SA Company News:
The JSE is likely to head lower on Tuesday, given the weaker trading picture in Asia.The JSE All Share index traded slightly lower around 68,711 on Tuesday, as shares in heavyweights Naspers and its subsidiary Prosus extended losses on China online games crackdown fears. At the same time, rising Covid-19 cases fueled by the Delta variant continued to worry investors.
President Cyril Ramaphosa is facing increasing pressure to reshuffle his Cabinet as the government remains under heavy criticism in South Africa over a lethargic police response to the insecurity in recent violent events in parts of the country.Absa PMI plunges to a 14-month low but is expected to rebound.Coal-reliant SA is turning to gas power.
European stocks headed for a muted session on Tuesday, after touching fresh record highs on Monday, amid renewed concerns for the Delta coronavirus variant spread and its impact on inflation and global growth and as investors digest a batch of earnings reports.Tencent slumped as much as 9.3% Tuesday as nervous investors continue to reevaluate their holdings in the wake of Beijing’s broad crackdown on Chinese internet giants. The gaming and social media giant, an investor in firms like Meituan and Didi Global Inc. that had been caught up in a wave of recent selling, extended a 14% loss from last week.
Brent declined almost 2% to $75335 a barrel on Monday, dragged down by concerns over a slowdown in China’s economy, the world’s second largest oil consumer. Gold Spot $1810.
The rand was on a stronger footing, as it gained 0.27% against the dollar at R14.41/$ after slumping to nearly R15/$ over the past week, which was the lowest point since March.
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