China’s higher than expected purchasing managers index (PMI) for May could buoy the JSE on Wednesday. Sydney’s S&P/ASX 200 index was 0.25% stronger and mainland China’s Shanghai and Shenzhen stock exchanges were slightly higher after China’s PMI remained at April’s 51.2 points in May, beating expectations that it would fall. Tokyo, however, followed the gloomy tone set by the US and Europe on Tuesday. The Topix index was down 0.4% and the Nikkei 225 index was down 0.31% ahead of the JSE’s opening on Wednesday morning, tracking the S&P 500, which closed 0.12% lower, and the Euro Stoxx 50, which closed 0.5% lower. The rand was 0.7% stronger against the pound at R16.79/£ at 7am. The British currency fell after a new poll forecast the ruling Conservatives would lose 20 seats at the June 8 election while the main opposition Labour Party gained 28. Grocery chain Spar is scheduled to release its interim results for the 26 weeks to April 1 on Wednesday. In its December quarter trading updat...
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