JSE could benefit as Asian markets bounce back on Monday

The JSE looks set to open amid a positive session for Asian markets on Monday morning, with markets recovering from a tough last week, when the JSE had its worst day in ten months on Thursday.

Global markets came under pressure amid further signs the US Federal Reserve will move soon to pare back monetary support, with concerns about the Delta variant and Chinese regulatory intervention also weighing on sentiment.

These remain key drivers of the market, and investors will be watching the Jackson Hole symposium starting on Thursday in the US this week, as it is often used as a forum for big announcements.

In morning trade on Monday the Hang Seng was up 1.81%, Japan’s Nikkei 1.71% and the Shanghai Composite 1%.

Tencent, which gives direction to the JSE via the Naspers stable,  gained 2.91%.

Gold was up 0.33% to $1,787.30/oz while platinum gained 1.68% to $1,014.77. Brent crude was 0.27% weaker at $66.33 a barrel.

The rand was 0.45% firmer at R15.22/$, on track to break a five-session losing streak.

Employment services group Workforce Holdings is due to release its results for the six months to end-June later, saying in a recent trading update it had returned to headline profit, though it did not go into details.

gernetzkyk@businesslive.co.za