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Sign up to attend our next Think Big webinar in which PSG Wealth CIO, Adriaan Pask will be conducting a follow up interview with global economist and multi-asset investment professional Lawrence Hatheway. This time they will discuss the global economy with insights post the US elections.
The JSE closed 1.63% in the green on Monday, as the election of Joe Biden as US president-elect boosted investor appetite for riskier assets.
Wall Street hit record highs on Monday after Pfizer and BioNTech announced that their COVID-19 vaccine was 90% successful in preventing the disease during the first successful late-stage clinical trials.
European shares jumped on Monday after phase three trails of drugmakers Pfizer and BioNTech COVID-19 vaccine was shown to be successful, and Biden’s election as US president-elect boosted hopes for a stable US trade policy going forward.
The Hang Seng rose to 1.23% on Monday, as risk sentiment returned to markets after Biden’s victory in the US presidential race improved hopes for better Sino-US relations.
Japan’s Nikkei jumped by 2.12% on Monday after Democrat Biden was declared US president-elect with hopes for further fiscal stimulus and measures to reduce the spread of COVID-19 boosting sentiment.
Biden’s election win sparked investor appetite for riskier assets on Monday, firming the rand to R15/$ at 18h30.
Gold retreated on Monday after Pfizer said its vaccine was more than 90% effective in preventing COVID-19 reducing the safe-haven appeal of the metal.
Oil prices rose to $42.19 a barrel on Monday, after Biden clinched the US presidency and buoyed risk appetite, offsetting the worry about the effect on demand from the worsening COVID-19 pandemic.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer