JSE faces mixed Asian markets on Monday
The JSE starts to mixed Asian markets on Monday, amid concern over rising Covid-19 numbers in parts of Europe, Japan, the US and South Africa.
US markets were boosted last week by upbeat corporate earnings reports from US tech giants and reassurances from the US Federal Reserve that it would support an economic recovery.
US President Donald Trump threatened at the weekend to ban Chinese social app Tik Tok, pointing to further tensions between the world’s two largest economies.
The rand extended losses on Monday morning, having weakened past the R17 a dollar level on Friday.
A rebound in the dollar late last week caused the rand to give up significant ground, as markets continue to dwell on uncertainty about trade tensions, US elections and recovery, as well as rising virus numbers, said Peregrine Treasury Solutions executive director Bianca Botes in a note.
Chinese data earlier was upbeat, with a private gauge of manufacturing activity in July beating expectations.
In morning trade the Shanghai Composite was up 1.08%, while the Hang Seng was down 0.95%. Tencent, which gives direction to the JSE via Naspers, lost 0.56%.
Gold was flat at $1,973.50 an ounce while platinum was little changed at $901.20. Brent crude was down 0.7% to $43.30 a barrel.
There is little on the local corporate calendar on Monday, while data on manufacturing activity is due later.
Global focus is also on manufacturing activity data, though most attention is likely to be on Covid-19 numbers, amid fears of further lockdown restrictions in major economies including the UK, Japan and the US.
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