Kevin Lings 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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South African credit growth and producer-price inflation accelerated in August, reducing expectations the central bank will cut its key interest rate even as the economic outlook deteriorates.
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South Africa’s budget is focused on achieving sustainable economic growth to reduce poverty rather than satisfying the concerns of credit rating companies, Finance Minister Pravin Gordhan said.
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South African retail sales rose more than expected in September as a series of interest rate cuts supported a rebound in consumer spending, while a rally in the rand cut import costs.
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South Africa’s economy, the largest on the continent, expanded at a faster pace in the second quarter as mining output rebounded after 11 months of contracting.
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South African stocks closed at the highest since May 2008 after touching an intraday record as metals climbed on a surprise increase in China’s copper imports.
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South African inflation slowed for a fifth consecutive month in May, reaching 4.6 percent and giving the central bank an opportunity to cut interest rates once more before rising energy and wage costs add to price pressures.
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South African bond yields fell to the lowest in more than two weeks and the rand declined after inflation slowed more than forecast, reviving speculation the central bank will cut interest rates a second time this year.
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South Africa posted an unexpected trade surplus in September after iron-ore shipments resumed following a rail accident, boosting exports.
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South Africa’s current-account deficit unexpectedly widened to 6.4 percent of gross domestic product in the second quarter, the biggest gap in almost four years, as exports declined on a slump in global demand.
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