Picture: JSE
Picture: JSE

The JSE faces slightly firmer Asian markets on Thursday morning, with all eyes on the European Central Bank (ECB) policy meeting later.

US markets recovered somewhat on Wednesday from a recent tech-led sell-off, while the rand has also mostly recovered from its fall after the release of Tuesday’s GDP figures. 

The rand staged a decent recovery to the R16.60/$ level on Wednesday, tracking a stronger euro, as the focus shifts to the ECB meeting on Thursday, said Peregrine Treasury Solutions executive director Bianca Botes in a note.

In morning trade the Shanghai Composite was up 0.29% and Japan’s Nikkei 0.59%.

Tencent, which often gives direction to Naspers, its largest single shareholder, was up 2.28%.

The rand was 0.18% weaker at R16.64/$.

Gold was flat at $1,945.52/oz, while platinum had fallen 0.2% to $918.69. Brent crude was 0.12% weaker at $42.50 a barrel.

Later on Thursday, insurer Sanlam is expected to report pressure from bad-debt provisions and writedowns in its six months to end-June.

FirstRand is expected to report profits declined more than a third in its year to end-June, as it grapples with higher credit-impairment provisions.

gernetzkyk@businesslive.co.shhuaxiu.com

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