Weaker rand agrees with Trump’s gut feel on Fed
Arrowhead Properties and agricultural group Crookes Brothers release results, and the BER the third quarter’s consumer confidence index
The JSE is likely to join a global rebound on Wednesday sparked by a White House adviser’s comment ahead of Saturday’s Group of 20 (G20) meeting in Argentina. The S&P 500 reversed losses to close 0.33% higher on Tuesday after US President Donald Trump’s economic adviser, Larry Kudlow, said Saturday’s meeting was an opportunity to turn the page on the trade war with China. Tencent was up 2.63% to HK$311.80, indicating that 31%-owner Naspers will lead the JSE higher on Wednesday. BHP tracked oil prices lower, falling 1.2% to A$30.50 in Sydney ahead of the JSE’s opening. The rand appeared to agree with Trump’s unhappiness with Federal Reserve chair Jerome Powell, weakening in the early hours of Wednesday to trade at R13.94/$, R15.74/€ and R17.76/£ at 6.45am.
“They’re making a mistake because I have a gut, and my gut tells me more sometimes than anybody else’s brain can ever tell me,” Trump told the Washington Post in response to the Federal Reserve raising interest rates. An indi...