If the JSE takes its cue from global markets on Wednesday, it could track higher, following fresh records on Wall Street overnight.
Asian markets retreated from a decade high, though, ahead of the JSE’s open on Wednesday, while a mixed picture is expected from local economic data.
Statistics SA reports retail trade sales for July at 1pm. Economists are expecting growth in the sector to have slowed a bit from June’s 2.9%, with forecasts in a range of 2.4%-2.7%.
The retail sector is an important driver of economic growth.
A more gloomy reading is forecast in the third-quarter RMB/BER business confidence index, which has been mired below the 50-point mark for all but four readings in the past nine years. In the first quarter it rose two points to 40.
Rating agency Moody’s — which holds its 12th sub-Saharan African summit in Joburg on Wednesday — published reports on Tuesday on the declining credit quality of SA’s corporate sector and on the woes of the country’s mining sector.