Picture: JSE
Picture: JSE

The JSE faces mixed Asian markets on Wednesday morning, with investors digesting the outcome of the contentious US presidential debate and Chinese data.

The US electoral contest is being closely watched, amid signs of clear political divisions even as the world’s largest economy grapples with the fallout from the Covid-19 pandemic.

A highly polarised and possibly legally contested US election is just around the corner, AxiCorp chief global markets strategist Stephen Innes said in a note.

Sentiment has been boosted slightly by Chinese data, which showed earlier that manufacturing activity in the world’s second-largest economy expanded in September.

In morning trade the Shanghai Composite was up 0.45% and the Hang Seng 1.18%, while Japan’s Nikkei had lost 0.82%.

Tencent, which influences the JSE via Naspers, had added 1.58%.

Gold was down 0.5% to $1,888.60/oz while platinum had slipped 1.08% to $874.95. Brent crude was 0.71% weaker at $40.49 a barrel.

The rand was 0.21% weaker at R16.95/$.

Focus on Wednesday is on US and UK second-quarter GDP data, while locally inflation numbers for August are also due.

Capitec is due to report a more than three-quarters fall in profits for the six months to end-August later, citing the effect of the Covid-19 pandemic in a recent trading update.

Sasfin Holdings is expected to have swung into a loss in its year to end-June, amid provisions and a decline in private equity valuations.

Electronics group Ellies Holdings is expected to report a widening loss for its year to end-April later, amid writedowns to its businesses.

gernetzkyk@businesslive.co.za

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