Gill Marcus News
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South African bond yields plunged to a record as the manufacturing and mining industries unexpectedly contracted, adding to speculation that the central bank will cut interest rates.
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Slowing inflation and the rand’s recovery this quarter have traders giving South African Reserve Bank Governor Gill Marcus better-than-even odds of emulating her peers in Europe and Australia in cutting interest rates.
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South African vehicle sales rose at the quickest pace in almost a year in April as the Reserve Bank kept borrowing costs at the lowest level in more than 30 years to stimulate growth.
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South African bonds are posting the best returns in emerging markets this month as yields among the highest for similarly rated nations lure foreign buyers amid signs inflation is slowing.
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Central banks bought the most gold since 1964 last year just before the collapse in prices into a bear market underscored investors’ weakening faith in the world’s traditional store of value.
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The rand fell for the first time in four days after South Africa’s central bank said increased borrowing and accelerating inflation risk sending bond yields higher.
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The cost of goods leaving South African factories rose at a faster pace in March than the previous month as a weaker rand boosted import prices.
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South Africa’s central bank sees the rand and fuel prices as the main risks to the inflation outlook and anticipates a temporary breach of its 3 percent to 6 percent target range, Governor Gill Marcus said.
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The biggest drop in gold prices since 1983 is “extremely concerning” and reflects the uncertain outlook for the global economy, South African Reserve Bank Governor Gill Marcus said.
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Investors are dumping gold funds at the fastest pace in two years in favor of equities, compounding a slump that has wiped $560 billion from the value of central bank reserves.
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