SOUTH AFRICA: Business Leaders Discuss Various Crises With Ramaphosa, Loadshedding Reduced
Aug-02 06:25
- According to a Bloomberg report, South African business leaders told President Cyril Ramaphosa that the unemployment rate could rise to 38.1% by 2030 from 32.9% currently, if the government fails to take urgent action to resolve the energy, logistics and crime crises. The forecast was presented during a meeting with the President yesterday and was based on the assumption that the economy would grow by 0.75% Y/Y on average.
- A government source told BusinessDay that after Ramaphosa's intervention National Police Commissioner Fannie Masemola has appointed a special team to work with the private sector and facilitate the fight against crime.
- Foreign Minister Naledi Pandor told her Japanese counterpart Yoshimasa Hayashi that South Africa is trying to persuade Russia to resume talks on the Black Sea Grain Initiative.
- Eskom reduced loadshedding to Stage 1 this morning due to a "slight improvement in the generation capacity available." It will move between Stages 1 and 4 until further notice.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
BUNDS: Testing Friday's high
Jul-03 06:22
- Bund edges to session high on the cask open, pushing EUR to session low, as the Dollar finds a bid, following some clip sellers in Equities (VGU3) on the cash govie open.
- There's a fair amount of final reading data for the week and the US NFP/AHE will be at the forefront on Friday.
- The contract did see some short cover, squaring into 16.15BST (Light Month End) on Friday, and although some desk will look at 133.93, Friday's high for initial resistance, better is seen at the 134.08 area.
- Support moves up to 133.33, followed by the 133.16/133.09 area, which equated to 2.45% in Yield terms, printed 2.457% high on Friday.
- Today sees, Global Manufacturing PMIs, but final for FR/GE/EU/UK/US, Swiss CPI, US ISM mfg, are also due.
- SPEAKERS: Nagel speaks in Frankfurt.
EUROSTOXX50 TECHS: (U3) Trades Through The Bull Trigger
Jul-03 06:02
- RES 4: 4501.60 1.618 proj of the May 31 - Jun 5 - 7 price swing
- RES 3: 4487.00 1.50 proj of the May 31 - Jun 5 - 7 price swing
- RES 2: 4472.40 1.382 proj of the May 31 - Jun 5 - 7 price swing
- RES 1: 4448.00 High Jan 2008 (cont)
- PRICE: 4441.00 @ 06:43 BST Jul 3
- SUP 1: 4356.70/4330.90 20- and 50-day EMA values
- SUP 2: 4262.00 Low Jun 26
- SUP 3: 4241.00 Low May 31 and the bear trigger
- SUP 4: 4200.00 Round number support
The Eurostoxx 50 futures uptrend remains intact and last week’s gains reinforce this condition. The contract has traded through resistance 4438.00, the Jun 16 high and a bull trigger. The break confirms a resumption of the primary uptrend and paves the way for gains towards 4472.40, a Fibonacci projection. Initial key support is seen at 4356.70, the 20-day EMA. A pullback would be considered corrective.
EUROZONE ISSUANCE: EGB Supply W/C 3 July, 2023 (2/2)
Jul-03 05:56
- On Thursday, Spain will hold an auction of 5/10/50-year Bonos/Oblis and the 5-year ObliEi: the 0.80% Jul-29 Obli (ISIN: ES0000012K53), the 3.55% Oct-33 Obli (ISIN: ES0000012L78), the 1.45% Oct-71 Obli (ISIN: ES0000012H58) and the 0.65% Nov-27 Obli-Ei (ISIN: ES00000128S2). This will be the first reopening of the 10-year the 3.55% Oct-33 Obli since its syndicated launch. The auction size will be announced this afternoon.
- Also on Thursday, France will look to hold a LT OAT auction for E10.5-12.0bln of on-the-run 10/20/30-year OATs: the 10-year 3.00% May-33 OAT (ISIN: FR001400H7V7), the 20-year 2.50% May-43 OAT (ISIN: FR001400CMX2) and the 30-year 3.00% May-54 OAT (ISIN: FR001400FTH3).
- We would also expect to receive quarterly issuance plans for Ireland.
NET NOMINAL FLOWS: This week sees negligible redemptions and coupons of E6.8bln (of which E5.9bln are German and E0.5bln Irish). This leaves estimated net flows of positive E14.3bln in the week, down from E17.8bln last week.
