JSE may get boost from Donald Trump’s recovery news on Monday

The JSE may take its lead from firmer Asian markets on Monday morning, with sentiment boosted by reports US President Donald Trump could be released from hospital on Monday.

Markets came under pressure on Friday following Trump’s positive Covid-19 diagnosis, adding another dose of political uncertainty to the world’s largest economy.

“By reducing uncertainty around a possible delay to the US presidential election, the initial market reaction should be positive for risk assets, with US equities and oil prices, for example, reversing Friday’s declines,” Axi chief global markets strategist Stephen Innes said in a note.

In morning trade, the Hang Seng was up 1.46% and the Australian all ordinaries index 2.46%.

Tencent, which influences the direction of the JSE via Naspers, had added 2.74%.

Gold was down 0.39% to $1,892.50/oz while platinum had lost 0.16% to $876. Brent crude was up 2.4% to $40.06 a barrel.

The rand was 0.5% firmer at R16.44/$.

There is little on the local corporate or economic calendar on Monday, with focus instead on rand volatility and global developments.

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Source: businesslive.co.za