JSE a little firmer as focus turns to US data
Trade is expected to be cautious ahead of the release of US economic data later in the day, while the local focus is on Thursday’s Reserve Bank decision
The JSE edged higher on Tuesday morning, amid some caution on global markets, as investors waited for further clues on future US monetary policy.
Most local indices were higher after US markets reached record highs on Monday, although sentiment remains fragile.
US retail sales numbers for June, due at 2.30pm SA time, is the major global release of the day, although UK employment and earnings data will also be watched.
US markets continue to press record highs; the tech-heavy Nasdaq hit a record high on Monday, while the Dow extended the record high it reached last week.
Asian markets were subdued, however, with Japan’s Nikkei performing poorly. A spat between Japan and South Korea is weighing on sentiment, with Japan restricting exports of key tech components after a South Korean court ordered the seizure of Japanese corporate assets to compensate World War 2 era forced-labour victims.
Local focus is also on the Reserve Bank interest rate decision on Thursday, with the Bloomberg consensus for a 25 basis point cut.
At 9.30am the all share was up 0.2% to 57,650.2 points and the top 40 had added 0.23%. Platinums were up 1.28%, and food and drug retailers 0.51%. Property was down 0.2%.
Gold was flat at $1,414.45/oz and platinum little changed at $843.80. Brent crude was up 0.38% to $66.38 a barrel.
AB InBev was flat at R1,228.86 while Richemont added 1.12% to R117.13.
Glencore rose 0.94% to R47.35.
Mr Price gained 0.88% to R202..42.