05/10/2020 Shares jumped in Japan, Hong Kong and Australia as traders reacted to the possibility President Donald Trump may be able to leave hospital as soon as Monday. The Hang Seng was ahead just over 1.67%, with Tech stocks are among the best performers. Tencent Holdings rising 2.64%. Stock valuations for many Aussie retailers are already pricing in strong sales, UBS says. The bank favours retailers with attractive valuations, those that might benefit from the coronavirus situation because they have a strong online presence, or those with longer-term growth opportunities. It names Woolworths , Harvey Norman, Metcash and Collins. Aussie’s ASX200 is 2.60% firmer tin the green on Monday. Locally, on Friday, JSE fell 0.42% to 54,219.24 points and the Top-40 0.52%. Gold miners lost 0.95% while banks rose 2.05%.
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• 9:15am: Standard Bank South Africa PMI, est. 46, prior 45.3
• European markets closed mixed following reports that US President Donald Trump and the First Lady only had mild Covid-19 symptoms. The Stoxx 600 edged up 0.25%, with FTSE100 0.39% firmer and CAC-40 pretty flat 0.02%.
• Futures on the Dow rose 173 points, or 0.63%, while S&P 500 futures were up. Nasdaq-100 futures gained 0.58%. The Dow on Friday fell 134.09 points, or 0.48%, as benchmarks ended well off session lows after the initial news of Trump’s diagnosis. The S&P 500 ended 0.95% lower, while the Nasdaq WAS down 2.2%, at 11,075.02.
Here are some key events coming up for the week:
• The Reserve Bank of Australia is forecast to keep interest rates and its three-year yield target unchanged at 0.25% on Tuesday.
• Also Tuesday, Fed Chair Jerome Powell and ECB Chief Economist Philip Lane deliver keynote addresses at the NABE conference.
• On Wednesday, the minutes of the Sept. 15-16 meeting of the FOMC could be especially fruitful for Fed watchers, beginning with details of the debate on conditions necessary to trigger a rate increase.
• The U.S. Vice Presidential debate takes place in Salt Lake City on Wednesday.
• Though the final formal round of talks is over, the British government expects trade negotiations to continue up to the EU summit in mid-October.
BRENT +2.19% @ $40.19, GOLD -0.43% @ $1891.91, PLATINUM -0.44% @ 877.93
Wishing You All A Blessed Week Ahead 😉