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The JSE started the week on a positive note as investors focussed on the possibility of further US stimulus plans. However, gains were capped by the announcement that President Cyril Ramaphosa would address the nation about lockdown measures later on Monday night.
Most US indices started the week lower, “slipping from record levels as investors locked in gains after a stellar vaccine and stimulus-fuelled rally”. At 17h50, the Nasdaq had lost 0.73%.
European shares fell on Monday as COVID-19 worries led to profit-taking by some investors. At 17h40, the STOXX 600 reported a 0.67% drop.
Despite ongoing tension between the US and China, the Hang Seng edged higher on Monday due to bargain hunters raking up Chinese shares “blacklisted by outgoing President Donald Trump”. The Hang Seng ended the day 0.11% higher.
The Tokyo Stock Exchange was closed for a public holiday.
The rand traded lower on Monday as global market fears rose, leading to risk-off trade, due to the increase of COVID-19 infections in the US, Europe and South Africa. At 17h50, the local currency traded at R15.58/$.
A firmer US dollar and higher US Treasury yields on the back of additional fiscal stimulus hopes led to gold easing somewhat on Monday. Spot gold traded at $1 846.80/oz at 17h50 on Monday.
Brent crude started the week with a hard blow as a stronger dollar and global lockdown measures weighed heavily on the oil price. At 17h50, Brent crude had fallen by 1.10% to $55.60/barrel.
Source: Reuters, Business Day, Trading Economics
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