Pelosi says ‘hopeful’ about spending deal with White House

23/20/2020 The JSE snapped four days of gains yesterday, with global equities mixed as focus remains on US politics and stimulus talks in Washington. The JSE all share fell 0.99% to 54,796.42 points and the top 40 1.23%. Resources dropped 2.99%, platinum miners 3.57% and Golds down 7.19%. Markets this morning are a little firmer as the World continues to focus on the medical battle against Covid 19. Much focus was also on the final US presidential debate, with the US election less than two weeks away. The final US presidential debate was less chaotic than the first but offered little new information to inform the result for markets.
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The pan-European Stoxx 600 closed down by around 0.2%, with most major bourses in negative territory. Sectors showed a more mixed picture, with tech stocks shedding 1.1% while travel and leisure shares gained 1.5%. On the data front, German consumer confidence has ebbed with GfK’s forward-looking index for November coming in at -3.1 points, down from 1.7 points in October. Later in the session, a flash estimate from the European Commission showed euro zone consumer confidence falling 1.6 points in October, to -15.5. FTSE +0.16%, DAX – 0.12%, CAC – 0.05%.
US Markets closed firmer with the Dow + 0.54%, S&P + 0.52% and the Nasdaq + 0.19% after House Speaker Nancy Pelosi signaled she and Treasury Secretary Steven Mnuchin were making progress in their fiscal stimulus negotiations. Intel shares fell more than 9% in after-hours trading following the release of mixed quarterly numbers for the chip maker. The company’s earnings were in line with analyst expectations, but revenue from its data center business fell short of analyst estimates. Meanwhile, Gilead Sciences gained 7.1% after the Food and Drug Administration approved the company’s drug, remdesivir, for use as a treatment against the coronavirus.
Asian markets are mixed with Japan trading up 0.33% , Hang Seng + 0.31% and the rest of the region a little softer. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1%.
Gold $ 1904, Plat $ 886, Palladium $ 2395, Brent $ 42.18, WTI $ 40.34, ZAR/$ 16.26, ZAR/GBP 21.24
Have a great day and an even better weekend.