JSE. Picture: MICHAEL ETTERSHANK
JSE. Picture: MICHAEL ETTERSHANK

The JSE faces mixed Asian markets on Friday morning, with the economic effect of the coronavirus remaining the most important factor for investor sentiment.

China moved to cut lending rates on Thursday, with the Shanghai Composite extending gains on Friday morning.

Tencent was down more than 1% in Hong Kong, while precious metal prices continued their advance.

Anxiety over the virus has reached a new level, with attention now fixed on the outbreak outside China, said National Australia Bank analyst Rodrigo Catril.

“US and eurozone equity markets have been sold across the board with core global yields benefiting from a safe haven demand,” said Catril.

In morning trade on Friday Hong Kong’s Hang Seng was down 0.73%.

Gold was up 0.32% to $1,624.72/oz while platinum was up 0.63% to $981.93. Brent crude was 0.24% lower at $58.93 a barrel.

The rand was little changed at $15.11/$.

There is little on the local economic calendar on Friday, while AngloGold Ashanti is expected to report that higher commodity prices and a weaker rand more than offset lower production.

AngloGold recently announced it would sell its remaining SA assets to Harmony Gold.

International focus remains on the coronavirus outbreak, though a series of purchasing managers’ indices, including for the US, are due later.

gernetzkyk@businesslive.co.za