The JSE drifted lower as investors wait to see whether Democrats will keep control of the US House of Representatives and the Senate or Republicans seize control causing gridlock in Washington with Democrat Joe Biden in the White House.
Traders also have one eye on the US inflation report due out on Thursday, which will be closely scrutinised “after the core consumer price index rose more than forecasted to a 40-year high in September,” reports Business Day.
The inflation report will indicate in which direction the Federal Reserve intends to go regarding further aggressive interest rate hikes.
Meanwhile, Asian stocks were mixed on Tuesday after rising during the morning session on the back of hopes that China will relax its strict pandemic policy even as the government reaffirmed its commitment to its zero-covid policy.
In the currency markets, the rand opened at R17.78 versus the greenback with the local unit trading stronger agains the dollar today. The rand is currently quoted at R17.68/$.
