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

The JSE looks set to contend with mixed Asian markets on Monday morning, with the threats of inflation and Covid-19 still hogging most of the spotlight.

The local bourse ended last week just shy of 70,000 points, finding support from a medium-term budget policy statement that analysts welcomed for its conservative revenue and spending expectations.

Global sentiment took strain from higher-than-expected inflation numbers from the US and China, while surging Covid-19 numbers in Europe and parts of Asia have raised further concerns about the pace of the global economic recovery.

Locally, Asian markets struggled for direction on Monday, even though Chinese retail and industrial productions numbers for October beat expectations.

In morning trade the Shanghai composite was down 0.29% while Japan’s Nikkei was up 0.43%. The Hang Seng was flat.

Tencent, which gives direction to the JSE via the Naspers stable,  gained 1.77%.

Gold was 0.38% weaker at $1,857.12/oz while platinum was little changed at $1,082. Brent crude was 0.67% weaker at $81.40 a barrel.

The rand was flat at R15.30/$.

Poultry group Astral Foods is expected to report a fall in profits for its year to end-September later. SA producers have been grappling in 2021 with surging feed costs, as well as an outbreak earlier this year of avian influenza.

gernetzkyk@businesslive.co.za

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