20/10/2020 Asian stocks slipped on Tuesday as investors adjusted risk exposure heading into the U.S. election and as a deadline for Washington to pass an economic stimulus bill approached while Europe reported record daily coronavirus infections. However, on the flipside, U.S. futures edged higher Tuesday as investors held out some hope of a deal on stimulus talks. Shares slipped in Japan, Australia and Hong Kong; while in China stocks were above the waterline. European futures pointed lower, and so are Top40 futures according to IG markets. The JSE closed 0.21% firmer, to 55,161.03, on Monday. Banking shares fared the best, advancing 4.22% at the close, as markets lift on investor optimism of a US stimulus deal being reached before elections there. The local currency is sitting at 16.5455 to the dollar, 1.23% stronger month-to-date.
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• Labor and Employment Minister Thulas Nxesi addresses lawmakers on the disbursement of funds from the Unemployment Insurance Fund
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European equities ended lower, erasing gains earlier in the session, as investors focused on the start of the jam-packed earnings season. Reckitt Benckiser Group Plc was down 2% before its scheduled quarterly sales report on Tuesday. The Stoxx600 index was down 0.18% to 366.81, having been up 0.78% in early trade. London’s FTSE 100 was lower by 0.59%, weighed down by gains for sterling and Germany’s DAX fell 0.42&, with other major bourses marginally lower. The Dow was down 410.89 points, or 1.44%, while the S&P 500 gave up 1.63% and the Nasdaq saw out the session 1.65% weaker. Nancy Pelosi, U.S House Speaker, is hoping that by the end of the day Tuesday they will have clarity on whether they’ll be able to pass the stimulus bill before the elections. The S&P 500 Index fell to the lowest in almost two weeks.
Asian markets echoed Wall Street’s decline on Tuesday with the badly needed aid for the economy before the U.S Presidential elections. Japan’s benchmark Nikkei 225 declined 0.55% in morning trading while Australia’s ASX 200 fell 0.73. Hong Kong’s Hang Seng marginally lower 0.02%, while the Shanghai Composite is bucking the trend at 0.33% firmer. It is clouds of gloom all over the oil market, again. Prices slipped for a fourth straight day on Tuesday, while growing output from Libya adds to plentiful supply. Brent futures fell 0.84%, to $42.26 a barrel, while U.S. WTI crude futures 0.64% to $40.57 a barrel.
Wishing You All a Blessed Day Ahead 😉