Risk-off sentiment continues to impact markets

  • Market Overview

A decrease in US bond yields and persistent worries over the rise in Delta variant infections across the globe drove risk-off sentiment in markets on Tuesday.

Most global markets were trading in the green an hour after the JSE closed up by 1.42%.

The performance of the FSTE/JSE All Share Index (ALSI) was supported by resource counters as the price of gold continued its steady rise.

Positive corporate earnings and updates from miners in Europe helped the FSTE 100, DAX and CAC 40 to trade above 0.50% at 18h20.

Wall Street’s main indices traded above 1.50% in early trading despite risk-off concerns. “Yields on US 10-year Treasuries rose off a new five-month low, reversing a 10 basis-point drop from the previous session, the biggest since February,” Reuters reported.

Contrary to markets in the West, Asian shares continued to drop on Tuesday, with the Hang Seng and Nikkei closing down by 0.84% and 0.96%, respectively.

PSG Wealth Daily Investment Update, 21 July 2021

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