The JSE eked out a firmer closing as US inflation numbers showed signs the US Federal Reserve’s monetary tightening policy is working.
US inflation continued to slow in December after the release of the latest consumer price index printed at 6.5% compared to 7.1% for November. The positive numbers will be a welcome sign for Fed policymakers who have cut a hawkish tone in an effort to tame inflation through interest rate increases.
The All Share Index added 0.13% to close at 78,628 points.
In Asia, the Shanghai Composite (0.051%), Hong Kong Hang Seng (0.36%), and Japan’s Nikkei (0.014%) all closed firmer as investors on cautious optimism that US data would confirm inflation is softening in the world’s largest economy.
At 06.12 pm, the German DAX (0.86%), French CAC 40 (0.85%), and London’s FTSE 100 (1.06%) were all trading firmer.
At the same time, the Nasdaq was down 0.36% while the broader S&P 500 (-0.082%) joined it in the red.
In the currency markets, the rand opened at the R16.91 level this morning against the dollar and is currently trading firmer at R16.83.
