The JSE added 1.90% during the first day of trade for 2023 as Asian markets bounce back while global peers are mixed.
The All Share Index closed at 74,436 points.
Asian markets received a boost on Tuesday, recovering from early losses as investors weighed the short-term effects of surging coronavirus cases in China with the long-term effects of the re-opening of the world’s second-largest economy.
The Japanese Nikkei had small gains while Hong Kong’s Hang Seng (1.84%) and the Shanghai Composite (0.88%) both closed higher.
In Europe, German inflation slowed more than was anticipated to 9.6% for December after the government paid some household’s gas bills for the month. Economists had anticipated inflation would print at 10.2% reports Bloomberg.
At 17:03, the DAX was 1.28% higher, France’s CAC40 was 0.88% higher while the UK’s FTSE 100 was also higher at 1.38%
Former New York Federal Reserve President William Dudley said a recession was likely on the cards for the United States because of the action the Fed will have to take to tame inflation, according to Bloomberg.
As 5 pm struck, the American markets dipped lower with the Nasdaq (-0.21%), Dow Jones (-0.11%) and S&P 500 (-0.086%) all in the red.
In the currency markets, the rand opened on the front foot this morning along with its emerging market peers, trading at R16.95 against the dollar, R18.09 against the euro, and R20.47 against the pound.
At 17:00, the local unit was trading unchanged versus the greenback.
