JSE faces mixed Asian markets on Wednesday as markets await direction
US retail sales disappointed overnight, while the recent vaccine-fuelled rally has faded
The JSE will have to contend with mixed Asian markets on Wednesday morning, with global developments giving investors little clear direction.
Positive news regarding Covid-19 vaccines has bolstered sentiment so far in November, while US retail sales numbers for October came in lower than expected.
“That was enough of an excuse for investors to bank some recent gains in equity and energy markets, although currency markets continued to drift aimlessly,” said Oanda senior market analyst Jeffrey Halley in a note.
In morning trade the Hang Seng was up 0.6% while Japan’s Nikkei lost 0.72%.
Tencent, of which Naspers is the largest-single shareholder, was up 0.43%.
Gold was flat at $1,879.43/oz while platinum rose 0.3% to $928.43. Brent crude was little changed at $43.74 a barrel.
The rand was flat at R15.38/$.
Locally, retail sales numbers for September are due later, and could reflect the effects of the lifting of alcohol and tobacco sales bans.
In corporate news, Indluplace Properties is due to release its results for the year to end-September later. The group, which owns residential assets in SA’s major cities, has warned distributable income could fall by more than a third, and has also recently revised its pay-out ratio.
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