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MARKET WRAP: JSE and rand surge as US inflation surprises

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Investors welcome much better-than-expected US CPI data, raising hopes the Fed will take a more dovish stance on rates

The JSE staged a sharp rebound in the afternoon session on Thursday while the rand powered ahead after the US reported better-than-expected inflation data, raising hopes that price increases in the world’s biggest economy may have peaked and prompt the Fed to ease up on its aggressive rate hikes.

US consumer prices rose 7.7% year on year in October, well below market expectations of 7.9% and the slowest pace in nine months. Core CPI, which excludes volatile food and energy costs, rose by 0.3% in the month and by 6.3% on an annual basis, also 20 basis points below the consensus figure. ..

 

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