JSE faces mixed Asian markets on Friday
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The JSE faces mixed Asian markets on Friday morning, with trade in US markets volatile overnight as tech stocks continue to be sold off.
Tech stocks have fared well so far in 2020, and have been under pressure in September, in what some analysts said was an inevitable correction.
What the European Central Bank (ECB) on Thursday did was upbeat regarding the eurozone’s economic outlook, analysts said, but failed to fully address concerns about a stronger euro, analysts said.
The ECB was less dovish than anticipated but the single currency failed to hold onto its gains as Brexit risks mounted and US stocks staged an early reversal, said BK Asset Management MD for foreign exchange strategy Kathy Lien in a note.
In morning trade the Shanghai Composite was down 0.21% while Hong Kong’s Hang Seng was up 0.5%.
Tencent, which influences the direction of the JSE via Naspers, had added 0.99%.
Gold was down 0.3% to $1,939.61/oz while platinum had fallen 0.28% to $924.91/oz. Brent crude was up 0.5% to $39.91 a barrel.
The rand was 0.22% firmer at R16.85/$.
Global focus is on US inflation data later, while locally, atmospheric gases group Afrox is due to release its half year results to end-June later, warning in a recent trading update that profits had been hit by disruption from Covid-19.
gernetzkyk@businesslive.co.za (mailto://gernetzkyk@businesslive.co.za)
Tech stocks have fared well so far in 2020, and have been under pressure in September, in what some analysts said was an inevitable correction.
What the European Central Bank (ECB) on Thursday did was upbeat regarding the eurozone’s economic outlook, analysts said, but failed to fully address concerns about a stronger euro, analysts said.
The ECB was less dovish than anticipated but the single currency failed to hold onto its gains as Brexit risks mounted and US stocks staged an early reversal, said BK Asset Management MD for foreign exchange strategy Kathy Lien in a note.
In morning trade the Shanghai Composite was down 0.21% while Hong Kong’s Hang Seng was up 0.5%.
Tencent, which influences the direction of the JSE via Naspers, had added 0.99%.
Gold was down 0.3% to $1,939.61/oz while platinum had fallen 0.28% to $924.91/oz. Brent crude was up 0.5% to $39.91 a barrel.
The rand was 0.22% firmer at R16.85/$.
Global focus is on US inflation data later, while locally, atmospheric gases group Afrox is due to release its half year results to end-June later, warning in a recent trading update that profits had been hit by disruption from Covid-19.
gernetzkyk@businesslive.co.za (mailto://gernetzkyk@businesslive.co.za)