JSE may benefit from positive Asian markets on Tuesday
The JSE may benefit from firmer Asian markets on Tuesday morning, with US markets faring well overnight as investors continue to look for US stimulus.
US equity markets have had a much less hectic and voluminous start to the week than anticipated by some, Axi chief global markets strategist Stephen Innes said in a note.
Market fear gauges like the VIX volatility index have been falling, there is less urgency to de-risk and investors are seemingly feeling more comfortable, Innes said.
Local news has been positive with President Cyril Ramaphosa announcing on Monday night that the ban on alcohol sales has been lifted, curfew hours extended and restrictions on gatherings eased. However, SA remains at level 3 lockdown.
In morning trade the Shanghai Composite was up 0.55% and the Hang Seng 1.82%. Tencent, which gives direction to the JSE via Naspers, had risen 4.49%.
Gold was down 0.25% at $1,855.67/oz, while platinum had lost 1.4% to $1,115.12. Brent crude was 1.21% up at $56.86 a barrel.
The rand was 0.34% firmer at R15.01/$.
Eurozone GDP numbers for the fourth quarter are due later and could influence market direction, while locally, the economic calendar is bare.
Telecoms group Vodacom is due to release a quarterly update to end-December, having reported a surge in data usage during Covid-19 lockdown period.
Source: businesslive.co.za