JSE opens to mixed Asian markets on Thursday as focus falls on US stimulus

The JSE may benefit from mostly higher Asian markets on Thursday, with global focus still largely on the US, where a large stimulus package is expected from the incoming administration of president-elect Joe Biden.

Biden is scheduled to give details on a fiscal support package that is expected to involved trillions of dollars.

US Congress also moved to impeach outgoing US President Donald Trump on Wednesday, though this had little effect on markets, said National Australia Bank analyst Tapas Strickland in a note.

In morning trade, Japan’s Nikkei was up 1.8% and the Hang Seng 0.49%, while the Shanghai Composite was down 0.29%.

Tencent, which gives direction to the JSE through the Naspers stable, had gained 4.36%.

Gold was down 0.2% to $1,840.50/oz, while platinum had risen 0.48% to $1,101.80. Brent crude was little changed at $55.88 a barrel.

The rand was flat at R15.23/$.

The rand is steady, trading in a tight range after its recovery earlier this week, while markets await details from Biden, said Peregrine Treasury Solutions executive director Bianca Botes in a note.

Locally, the corporate and economic calendar is somewhat bare on Thursday.

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Source: businesslive.co.za