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JSE faces mixed Asian market as Opec overshadows global markets

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Opec+ announcing it is cutting production pushed up oil prices, adding to already high global inflation

The JSE is facing mixed Asian markets on Thursday as the news that Opec+ agreed to make a large cut in oil production to keep prices high dominated global markets.

The Japanese market increased for the fourth straight session as it went against the grain of global-market sentiment. Meanwhile, concerns about further interest-rate hikes from the US Federal Reserve increased again after new economic data from the US beat expectations, but Japanese energy firms benefited from higher oil prices after the news about Opec+.

The Nasdaq ended 0.25% lower on Wednesday, followed by the S&P 500 with 0.20% and the Dow Jones 0.14%. The Nasdaq is down 29.59% since the start of 2022, the S&P 500 21.13% and the Dow Jones 17.25%. The dollar lost ground against the rand as it declined by 0.55%, trading at R17.74. The greenback has gained 11.21% against the rand so far this year.

 

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Business Maverick: OPEC+ Tries to Keep Oil Above $90 With Large Production CutOPEC+ agreed to cut its collective output limit by 2 million barrels day, stoking tensions with the US as the cartel seeks to halt a slide in oil prices caused by the weakening global economy.
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