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Although the JSE still traded at record highs on Tuesday, concern about increasing global COVID-19 cases and President Cyril Ramaphosa extending level 3 lockdown and closing select borders weighed on investor sentiment. The All Share closed 0.35% in the red.
Wall Street edged up at its open on Tuesday as investors waited for the start of earnings season to gauge the health of the US's corporate sector and economy.
European markets were mostly flat on Tuesday as investors awaited the start of earnings season and more clarity around the US fiscal spending plans under President Joe Biden. The STOXX 600 closed flat at 0.05%.
The Hang Seng ended Tuesday 1.32% higher as inflows from mainland China boosted the index to an almost one-year high.
On Tuesday the Nikkei closed flat at 0.09%, but reached a 30-year high, boosted by drug makers on news that Chugai Pharmaceutical’s drug effectively treated COVID-19 patients.
Although the rand made up ground on Tuesday in early sessions, it eased slightly towards the end of trade due to the global spike in COIVD-19 infections and “a rise in US yields on expectations of more debt issuance in the country”. At 20h30, the local currency traded at R15.31/$.
After choppy trade on Tuesday, gold fell about 1% “as a surge in US Treasury yields outweighed support from bets on higher inflation as Washington rolls out more stimulus”. Spot gold traded at $1 845.72/oz at 20h30 on Tuesday.
Brent crude reached an almost 11-month high on Tuesday thanks to tighter supply and a widely anticipated drop in US inventories. At 20h15, Brent crude had gained 1.37% to $56.35/barrel.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer