Wall Street closed higher as Americans headed to the polls for the Presidential elections

04/11/2020 On Tuesday Wall Street closed higher as Americans headed to the polls for the Presidential elections. U.S. stock index futures pushed higher as early tallies suggested the outcome of the American presidential election could be closer than polls had suggested. Asian markets were little changed; with Japan and China gaining, while Australia and Hong Kong’s Hang Seng Index slid. The JSE powered ahead on Tuesday to close 569 points firmer, or 1.08%, to 53,187.81. Banking sector bagged 4.82%, with industrials gaining 2.88%. The Top-40 index also firmed up 0.95%, with Sasol skyrocketing almost 13% to R100.43 after news that the company is restarting Lake Charles units after hurricane Laura Shutdown.

The rand broke through R16 to the dollar for the first time since March, testing R15.9800/$ levels, on Wednesday as global markets rallied on hopes that the Democrats will score a clean sweep in the US elections.

U.S PRESIDENRIAL POLLS:
Latest Electoral College vote count: Biden 223, Trump 174
270 NEEDED TO WIN
NEWS:
• S. Africa’s PIC Names Vuyani Hako as Chief Operating Officer
• IMF Names Max Alier as New Representative in South Africa
ECONOMIC DATA:
• 9:15am: (SA) Oct. Standard Bank South Africa PMI, prior 49.4
GOVERNMENT:
• Former South African Airways Chairwoman Duduzile Myeni is scheduled to testify at the Zondo commission of inquiry into state corruption
CORPORATE EVENTS:
• Annual general meetings: RES SJ

EU/UK/US
European equities advanced the most in almost five months, brushing off covid-19 concerns, with investors looking ahead to the outcome of the U.S. presidential election. The pan-European Stoxx 600 index was up 2.34%, alongside a gain of 2.55% for the German Dax, while the London’s FTSE100 advanced 2.33%. Boris Johnson is set to push fresh coronavirus lockdown rules through the U.K. Parliament on Wednesday, facing rebels in his own Conservative Party.

Americans are casting votes in U.S. House, Senate, State and local elections. The Dow closed up 2.06%, the S&P 500 added 1.78%, while the Nasdaq was ahead 1.85%. U.S. equity futures are pointing higher with tech stocks leading the way as the country awaits results of the 2020 elections.
• Dow futures +117 points or 0.43
• S&P 500 futures +35 points or 1.07%
• Nasdaq futures +299.75 points or 2.66%

ASIA/COMMODITIES
Asian markets were mixed as investors weighed the results of the U.S. presidential election. Japan’s Nikkei rose 2.03%, Hong Kong’s Hang Seng was marginally off 0.15%, while the Shanghai Composite slipped 0.16% and Australia’ ASX 200 flat at 0.07%. Oil was up on Wednesday morning. Large falls in U.S. inventories, combined with likely supply cuts boosted prices. Brent oil futures surged 2.34% to $40.86, above the $40 mark, and WTI futures rose 2.47% to $38.59. U.S. crude stockpiles fell steeply by 8.01 million barrels for the week ending October 30, the latest American Petroleum Institute data showed.

Wishing You All a Good Day Ahead 😉