Wall Street is up in the morning trading as investors shook off inflation data that came in higher than expected. Instead markets are looking ahead to a key consumer report that will indicate if the Federal Reserve’s will continue with rate hikes going forward.
“Prices remain elevated so it shouldn’t be a surprise to see producer goods and services rise. Keep in mind the increase is still below what we were seeing consistently month after month earlier this year,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office, to CNBC.
However the positive US opening was not enough to lift the JSE, which fell by 0.09% to 64 528.23. Today’s winner was coal exporter Thungela Resources Ltd, which climbed 6.35%, while the biggest loser was global retailer Italitile Ltd, which fell by 7.39%.
In the currency markets, the dollar is on the front foot and is trading over 1% stronger against the rand at R18.29/$.
On the commodity front, both oil and gold are trading in the red, down, by 1.65% and 0.45% respectively.
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