Asian markets trading ahead of the JSE’s opening on Monday morning followed oil’s rally which saw the spot price of West Texas Intermediate jump 3% to $46.88/barrel. Brent crude gain 1.35% to $47.42/barrel ahead of a meeting of Organisation of the Petroleum Exporting Countries which is expected to result in an agreement to limit supplies. Tokyo’s Topix index was more than 1% higher and Hong Kong’s Hang Seng was 0.26% higher. Mainland China’s Shanghai index was up 0.86% and the Shenzhen index 0.22% after the central bank cut its foreign exchange support to 6.8985 yuan per dollar, an eight year low.
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