JSE faces weaker Asian markets on Thursday as Covid-19 fears take hold

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Rising infections in Europe and the US is raising the prospect of fresh lockdowns

The JSE faces weaker Asian markets on Thursday morning amid fears of fresh lockdowns in the US and Europe, where Covid-19 numbers are spiking.

“Global markets trembled [on] Wednesday as a disquietening rise in coronavirus infections shattered investors’ psyche and now pose a clear and present danger to a nestling economic recovery,” said AxiCorp chief global markets strategist Stephen Innes in a note.Tencent, which gives direction to the JSE via Naspers, its largest single shareholder, had fallen 0.5%.

Gold was up 0.25% to $1,881.40/oz, while platinum had added 0.29% to $870. Brent crude was up 0.38% to $39.17 a barrel.Global focus on Thursday is on the European Central Bank meeting later. Locally, building materials group Afrimat is due to report its results for the half-year to end-August later, and said in a recent update it expects profits to rise, partly due to a boost from its iron ore business.

 

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