JSE faces mixed Asian markets on Monday as risks simmer
The JSE looks set to start to mixed Asian markets on Monday morning, with investors still digesting last week’s developments.
US nonfarm payrolls surprised the market by showing unemployment dipped to 3.5% in July from 3.6%, indicating that further hefty interest rate hikes may be required to get inflation under control in the world’s largest economy.
US consumer inflation numbers for July are due on Wednesday, and are expected to show a deceleration from June’s 9.1%, which was hotter than expected.
Some attention also remains on Taiwan, amid signs that Chinese military drills around the island may continue. China launched exercises in the wake of a high-profile visit by US House Speaker Nancy Pelosi to Taipei, and while they were meant to end at the weekend, Bloomberg cited Chinese media reports saying they will continue until August 15.
In morning trade the Shanghai Composite was up 0.19% and Japan’s Nikkei was 0.24% firmer, while the Hang Seng had fallen 0.74%.
Tencent, influential to the JSE due to the Naspers stable, had fallen 2.08%.
Gold was little changed at $1,733.11/oz, while platinum had fallen 0.63% to $920.10. Brent crude had gained 2.16% to $95.61 a barrel.
The rand was flat at R16.77/$.
The local corporate and economic calendars are bare on Monday, while trade may be further subdued by Tuesday’s public holiday.
Source: businesslive.co.za
