JSE faces weaker Asian markets on Thursday as US Covid-19 cases rise

The JSE faces weaker Asian markets on Thursday morning, with focus on rising Covid-19 infection rates in the US.

There are concerns that a spike in cases will derail a nascent recovery in the world’s largest economy.

There were notable rises in the south and west of the US, and 33 states were showing increased growth compared to two weeks ago, said National Australia Bank analyst Tapas Strickland in a note.

While this is not fresh news, businesses and consumers were reacting, with restaurant bookings diving in the southern US, said Strickland.

In morning trade, Japan’s Nikkei had fallen 0.9% and the Australian All Ordinaries index 1.8%. Markets in China are closed for the Dragon Boat festival.

Gold was flat at $1,762.05/oz, while platinum was little changed at $799.50. Brent crude was 0.77% lower at $39.96 a barrel.

The rand was 0.18% weaker at R17.43/$.