MARKET WRAP: JSE closes lower as markets await US Fed chair comments

Investors will be closely monitoring Jerome Powell’s speech looking for any hints on whether the Fed may cut rates further in 2019The JSE closed lower on Thursday, tracking most global markets as investors remained cautious ahead of US Federal Reserve chair Jerome Powell’s speech at the Jackson Hole economic symposium on Friday.

The Dow was flat at 26,191.54 points. In Europe, the FTSE 100 had lost 1.26%, France’s CAC 40 0.95%, and Germany’s DAX 30 0.64%. Earlier, the Shanghai Composite rose 0.11% while Hong Kong’s Hang Seng fell 0.84%, and Japan’s Nikkei 225 was flat. Old Mutual fell 0.16% to R18.28. On Thursday, it issued a further notice of termination to axed CEO Peter Moyo, who is fighting the matter in court. The insurer also said its headline earnings fell by between 33% and 36% for the six months to end-June.

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