The JSE could benefit from firmer Asian markets and a higher gold price on Tuesday, with all eyes on the US amid hopes of further stimulus.
In the US, the Republican party has unveiled its Covid-19 stimulus plan, which includes wage relief and tax credits aimed at supporting employment, though a political battle is likely over the details. Markets are also watching for the US Federal Reserve policy statement on Wednesday.In morning trade the Shanghai Composite was up 0.6% and the Hang Seng 0.5%. Tencent, which influences the JSE via Naspers, jumped 4%.
Gold was up 0.15% to $1,944.84/oz, having earlier reached a high. Platinum had fallen 0.8% to $938.48 while Brent crude was flat at $43.44 a barrel. Gold has been boosted by demand from China and concerns about inflation, said AxiCorp chief global markets strategist Stephen Innes in a note. The precious metal could break out of $2,000/oz by the end of the week, he said.Global focus on Tuesday is on US-China tensions, Covid-19 numbers and US corporate earnings reports, with Stats SA due to release quarterly employment statistics for the three months to end-March.
Source: Financial Digest (financialdigest.net)
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