Local bourse could pare some of the gains it made on Wednesday when it reached a seven-month high
The JSE, which reached its best level in more than seven months on Wednesday, could pare some of those gains on Thursday as Asian markets retreat even after the UK and EU agreed to extend the deadline for their divorce.
Also on Wednesday, the European Central Bank kept interest rates unchanged and warned of slower growth in the region, while minutes from the US Federal Reserve’s recent monetary policy meeting showed that officials have not ruled out the possibility of a rate hike in 2019. Naspers’s main asset, Hong Kong-listed Tencent, continued to rally. The stock, up 0.8% on the day, is at its best level since July 2018.BHP Group, the third-largest constituent of the JSE’s top 40 index, was 0.6% lower in Australia.Stats SA is scheduled to publish mining and manufacturing data for February on Thursday. In the US, the producer price index and jobless claims data are due.
Nigel Green, CEO of financial advisory firm deVere Group, said in a statement the pound was likely to stage a “relief rally” as investors digest the news that Brexit negotiations have longer to run and the UK will not crash out of the EU on Friday.
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