The bullion might be in consolidation for a week or two before resuming the upward march towards $2,000, analyst says
Monday, August 15 2022
Sars and corruption busters need more tools to investigate, says Edward Kieswetter
The ruling party gathering hit by litigation and a breach of security allegedly leading to the cloning of delegates’ tags
Chair Paul Jenkins says Mpact CEO Bruce Strong implied that his company is acting improperly
Consumer finances crumble under the pressure of rising prices and interest rates, Unisa vulnerability report shows
Group homes in on home deliveries trend and hopes to supply electricity to Eskom
Anniversary of country's World War 2 surrender marked by cabinet members in move set to anger China and South Korea
Reece James seemed to have sealed the points for the hosts with a 77th-minute goal, but the striker scored in stoppage time
Pharmaceutical giant has been forced to pay $3.5bn in settlements so far to resolve cancer cases
The JSE looks set to open to positivity on global markets on Wednesday, but will need to hold on to gains after surging to nearly 73,000 points on Tuesday.
Further confirmation that the symptoms of Omicron are milder than other variants of Covid-19 gave risk assets a shot in the arm, as did news of almost $200bn of Chinese stimulus to offset pressure on its property sector.
Swissquote senior analyst Ipek Ozkardeskaya said on Tuesday, however, that volatility remains high, while it is the Delta variant that is wreaking havoc in many countries.
“Also, no headline addresses the major concern of the week, rising US inflation, which is a big threat to the investor mood, as the US [consumer price index] CPI data is due Friday, and the expectation is an advance to a strong 6.7%,” she said. “The latter means that we could see wild mood swings into the second half of the week.”
The JSE surged 2.7% on Tuesday, its best day in nine months, despite SA’s worse-than-expected GDP numbers.
In morning trade the Shanghai Composite was up 0.86% and Japan’s Nikkei 1.5%, while the Hang Seng was flat.
Gold was 0.21% higher at $1,786.63/oz while platinum had gained 0.86% to $963.07. Brent crude was flat at $75.27 a barrel.
The rand was 0.12% firmer at R15.82/$.
SA’s corporate calendar is bare on Wednesday, while the SA Chamber of Commerce and Industry’s (Sacci) business confidence data for October and November are due later. The index had reached a 2021 low of 91 points in September, amid the fallout from civil unrest, but also due to concerns over soaring energy costs and erratic electricity supply.
Retail sales numbers for October are due later as well, having beaten expectations in September with a 2.1% year-on-year rise.
Would you like to comment on this article? Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.