South African Markets

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JOHANNESBURG, July 4 (Reuters) – The following equity and currency market moves may affect South African markets on Thursday.

South African assets gained on Wednesday, lifted by optimism over comments by the Federal Reserve chair that reinforced expectations that U.S. interest rate cuts were not far off.

GLOBAL MARKETS

Asia stocks hit 27-month highs on Thursday as softer U.S. data narrowed the odds on a September rate cut there, boosting bonds and commodities while dragging on the dollar.

WALL STREET

The S&P 500 index and technology-laden Nasdaq rose on Wednesday to post record high closes, as data pointing to a softening economy raised hopes the Federal Reserve could cut interest rates in September.

GOLD

Gold prices eased on Thursday but hovered near a two-week high hit in the previous session after softer-than-expected U.S. economic data fuelled hopes that the Federal Reserve could cut interest rates as soon as September.

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Some of the main stories out in the South African press:

BUSINESS DAY

– Bidvest to end 26-year bank journey

– Leon Schreiber extends temporary concession for foreign nationals

FIN 24

– Global giants are ditching SA’s massive gas find amid frustration with govt, insiders say