The local bourse joins its global counterparts on the up as US Federal Reserve chair Jerome Powell says the US central bank could slow the pace of interest-rate hikes
The JSE will likely extend its recent rally on Thursday, joining its global counterparts, after US Federal Reserve chair Jerome Powell said the US central bank could slow down the pace of interest-rate increases as soon as this month.
The Fed has been aggressive in its stance to tame consumer prices, having tightened its policy rates by 75 basis points for the fourth time since June. The aggressive policy path elicited criticism that it risked tipping the US economy into recession, with potential spillover effects on the broader world economy.
The tech-heavy Nasdaq, which has been highly sensitive to increases in US rates, shot up 4.4%, while the S&P 500 gained 3% and the Dow Industrial Average 2.18%. In commodity markets, the gold price was up nearly 2% to $1,792.70/oz, boding well for the JSE-listed gold stocks.
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