Global stocks rallied on Wednesday as investors turn their attention to US Federal Reserve chairperson Jerome Powell’s speech later today, where he will indicate the Fed’s direction ahead of its December meeting.
The JSE rallied significantly, adding 2.32% while investors continue to weigh the Fed’s future interest rate hike decisions and China’s covid-19 policies.
China’s economic activity contracted in November due to a record covid-19 outbreak in the country amid protests against the government’s covid-zero policy.
In the currency market, the rand opened at R16.95 against the dollar and continues to trade below the R17.00 mark.
“The local currency needs to break the 16.90 level to see possible further strength to 16.75 levels, however, traders will be wary of Friday’s non-farm payrolls data,” comments forex trading house TreasuryONE.
In company news, Standard Bank (1.14%) said group executive David Munro is leaving the bank after 27 years of service.
Banking peers FirstRand (2.95%), Capitec (2.11%), Nedbank (1.52%) all gained while Absa (-0.11%) bucked the trend.
