Traders will also monitor announcements by the Chinese Communist Party at its national congress in Beijing this week
It is red across the board from Asia at the start of the week for the JSE as US markets ended lower on Friday while traders wait to see what China announces this week during the 20th National Congress of the Chinese Communist Party being held in Beijing.
“The market is fully pricing a 75 basis points hike from the Fed next month and a slightly better-than-even chance of a follow-up 75 basis points hike in December,” National Australia Bank currency strategist Rodrigo CatrilMeanwhile, President Xi Jinping did not indicate that mainland China plans to end its zero-Covid-19 policy during his address at the CCP’s congress on Sunday. He said the policy had achieved its aim along with economic development.
In local market news, the JSE closed marginally weaker on Friday, giving up gains from earlier in the session as investors digested new inflation expectations in the US. The all share lost 0.19% to 64,271 points and the top 40 0.2%. The dollar strengthened 0.25% against the rand to R18.31. The greenback has gained 14.79% against the rand so far this year.
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