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The JSE looks set to start to mixed Asian markets on Friday morning, with markets somewhat subdued, after a news-filled week.
The European Central Bank delivered a surprise 50 basis point hike on Thursday, its first in over a decade, while the Reserve Bank also surprised with a 75 basis point hike. These are just the latest surprisingly hawkish moves from policymakers scrambling to get on top of inflation.
US corporate earnings helped support sentiment overnight, notably from Tesla, while investors have also been cheered by the resumption of gas flows to Europe from the Nord Stream One pipeline, ending jitters that the Kremlin would turn off the taps completely.
Further risks to Europe’s economic outlook, however, are coming from Italy, with a fragile coalition government collapsing on Thursday. The resignation of Prime Minister Mario Draghi means a new election in the eurozone’s third-largest economy, and uncertainty until the results.
“Volatility was the winner overnight, with a multitude of data points and events leaving market price action messier than a teenager’s bedroom,” said Oanda senior market analyst Jeffrey Halley in a note.
In morning trade the Shanghai Composite was down 0.33%, while Japan’s Nikkei was up 0.4% and the Hang Seng 0.13%.
Tencent, which influences the JSE via the Naspers stable, had slipped 0.24%.
Gold was down 0.25% to $1,714.03/oz and platinum little changed at $876.50. Brent crude was up 0.86% to $104.73 a barrel.
The rand was flat at R17.03/$.
The local corporate and economic calendars are bare on Friday, when the JSE will need to have lost about 4.4%, almost 3,000 points, to reach last week’s close.
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.