JSE faces mostly positive Asian markets on Monday


The JSE faces mixed, but mostly higher Asian markets on Monday morning, and may get a lift from the prospect of SA’s move to level 2 lockdown on Tuesday.

The lifting of bans on alcohol and tobacco sales, as well as the activity of bars and restaurants may help improve local sentiment in the week ahead.

Globally, US and Chinese officials have postponed a trade meeting, but China has pledged to increase the purchasing of US goods.

The US-China phase one trade deal review has been postponed, leaving the deal intact for the time being, said Peregrine Treasury Solutions executive director Bianca Botes in a note.

The market’s focus now turns to the Federal Reserve meeting minutes and US politics this week, she said.

Earlier, Japanese second quarter GDP data was worse than expected, falling more than a quarter in the three months to end-June.

In morning trade the Shanghai Composite was up 2.27% while Japan’s Nikkei was down 0.82%.

Gold was flat at $1,942.85 an ounce while platinum was down 0.3% to $944.30. Brent crude was up 0.38% to $45.10 a barrel.

The rand was 0.12% firmer at R17.32 a dollar.

Locally, there is little on the corporate or economic calendar, though Sasol is due to release its results for the year to end-June later today.

The energy and chemicals group is due to report a hefty loss, having reported large write-downs recently, as it grapples with issues at its Lake Charles project in the US, and a plunge in the oil price.

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