The JSE looks set to open to mostly higher Asian markets on Wednesday morning, with the rand on track for a third day of gains, as investors digest the threat posed by the Omicron variant.
The JSE and rand have been recovering this week, however, from Friday’s Omicron-induced sell-off and the local bourse needs to gain only 80 points, or about 0.001%, to reach the level it closed at last week Thursday. Commodities and most Asian markets were also positive on Wednesday morning, despite US Federal Reserve chair Jerome Powell saying overnight that policymakers will discuss speeding up tapering at their December meeting.
“European markets are likely to follow north Asia higher for exactly the same reasons and in an environment of schizophrenic tail-chasing, the only winner this week will be volatility,” he said.
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