Gold rally may help JSE buck global gloom
The Reserve Bank releases December’s money supply and credit growth figures, which provides a picture of the spending appetite of SA households and business
The rand appeared cheered by the UK parliament passing an amendment on Tuesday night to rule out a no-deal or hard Brexit, strengthening from $13.72/$ before the vote to trade at R13.59/$ on Wednesday morning. The rand was at R15.56/€ and R17.80/£ at 7am. Wednesday’s focus will be on a delegation of Chinese trade negotiators who will meet their US counterparts in the Eisenhower Executive Office Building next to the White House, making it likely President Donald Trump will make a personal appearance. Miners may help the JSE escape a global stock market slump for a second day on Wednesday. Whereas disappointing results from US tech companies sent the Nasdaq index down 0.81% on Tuesday, the all share index rose 1.15%. Gold, which managed to breach the $1,300/oz level on Friday, continued its rally to trade at $1,314/oz on Wednesday morning. Although palladium has not managed to hold on to the more than $1,400/oz level it reached on January 17, it has managed to hold its lead over gold,...
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