Picture: 123RF/SOLAR SEVEN
Picture: 123RF/SOLAR SEVEN

The JSE could benefit from generally firmer Asian markets on Tuesday morning, with expectations of a ramping up of US stimulus measures supporting sentiment as the Covid-19 pandemic continues.

US president-elect Joe Biden is expected to give details on a multitrillion-dollar stimulus plan on Thursday, which could include upping direct payments to individuals to $2,000 (R31,100), from $600.

Many countries around the globe however are still dealing with rising Covid-19 infection rates, including SA, with President Cyril Ramaphosa announcing on Monday night level 3 lockdown regulations have been extended. Land borders with neighbouring countries have been shut, while a ban on alcohol sales continues.

Ramaphosa said the number of new infections, hospital admissions and deaths was now higher than in the first phase of the pandemic.

In morning trade the Shanghai Composite was up 0.8% and the Hang Seng 0.45%.

Tencent, which gives direction to the JSE via Naspers and Prosus, had fallen 0.17%.

Gold was up 0.52% to $1,851/oz, while platinum had risen 2.58% to $1,060.16. Brent crude was flat at $55.56 a barrel.

The rand was 0.15% higher at R15.55/$.

The corporate calendar is bare on Tuesday, while manufacturing data for November is due later, and is expected to show a slowdown of economic momentum. During the fourth quarter, manufacturing activity was held back by a decline in export demand, according to Investec economist Kamilla Kaplan.

gernetzkyk@businesslive.co.za

Would you like to comment on this article or view other readers' comments?
Register (it’s quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.