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The JSE faces mixed Asian markets on Tuesday morning, with sentiment lifted a little by the prospect of the US easing of tariffs on Chinese goods.
The Biden administration has mooted a reduction of tariffs in a bid to take a bite out of surging inflation, leading to speculation that there may an announcement as soon as this week.
Reuters, citing China’s commerce ministry, reported on Tuesday that Chinese vice-premier Liu He had a “constructive” virtual dialogue with US treasury secretary Janet Yellen, with both sides agreeing to better co-ordinate macro policies.
Given that inflation remains the White House’s public enemy number one, the street is leaning towards a gradual rollback of some China tariffs as it would reduce end costs to US consumers, SPI Asset Management managing partner Stephen Innes said in a note.
Locally, stage 4 load-shedding continues on Tuesday until 4pm, followed by stage 5 until 10pm.
In morning trade the Shanghai Composite was down 0.19%, while the Hang Seng gained 0.57% and Japan’s Nikkei 0.64%. Tencent was up 0.75%.
Gold rose 0.23% to $1,810.82/oz, while platinum was little changed at $884.50. Brent crude was 0.13% weaker at $113.61 a barrel. The rand was little changed at R16.34/$.
The local corporate and economic calendars are 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.