JSE to start to firmer Asian markets on Tuesday

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The JSE faces firmer Asian markets on Tuesday with sentiment given a lift by upbeat manufacturing data from the US and Europe on Monday.

Not so positively and a bit of a warning in terms of what to expect over coming months, EU companies in the sector continued to see backlogs of work decline and cut jobs for the 15th successive month, National Australia Bank analyst David de Garis said in a note.

A gauge of activity in China’s manufacturing sector in July was also better than expected, while locally the Absa purchasing managers’ index for the same month was also in positive territory.

In morning trade on Tuesday the Shanghai Composite was flat, while Japan’s Nikkei had risen 1.47% and the Australian All Ordinaries Index 1.87%.

Tencent, which gives direction to the JSE via Naspers, had added 0.93%.

Gold was down 0.14% to $1,934.84/oz, while platinum had lost 0.19% to $919.89. Brent crude was 0.11% lower at $43.82 a barrel.

The rand was 0.11% weaker at R17.20/$.

There is little on the local corporate calendar on Tuesday, while globally focus remains on Covid-19. Political wrangling in the US over another stimulus bill continues.


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