JSE faces mixed Asian markets on Friday after Fed policy stance

The JSE faces mixed Asian markets on Friday morning, with investors digesting a policy shift from the US Federal Reserve. 

Fed chair Jerome Powell indicated the world’s largest central bank is willing to let inflation run a little bit above its 2% target to support the economy.

However, this remains somewhat vague and unspecific, and there is no clarity on how this would translate into concrete policy actions, said AxiCorp chief global markets strategist Stephen Innes in a note.

In morning trade the Hang Seng was up 0.83% while the Australian All Ordinaries index had lost 0.6%.

Tencent, which influences the JSE via Naspers, had fallen 2.06%.

Gold was up 0.58% to $1,940.54/$, while platinum had risen 1.27% to $932.22. Brent crude was flat at $45.09 a barrel.

Locally, the calendar is somewhat bare, with Northam Platinum expected to report record operating profit in its year to end-June later, boosted by higher precious metal prices.

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Source: businesslive.co.za