JSE to start to mixed Asian markets on Monday
The JSE looks set to start to mixed Asian markets on Monday morning, with global markets still digesting the prospect of higher interest rates in 2022.
Trade was volatile last week, with minutes from the US Federal Reserve’s December meeting pointing to a faster-than-anticipated dialling back of policy support amid persistent inflation and improving economic conditions.
Fed chair Jerome Powell is set to testify before Congress on Tuesday, while investors are also watching US consumer inflation numbers for December on Wednesday that could provide further details on just how fast interest rates will rise.
In morning trade the Shanghai Composite was up 0.82% and the Hang Seng 0.25%. South Korea’s Kospi was down 1%, while Japan’s Nikkei was flat.
Tencent, which can give direction to the local market through the Naspers stable, gained 2.44%.
The rand was flat at R15.57/$, having had its best week in four months last week amid expectations that SA is in store for interest rate hikes in coming months.
Gold was 0.2% weaker at $1,792.50/oz, while platinum fell 0.78% to $957.99. Brent crude was flat at $81.92 a barrel.
The local corporate and economic calendar is bare on Monday, which marks the return to work for many after the holiday break.
The JSE will need to lose more than 0.31% to turn negative for 2022.
Source: businesslive.co.za