11 November 2022 - 07:35The JSE looks set for a rally to end off the week after US markets buoyed Asian markets as the latest inflation data from the world’s largest economy beat expectations and gave investors something to smile about.
“Fed officials welcomed the inflation news but emphasised the need for further hikes, even if agreeing that stepping down hikes was appropriate,” Bank of New Zealand senior market strategist Jason WongThe Hang Seng in Hong Kong surged as it rose sharply by 5.84%, the Nikkei in Japan 2.81% and the Shanghai composite in mainland China 1.51%. Year to date the Hang Seng is down 27.12%, the Shanghai composite 15.16% and the Nikkei 3.70%.
“The new Politburo Standing Committee chaired by President Xi Jinping and made up of close amigos, reinforced the need to stick with the zero-Covid policy while urging officials to be more targeted with their restrictions so as to avoid damage to the economy,” National Australia Bank currency strategist Rodrigo Catril“Guangzhou looks like a test case for this policy, not heading into a Shanghai-style lockdown after the recent surge in cases, but a more targeted lockdown of only three of its 11...
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