JSE likely to join global US midterm election celebration
How much SA’s mines recovered in September from August’s output crash and whether factories continue to grow will be revealed on Thursday
The JSE is likely to join global markets on Thursday cheering the US opposition party winning the majority of seats in the House of Representatives. Asian markets took their cue from Wall Street where the Nasdaq composite index rose 2.64% and the S&P 500 index rose 2.12%. The rand strengthening under R14/$ on Wednesday reduced the US stock rally to a 0.26% rise to R39.13 for Coreshares’s S&P 500 index tracker. The rand held on to its gains on Thursday morning after strengthening to R13.89/$ overnight. The rand was trading at R13.93/$, R15.92/€ and R18.29/£ at 6.30am. Hong Kong’s Hang Seng index was up 0.96%, helped by Naspers’s main asset Tencent rising 1.91% to HK$299. Thursday is a busy day on both the economic data and JSE results fronts. Stats SA is scheduled to release September’s mining production and sales report at 11.30am and manufacturing production and sales at 1pm.
The consensus of a poll of economists by Trading Economics is that SA’s mining output will rebound to...
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