JSE may start on a positive note ahead of repo rate announcement

JSE may start on a positive note ahead of repo rate announcement

2021-09-23 09:01:00 AM

JSE may start on a positive note ahead of repo rate announcement

Global markets are breathing more easily as Evergrande concerns abate and the US signals it is sticking with stimulus

Karl GernetzkyPicture: 123RF/DANIIL PESHKOVThe JSE could benefit from positive sentiment in global markets on Thursday, with markets welcoming an easing of concerns over Chinese property giant Evergrande, and digesting the US Federal Reserve’s latest policy announcement.

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An agreement between Evergrande and its bond holders for payments due on Thursday has helped allay concerns that a collapse is imminent, which would have spillover effects for the rest of the market. China’s central bank has also injected liquidity into the market, reducing contagion fears.

The Fed on Wednesday indicated it was in no rush to pare back monetary support, with Covid-19 still the biggest factor for the economic trajectory of the world’s largest economy. This has pushed back expectations of a firm policy announcement in November, analysts said. headtopics.com

The Reserve Bank is due to announce its latest policy stance later on Thursday, with consensus that the repo rate will be left unchanged at 3.5%. Analysts have pointed to inflation hovering around the 4.5% midpoint of the Bank’s target band as a reason interest rate increases should be expected only in 2022, given policymakers would also want to support SA’s economic recovery.

In morning trade, the Hang Seng was up 0.69% and the Shanghai Composite 0.58%.Tencent, which gives direction to the JSE via Naspers, had risen 1.56%.Gold was 0.18% lower at $1,764.60/oz, while platinum was flat at $994.79. Brent crude was 0.71% higher at $76.38 a barrel.

The rand was 0.13% firmer at R14.79/$, having risen by a similar amount on Wednesday. Read more: Business Day »

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MARKET WRAP: JSE firms as Fed prepares minutesChina Evergrande statement on debt payment bolsters sentiment but analysts caution the relief may be temporary ᴍʏ sᴜᴄᴄᴇss ɪɴ ᴛʜᴇ ᴏᴘᴛɪᴏɴ ᴍᴀʀᴋᴇᴛ ᴡᴀsɴ'ᴛ ᴘʟᴀɴɴᴇᴅ, ʙᴜᴛ ᴛᴏᴅᴀʏ ɪ'ᴍ ᴀ ᴛʀᴜᴇ ᴅᴇғɪɴɪᴛɪᴏɴ ᴏғ ɢʀᴀᴄᴇ,, ʜᴀs ɴᴇᴠᴇʀ ғᴀɪʟᴇᴅ ᴍᴇ, ʏᴏᴜ ᴄᴀɴ ғᴇᴇʟ ғʀᴇᴇ ᴛᴏ ᴄᴏɴᴛᴀᴄᴛ LindaStouffes

MARKET WRAP: JSE claws its way back from Monday’s routReassurances from beleaguered China Evergrande offer some relief but analysts point to other negative factors