JSE could take breather given patchy global backdrop
08 February 2022 - 07:54
byAndries Mahlangu
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The JSE, which has held up relatively well amid global market volatility, could take a breather on Tuesday after the all-share index gained in five out of the six trading sessions.
Asian stock market benchmarks were narrowly mixed in early trade, after an unsurprising session on Wall Street, where the Down Jones industrial average ended flat, but S&P 500 and tech-laden Nasdaq eked out small gains.
Share markets were generally calmer, after a volatile start to the year that dragged S&P 500 and Nasdaq into a correction territory.
The rand was on a slippery slope on Tuesday morning, reflecting the tick-up in US treasury yields, which boosted the dollar ahead of US consumer inflation data on Thursday.
The rand dipped 0.39% to R15.54/$, backing away from its best level of R15.21/$ last week, signalling market uncertainty about the extent to which the US Federal Reserve will hike interest rates in 2022 to fight off runaway inflation.
International oil prices took a breather, with Brent crude slipping 0.62% to $92.36 a barrel. However, it was still up nearly 19% since the start of 2022.
Platinum group metals prices were also lower on the day, but iron ore prices were more than 2% higher.
The JSE all share is up nearly 3% so far in 2022 despite the volatile global markets.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
JSE could take breather given patchy global backdrop
The JSE, which has held up relatively well amid global market volatility, could take a breather on Tuesday after the all-share index gained in five out of the six trading sessions.
Asian stock market benchmarks were narrowly mixed in early trade, after an unsurprising session on Wall Street, where the Down Jones industrial average ended flat, but S&P 500 and tech-laden Nasdaq eked out small gains.
Share markets were generally calmer, after a volatile start to the year that dragged S&P 500 and Nasdaq into a correction territory.
The rand was on a slippery slope on Tuesday morning, reflecting the tick-up in US treasury yields, which boosted the dollar ahead of US consumer inflation data on Thursday.
The rand dipped 0.39% to R15.54/$, backing away from its best level of R15.21/$ last week, signalling market uncertainty about the extent to which the US Federal Reserve will hike interest rates in 2022 to fight off runaway inflation.
International oil prices took a breather, with Brent crude slipping 0.62% to $92.36 a barrel. However, it was still up nearly 19% since the start of 2022.
Platinum group metals prices were also lower on the day, but iron ore prices were more than 2% higher.
The JSE all share is up nearly 3% so far in 2022 despite the volatile global markets.
mahlangua@businesslive.co.za
Eurozone bond yields jump on ECB policy expectations
Asian markets fight for a footing
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