The JSE opened flat at the start of a week that promises a number of market-moving happenings, including Wednesday’s medium-term budget policy statement. Finance Minister Malusi Gigaba is likely to present a disappointing budget reflecting an increased budget deficit with subdued economic growth prospects. Political issues are also expected to remain at the forefront. Speculation that Deputy President Cyril Ramaphosa is about to be fired has been denied by President Jacob Zuma’s office as "gossip". The rand was slightly weaker on Monday, at R13.7236 to the dollar from R13.6802. Globally markets are alert to the appointment of a new US Federal Reserve chairman as markets rallied last week on the possible implementation of President Donald Trump’s tax reform plans. Despite intense speculation about the next Fed chairman, the path of policy rates was still likely to be driven primarily by data, regardless of who was nominated, Barclays Research analysts said. The European Central Bank ...
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