JSE may benefit from upbeat Chinese data on Monday
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The JSE faces firmer Asian markets on Monday morning amid upbeat data from China that indicates continued recovery for the world’s second-largest economy.
A Chinese manufacturing purchasing managers’ index was steady in August, but a gauge of non-manufacturing was at a multimonth high.
“The data further reinforces the line of thought that suggests China’s recovery remains on track, but is domestic consumption-led, with export markets still fragile as Covid-19 rampages across the globe,” said Oanda senior market analyst Jeffrey Halley in a note.
“Poor results from China’s megabanks and oil refiners last week though suggest the road will be a bumpy one,” Halley said.
In morning trade the Shanghai Composite was up 0.8% and the Hang Seng 1.8%.
Tencent, which gives direction to the JSE via Naspers, had risen 1.9%.
Gold was up 0.2% at $1,970.40 an ounce while platinum had risen 1.1% to $937.42. Brent crude was up 0.48% to $46.08 a barrel.
The rand was 0.16% firmer at R16.55 a dollar.
RCL Foods is due to report writedowns and a trading hit from Covid-19 for its year to end-June later on Monday.
Brimstone Investments, which has a majority stake in Sea Harvest, is due to report pressure from downward valuations in its six months to end-June.
Sun International is also due to report hefty writedowns in its six months to end-June, as Covid-19 batters the tourism industry and shuttered casinos.
gernetzkyk@businesslive.co.za (mailto://gernetzkyk@businesslive.co.za)
A Chinese manufacturing purchasing managers’ index was steady in August, but a gauge of non-manufacturing was at a multimonth high.
“The data further reinforces the line of thought that suggests China’s recovery remains on track, but is domestic consumption-led, with export markets still fragile as Covid-19 rampages across the globe,” said Oanda senior market analyst Jeffrey Halley in a note.
“Poor results from China’s megabanks and oil refiners last week though suggest the road will be a bumpy one,” Halley said.
In morning trade the Shanghai Composite was up 0.8% and the Hang Seng 1.8%.
Tencent, which gives direction to the JSE via Naspers, had risen 1.9%.
Gold was up 0.2% at $1,970.40 an ounce while platinum had risen 1.1% to $937.42. Brent crude was up 0.48% to $46.08 a barrel.
The rand was 0.16% firmer at R16.55 a dollar.
RCL Foods is due to report writedowns and a trading hit from Covid-19 for its year to end-June later on Monday.
Brimstone Investments, which has a majority stake in Sea Harvest, is due to report pressure from downward valuations in its six months to end-June.
Sun International is also due to report hefty writedowns in its six months to end-June, as Covid-19 batters the tourism industry and shuttered casinos.
gernetzkyk@businesslive.co.za (mailto://gernetzkyk@businesslive.co.za)