US later.
US Federal Reserve officials are expected to outline their expectations of economic recovery in the world’s largest economy, and how they will support it.
Financial markets are expecting chair Jerome Powell to hint at lower rates for longer and, most importantly, allowing inflation targets to overshoot to raise the average inflation, said Oanda senior market analyst Jeffrey Halley in a note.
Sentiment has been boosted by positive signals in the US-China trade war, while US durable goods data for July beat expectations on Wednesday, with the S&P 500 and Nasdaq reaching record highs.
Offsetting positive sentiment, hurricanes in the Gulf of Mexico are threatening oil production there.
Earlier, data showed industrial profits in China improved in July.
In morning trade, the Shanghai Composite was up 0.23%, while the Hang Seng had fallen 0.69%.
Tencent, which influences the JSE via Naspers, had risen 1.36%.
Gold was down 0.44% to $1,943.75/oz, while platinum was little changed at $933.17. Brent crude was flat at $45.76 a barrel.
The rand was 0.15% firmer at R16.86/$.
Locally, Massmart is expected to report its loss widened in its half-year to end-June, as Covid-19 hit sales and raised operating costs.
Liquor maker Distell is due to release its results for the year to end-June later, and could update the market on how South Africans have responded to an eased liquor ban. The group warned in a recent trading update that profits would fall.
gernetzkyky@businesslive.co.za (mailto://gernetzkyk@businesslive.co.za)
US Federal Reserve officials are expected to outline their expectations of economic recovery in the world’s largest economy, and how they will support it.
Financial markets are expecting chair Jerome Powell to hint at lower rates for longer and, most importantly, allowing inflation targets to overshoot to raise the average inflation, said Oanda senior market analyst Jeffrey Halley in a note.
Sentiment has been boosted by positive signals in the US-China trade war, while US durable goods data for July beat expectations on Wednesday, with the S&P 500 and Nasdaq reaching record highs.
Offsetting positive sentiment, hurricanes in the Gulf of Mexico are threatening oil production there.
Earlier, data showed industrial profits in China improved in July.
In morning trade, the Shanghai Composite was up 0.23%, while the Hang Seng had fallen 0.69%.
Tencent, which influences the JSE via Naspers, had risen 1.36%.
Gold was down 0.44% to $1,943.75/oz, while platinum was little changed at $933.17. Brent crude was flat at $45.76 a barrel.
The rand was 0.15% firmer at R16.86/$.
Locally, Massmart is expected to report its loss widened in its half-year to end-June, as Covid-19 hit sales and raised operating costs.
Liquor maker Distell is due to release its results for the year to end-June later, and could update the market on how South Africans have responded to an eased liquor ban. The group warned in a recent trading update that profits would fall.
gernetzkyky@businesslive.co.za (mailto://gernetzkyk@businesslive.co.za)
