Picture: REUTERS/RALPH ORLOWSKI
Picture: REUTERS/RALPH ORLOWSKI

The JSE looked set to push higher on Monday morning, with Asian markets boosted by rising hopes that the US and China are edging closer to formalising a partial trade deal.

Chances of a no-deal Brexit are also fading, with the EU expected to vote later on another extension of the October 31 deadline, amid the possibility of a general election in the UK in December.

The week ahead is a busy one, with sentiment also being lifted by expectations that the US Federal Reserve will once again cut interest rates on Wednesday.

Locally, the medium-term budget policy statement on Wednesday is the week’s highlight, and may determine the fate of SA’s last-remaining investment-grade credit rating, held by Moody’s Investors Service. Moody’s is expected to release its latest review of SA on Friday.

Asian markets were higher on Monday, with the Hang Seng up 1.2% and the Shanghai composite up 0.72% at 6.20am SA time.

Tencent, which influences the JSE via major shareholder Naspers, was up 1.6%.

Gold was flat at $1,504.09/oz and platinum little changed at $920.72. Brent crude was 0.18% lower at $61.86 a barrel.

The rand was steady at R14.6236/$.

Famous Brands is expected to report later that basic earnings per share rebounded up to 131% in its six months to end-August, as it recovers from an impairment to its Gourmet Burger King business in the prior comparative period.

Sasol is expected to report its results for the year to end-June later, having twice delayed them due to cost overruns at its Lake Charles Project in the US. Sasol’s share price has fallen by more than a third so far in 2019.

gernetzkyk@businesslive.co.za