Global Equities Subdue in Absence of UK, US Markets
Global equity markets were relatively subdued, with the United States (US) markets closed for Memorial Day and the United Kingdom’s (UK) markets closed for a bank holiday, leaving continental European bourses to set the tone.
The pan-European STOXX 600 rose +1.04%, extending its winning streak to six sessions, led by banks and technology, with ASML up +1.53% and Delivery Hero jumping +11.94% on takeover speculation. Uber’s bid and potential for a higher offer (and even a bidding war) drove a sharp M&A premium into the stock.
Optimism around US-Iran nuclear negotiations, after President Trump signalled progress toward an interim deal, underpinned sentiment and weighed on oil on the day.
In Asia, sentiment is constructive but softer, with Japan’s Nikkei (-0.20%) below the line, while the Hang Seng (+0.53%) is up, supported by Lenovo surging 17.8% to a record high following Huawei’s unveiling of a new AI chip, which boosted sentiment across Chinese tech.
The JSE started the week on the front foot and surged on Monday with green screens all round, as investor sentiment improved sharply on hopes of a breakthrough in United States-Iran peace negotiations and falling oil prices.
The All-Share Index jumped 2.45%, while the Top 40 rallied 2.65%. Resources led the advance with a 4.69% surge, while Industrials climbed 1.70% and Financials gained 1.41%.
The Precious Metals and Mining Index was the standout performer, soaring 5.82%, with Valterra Platinum contributing the most gains at 7.6%. Local traders now look ahead to the South African Reserve Bank’s interest rate decision due on Thursday. TRX Climbs as Robust USDT Settlement Fuels Demand
