Picture: 123RF/BLUE BAY
Picture: 123RF/BLUE BAY

The JSE faces weaker Asian markets on Tuesday morning, but could get a boost from a much higher Tencent, with focus on surging Covid-19 cases in the US and Europe.

On Monday a US court blocked the banning of messaging app WeChat in that country, with Tencent surging in morning trade on Tuesday.

Sentiment has taken a knock in general however in the run-up to the US election, with investors considering the prospect of more economic restrictions as the pandemic persists.

Meanwhile hopes for a US fiscal stimulus this side of the election are rapidly fading, said National Australia Bank analyst Rodrigo Catril in a note.

In morning trade the Hang Seng was down 1.16% and the Shanghai Composite 0.37%.

Tencent, which influences the JSE via Naspers, had jumped 3.29%.

Gold was up 0.29% to $1,907.19/oz, while platinum had gained 0.86% to $878.89. Brent crude was up 0.62% to $42.67 a barrel.

The rand had firmed 0.25% to R16.19/$.

There is little on the local corporate or economic calendar on Tuesday, with focus on the medium-term budget policy announcement on Wednesday.



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