MARKET WRAP: JSE lower as markets await US Fed’s forward view
The rand’s recovery holds up, supporting banks and retailers, with platinum stocks the star performers on the day
The JSE all share closed weaker on Wednesday in cautious trade ahead of the US Federal Reserve’s rate decision later in the evening. Despite the lower overall market, platinum stocks gained on a metal price that has remained buoyant, above $800 an ounce, for more than a week now. Global miners were lower on a slightly firmer dollar, while the rand held up well. The Dow was a little higher at the JSE’s close, while European markets were mixed. Investors have avoided making big bets ahead of the US Fed’s monetary policy decision. Concerns about continuing trade tension also lingers, further capping the market’s upside momentum, Dow Jones Newswires reported. The Fed meeting is widely expected to result in a 25 basis point interest-rate increase with Fed chair Jerome Powell’s news conference afterwards keenly awaited for further insight into the state of the economy, the impact of trade issues, and the path of future interest rates. The dollar came off weaker levels after some analysts ...
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