JSE opens firmer on miners as risk-on rally boosts US markets
The local market trading is upbeat as manufacturing data may boost investor sentiment following earlier GDP shock
The JSE opened firmer on Thursday as risk-on trade boosted US markets, but trade in Asia was more subdued.FxPro analysts said while the risk-on rally continued in global stocks, the Chinese markets were lagging behind over fears of trade tensions and high levels of maturing debt. "In stark contrast, US markets were higher."The Dow closed 1.4% higher on Wednesday. The Nikkei 225 rose 0.87%. The Shanghai Composte lost 0.18% and the Hang Seng rose 0.66%.Brent crude was flat at $75.86 a barrel, with the platinum price slightly lower and gold marginally up.Resources and retailers were the early gainers, but banks were also higher despite a weaker rand, trading around R12.74 to the dollar from R12.7118.Banks and financials attracted buyers on the premise that the Reserve Bank will not hike interest rates soon, given the shocking GDP numbers earlier in the week. However, trade is expected to be volatile."The risk that the lousy GDP number brought forth, was that every release from now on w...
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