Investors were buoyed by inflation numbers out of the United States on Thursday with the S&P 500 soaring over 4% as cooler inflation figures eased US Federal Reserve rate hike fears.
US inflation printed at 7.7% for October compared to 8.2% in September, “a sign that the persistent inflation that has plagued the U.S. economy is showing glimmers of cooling off, even as it remains near four-decade highs,” reports NBC News.
The JSE along with its global peers slipped lower during morning trade but quickly ticked higher during afternoon trade following the release of the inflation numbers, which left the markets in a tidal wave of green.
The local bourse traded 1.54% higher.
In the currency markets, the rand was trading weaker along with its emerging market peers but following the release of the inflation numbers, it has been on the front foot and is currently trading at R17.46 versus the greenback.
“The rand and the rest of the emerging market space have enjoyed the recent sell-off in the dollar,” commented forex trading house TreasuryONE earlier on.
