JSE faces mixed Asian markets as investors await US presidential debate
The JSE will open to mixed Asian markets on Tuesday while investors remain cautious ahead of the US presidential debate later in the day.
Investors will be closely watching the first presidential debate between president Donald Trump and democratic candidate Joe Biden as the November election looms.
Earlier, the Shanghai Composite added 0.33% and Japan’s Nikkei 225 0.27%, while Hong Kong’s Hang Seng was down 0.54%.
Global equities ended Monday on a higher note supported by positive economic data and a recovery in US markets. ˜
“With the end of the month and the quarter upon markets, a lot of portfolio rebalancing is occurring in the institutional investor space,” said Oanda senior market analyst Jeffrey Halley.
“I would suggest that those flows, rather than a sudden ‘the world is saved’ epiphany are the genesis of the overnight equity rally,” Halley said.
At 7.44am, the rand was little changed at R17.0359/$, R19.8817/€ and R21.8976/£. The euro was flat at $1.1668.
Peregrine Treasury Solutions executive director Bianca Botes said: “There’s very little new information in the market which continues to keep an eye on the race for the presidency in the US, the Federal Reserve policy stance and the ongoing Covid-19 resurgence threat.”
Locally, Stats SA is expected to release unemployment figures for the second quarter of 2020 on Tuesday morning.
Source: businesslive.co.za