JSE to open to mostly firmer Asian markets on Thursday

The JSE faces mixed, but mostly firmer, Asian markets on Thursday morning, with equities given a boost after the US Federal Reserve’s message overnight.

The Fed did what it needed to — held rates steady and reiterated that any wobbles in growth and bond yields would be met with a wall of money, said Oanda senior market analyst Jeffrey Halley in a note. “Importantly, they also reassured markets that they would alleviate any shortages of offshore US dollars if necessary,” Halley said.

In morning trade, the Hang Seng was up 1% while the Shanghai Composite was flat. Tencent, which influences the direction of Naspers, had risen 0.92%.

Gold was down 0.47% to $1,961.41/oz while platinum was up 0.56% to $927.14. Brent crude was flat at $43.69 a barrel.

The rand was 0.27% weaker at R16.58/$.

Global focus is on US stimulus talks, as well as corporate earnings from tech giants later.

Locally, ArcelorMittal SA is due to release its interim results to end-June later. The group warned on Wednesday that its loss had widened significantly.

Paper manufacturer Sappi is also due to update the market on its third quarter to end-June.

[email protected]

Source: businesslive.co.za