South African futures gained on Wednesday as markets reacted positively to Finance Minister Malusi Gigaba’s first budget speech.General retailers and banks led the charge on the JSE, with the property index closing in positive territory for the first time in six sessions.The Dow was 0.3% higher at the JSE’s close. European markets were mixed, with the FTSE 100 up 0.25% and the DAX 30 losing 0.43%.Markets were buoyed by the better fiscal outlook. According to the budget speech, the consolidated deficit is projected to narrow from 4.3% of GDP in 2017-18 to 3.5% in 2020-21. Improvement in the primary deficit will help stabilise the gross debt-to-GDP ratio at 56.2% of GDP in 2022-23, with it declining thereafter.The US Federal Reserve will release the minutes from its January meeting later in the evening, and investors will be watching closely for any thoughts the US central bank shared on the effect of the recently passed tax overhaul and inflationary pressures in the economy, Dow Jone...
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