×

We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now
Picture: 123RF/POP NUKOONRAT
Picture: 123RF/POP NUKOONRAT

The JSE looks set to enjoy a generally positive session for global markets on Monday morning, with US markets bouncing back last week, partly due to data that showed expectations for inflation are moderating.

The Michigan consumer sentiment index, closely watched by the US Federal Reserve, showed while confidence was at a record low in June, inflation expectations haven't picked up.

This also followed commentary from Fed chair Jerome Powell last week who said while a recession is certainly a possibility in the world’s largest economy, it isn't currently likely.

Markets continue to price that the worst is over for US bond markets and that the end of Fed rate hikes will occur sooner than expected as the economies in the US and elsewhere slow sharply in the second half of 2022, said Oanda senior market analyst Jeffrey Halley in a note.

In morning trade the hang seng was up 3.15%, Japan’s nikkei 1.57% and the Shanghai composite 0.88%.

Tencent, which can give direction to the JSE via the Naspers stable, rose 4.15%.

Gold was up 0.44% to $1,835.58/oz while platinum rose 0.68% to $915.

The rand was flat at R15.81/$, having firmed almost 1% on Friday.

Locally, Stage 4 load-shedding is expected to continue to at least Wednesday, 

Cement-maker PPC is due to report results for its year to end-March later, saying in a recent trading update core profit from continuing operations is expected to fall as much as 4%, though it didn't go into details.

gernetzkyk@businesslive.co.za

subscribe

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.