SOUTH AFRICA: S. Africa's S&P Global PMI Slips Into Contraction
Nov-05 07:35
- Gauteng Premier Panyaza Lesufi said that his province is ready to host the G20 Leaders' Summit in less than three weeks. Despite intense lobbying by South Africa, US President Donald Trump signalled that he would skip the event, and Russian leader Vladimir Putin was also expected to be absent. However, just this week, Finnish President Alexander Stubb suggested that Trump, Putin and Ukrainian President Volodymyr Zelensky could meet on the sidelines of the summit.
- South Africa's S&P Global PMI deteriorated to 48.8 in October from 50.2 prior, slipping into contractionary territory. Accompanying commentary noted that a 'softer increase in prices charged also suggested that inflation rates are likely to be subdued in the coming months barring any notable movements in exchange rates.'
- The Democratic Alliance (DA), the second largest party in the Government of National Unity (GNU), will hold a presser to make an announcement about new political developments at 10:00GMT/12:00SAST.
- The National Treasury will sell 2035 floating bonds.
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SPAIN DATA: Another Small Decline In IP, But Underlying Signals Remain Positive
Oct-06 07:29
Spanish industrial production fell 0.1% M/M SA in August, the second consecutive sequential decline. Only three analysts had submitted forecasts for the print, with estimates ranging from -0.2% to +0.7% M/M. Though sequential growth rates have been negative for two months now, 3m/3m and Y/Y comparisons remain in positive territory. Furthermore, signals from the manufacturing PMI suggests underlying IP momentum remains positive.
- Across sub-components, August’s M/M fall was centred in intermediate goods (-1.5% M/M) and energy (-0.7% M/M). There was a solid 2.6% increase in capital goods production, but this followed a 2.9% fall in July. Consumer goods production was +0.2% M/M, after -0.1% in July and -0.3% in June.
- Annual SA industrial production growth was 3.4% in August, up from 2.7% in July (revised up from 2.5% initial). This was the strongest Y/Y rate in over two years.
