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JSE subdued as global market caution prevails

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Markets await direction from the US Federal Reserve, with local banks shrugging off the rand's overnight push to R15.49/$ on Tuesday morning

Markets await direction from the US Federal Reserve, with local banks shrugging off the rand’s overnight fall to R15.49/$ on Tuesday morningPressure on miners kept the JSE flat on Tuesday morning, with banks and financial stocks eking out gains despite overnight weakness in the rand.

The dollar has been in favour so far this week, despite a lack of major economic releases, BK Asset Management MD for foreign exchange Kathy Lien said in a note. “ Global markets were mixed on Tuesday morning, with attention fixed on upcoming events that should provide further clues towards future US Federal Reserve policy. Fed minutes are due on Wednesday, although Fed chair Jerome Powell's speech at the Jackson Hole conference in Wyoming on Friday is the week's major event.

Gold was up 0.25% at $1,499.66/oz and platinum 0.3% to $853.79. Brent crude was 0.17% lower at $59.66 a barrel.

 

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