JSE could open weaker on Wednesday as Asian markets slip
The JSE could open slightly lower on Wednesday as Asian markets brushed aside Wall Street’s record-high closes overnight.
“Global risk appeared buoyant as the S&P 500 and Nasdaq marked record highs on the back of favourable earnings from Twitter, Hasbro and Lockheed Martin,” analysts from OCBC Bank in Singapore said in a note.
However, Hong Kong’s Hang Seng Index and the Shanghai Composite were both 0.9% lower on Wednesday, while Japan’s Nikkei 225 was 0.5% down and Korea’s Kospi index declined 1.3%.
Some of the JSE’s biggest constituents are poised for losses in early trade. Tencent, Naspers’s main asset, was 0.7% lower in Hong Kong while BHP Group was 0.5% down in Australia.
On the JSE, PSG Group is due to report results for the year ended February. The group has large stakes in Capitec, Curro, Zeder and PSG Konsult.
In the US, Microsoft, Facebook, Boeing and Visa are due to report earnings.
Investors will also keep an eye on Australian inflation data, US mortgage applications, Turkish manufacturing confidence numbers, and an interest rate decision by the Bank of Canada.
Meanwhile, the rand continued its losing streak overnight as the dollar strengthened and oil rallied. The local currency was at R14.32/$, R18.52/£ and R16.06/€.
Source: businesslive.co.za
