• The Fed delivered a 25bp rate hike Wednesday and said that it may have been the final move in this tightening cycle. The knock-on effects of that decision may radiate into South African markets today, even as Governor Lesetja Kganyago last month said that the SARB is not trying to follow what the Fed is doing. Separately, Allan Gray economists said that South African interest rates and inflation will likely stay higher and stickier for longer than the market expects.
  • The National Treasury outlined a new debt relief plan for 165 of 257 eligible municipalities. Government measures will come with strict conditions designed to tackle the culture of non-payment, with collections in some parts of South Africa falling as low as to 17%.
  • President Ramaphosa's spokesman Vincent Magwenya said that his boss doesn't see his exclusion from the G7 summit hosted by Japan as a "snub." Tokyo decided to invite Comoros President Azali Assoumani in his capacity as African Union Chairperson instead of the South African leader.
  • South Africa's S&P Global PMI for the month of April will be published at 08:15BST/09:15SAST and is expected to have stayed at 49.7. Electricity production and consumption data will be released later in the day at 12:00BST/13:00SAST.

SOUTH AFRICA: National Treasury Presents Debt Relief Measures For Municipalities, S&P Global PMI On Tap

Last updated at:May-04 06:44By: Krzysztof Kruk
  • The Fed delivered a 25bp rate hike Wednesday and said that it may have been the final move in this tightening cycle. The knock-on effects of that decision may radiate into South African markets today, even as Governor Lesetja Kganyago last month said that the SARB is not trying to follow what the Fed is doing. Separately, Allan Gray economists said that South African interest rates and inflation will likely stay higher and stickier for longer than the market expects.
  • The National Treasury outlined a new debt relief plan for 165 of 257 eligible municipalities. Government measures will come with strict conditions designed to tackle the culture of non-payment, with collections in some parts of South Africa falling as low as to 17%.
  • President Ramaphosa's spokesman Vincent Magwenya said that his boss doesn't see his exclusion from the G7 summit hosted by Japan as a "snub." Tokyo decided to invite Comoros President Azali Assoumani in his capacity as African Union Chairperson instead of the South African leader.
  • South Africa's S&P Global PMI for the month of April will be published at 08:15BST/09:15SAST and is expected to have stayed at 49.7. Electricity production and consumption data will be released later in the day at 12:00BST/13:00SAST.

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