The bullion might be in consolidation for a week or two before resuming the upward march towards $2,000, analyst says
Monday, August 15 2022
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The JSE looks set to start to mixed but mostly positive Asian markets on Tuesday, with easing concerns over Omicron continuing to support sentiment, but with some risk on the table as well.
Indonesia, the world’s largest exporter of thermal coal, has banned exports due to domestic supply issues, stoking concerns of rising energy prices in coming months.
Trading of shares of Chinese property giant Evergrande were suspended on Monday when it announced it had to demolish 39 under-construction residential buildings, with local media citing illegal construction and environmental issues, Reuters reported.
Evergrande is struggling to repay investors as it battles a $300bn (R4.7-trillion) debt mountain, resulting in a liquidity crunch in a key part of the world’s second-largest economy.
“With most of the region back at work today, Asian markets have refused to blindly piggyback New York’s overnight rally higher, even as the Omicron relief rally gathers steam,” Oanda senior market analyst Jeffrey Halley said in a note.
US markets were firmer overnight, with the tech-heavy Nasdaq adding more than 1%. Apple became the first company to see its market capitalisation climb above $3-trillion.
In morning trade the Shanghai Composite was down 0.25%, while the Hang Seng index had gained 0.24% and Japan’s Nikkei 1.8%. Tencent, which influences the JSE via the Naspers stable, had fallen 1.01%.
Gold was up 0.16% to $1,803.85/oz, while platinum was flat at $957. Brent crude was 0.29% higher at $79.19 a barrel.
The rand was 0.41% firmer at R15.80/$.
The local corporate and economic calendar is bare on Tuesday.
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.