JSE gains 49pts

Gold, considered a safe haven during periods of uncertainty, rose on Monday, giving gold stocks a lift.
By 17:00 local time, the JSE all-share index rose 0,15 percent, with banks up 0,97 percent, platinum miners up 0,68 percent, and industrials 0,46 percent higher. Financials were up 0,38 percent, while gold miners added 0,35 percent. Resources, however, shed 0,33 percent.

The rand was bid at R6,77/US$ unchanged from the JSE’s close on Friday.
Gold was quoted at US$1 614,55 a troy ounce from US$1 605,75/oz at the JSE’s previous close, while platinum was at US$1 788,50/oz, from US$1 796,50/oz previously.
“It’s all about the US debt situation, a local trader said.

“We had some company results here and there, which were not too bad, but from a macro perspective the fiscal debate in the US is holding markets back.
“If there’s a proper deal, markets might really jump off depressed levels,” the trader said.

Dow Jones Newswires reported that US stocks fell in morning trading and gold hit another record high as Washington’s stalled debt negotiations spurred fears of a default or loss of the government’s triple-A credit rating.
The Standard & Poor’s 500-stock index earlier lost seven points, or 0,5 percent, to 1 338, with financials leading decliners.
The Nasdaq Composite dropped 13 points, or 0,5 percent, to 2 846. At 16:48 local time, the Dow Jones Industrial Average was 55 points, or 0,4 percent weaker at 12 625.

Republicans and Democrats remained split after debt-ceiling talks broke down late last Friday, and the parties’ proposals were moving along separate tracks Monday morning.
Key differences include whether to increase the debt limit by enough to get past the 2012 elections, as well as the size of spending cuts.

The headlines from Washington have spurred more concern that the stalled talks will soon trigger a downgrade by Standard & Poor’s or another ratings company.
The prospect of a default or a failure by the government to meet other obligations also loomed.

European markets were mostly lower, as worries about US debt talks and a three-notch downgrade of Greece by Moody’s Investors Service put the Europe Stoxx 600 on track for the first loss in five sessions. Asian markets were broadly lower.

China’s Shanghai Composite tumbled to a one-month low. – I-NET BRIDGE.