Stocks Climb Aided by Japan; Tencent up 3.69 percent.Morning

06/09/2021 Most Asian stocks rose this morning amid an ongoing rally in Japan sparked by the planned exit of the prime minister and as traders mulled slower U.S. hiring that may delay a reduction in Federal Reserve stimulus.
MSCI Inc.’s Asia-Pacific gauge climbed for a seventh session, the longest streak since January. Japan was up more than 1% to a 31-year high on hopes of better pandemic management and more spending by Prime Minister Yoshihide Suga’s successor. US Futures are flat.

Locally, the rand gained for the ninth session out of ten on Friday, after a big miss on the US nonfarm payrolls report boosted emerging-market currencies. Data from the US showed the world’s biggest economy added only 235,000 jobs in August, well below the 665,000 expected by economists. The August numbers are the worst since January, showing the impact of the Covid-19 Delta variant on the pace of economic recovery. The All Share closed down 0.42 percent, we should see a firmer start today with Asian markets up, Tencent up 3.69% and IG Top 40 up 247 points.
South Africa’s prisons service placed former President Jacob Zuma on medical parole, less than two months after he was jailed for contempt of court.
• BIDVEST FY ADJ EPS 11.975 RAND, EST. 13.070. Div R 6.00 a share.
What to watch this week:
• U.S. President Joe Biden will likely make his choice this week on whether to renominate Fed Chair Jerome Powell to a second term.Reserve Bank of Australia rate decision Tuesday.
• China trade data will provide clues on its economic recovery, Tuesday.
• El Salvador’s Bitcoin law takes effect, making the virtual currency legal tender, Tuesday.
• Dallas Fed President Robert Kaplan holds a virtual town hall discussion Wednesday.
• ECB President Christine Lagarde holds a press conference after the bank’s rate decision Thursday.
• China PPI, CPI, new yuan loans, money supply, aggregate financing, Thursday.
European stocks are expected to open in mixed territory on Monday as investors digest jobs data from the U.S. Friday which came in far short of expectations. There are no major European earnings releases on Monday. Data releases include German industrial orders for July and U.K. new car registrations for August.
The Dow retreated on Friday and the S&P 500 slipped from a record high after the August jobs report came in short of expectations, showing the impact of the delta-fueled Covid resurgence. The Dow lost 74 points, or 0.21%, to 35369, while the S&P 500 edged lower by 0.03% to 4535 after holding a slight gain in afternoon trading. The broader market index was supported by tech stocks, which helped to lift the Nasdaq Composite by 0.21% to 15363.
Gold prices dipped from a 2-1/2-month peak after a disappointing U.S. jobs data signaled that the Federal Reserve could push back the timeline for tapering stimulus measures, bolstering bullion’s appeal as an inflation hedge. Gold $ 1827, Platinum $ 1027, Palladium $ 2429.
Oil extended losses after Saudi Arabia slashed crude prices for Asian buyers, raising the prospect of fierce competition among sellers as the resurgence of Covid-19 continues to cloud the demand outlook. Brent $ 71.56 -1.47%, WTI $ 68.32 – 1.39%