The JSE looks set to contend with significant pressure on Asian markets on Thursday morning, with investors digesting earnings reports that point to a deteriorating global economy.
The tech-heavy Nasdaq lost 4.7% on Wednesday and the S&P 500 4%, losses similar to those seen in early 2020 when much of the world was reacting to the emergence of Covid-19. Naspers and Prosus had lost almost 5% on Wednesday, and Tencent’s results had been released before the JSE close. Gold was flat at $1,815.64/oz, while platinum had fallen 0.64% to $928.50. Brent crude was up 1.27% to $110.58 a barrel.Domestic focus on Thursday is squarely on the Reserve Bank policy announcement later, amid expectations that a 50-basis-point hike may be on its way. SA’s inflation for April had remained steady at 5.9% year on year, towards the top end of the Bank’s target range.
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