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News
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Bets on rate hike rise on inflation concerns
Source: Business Report
Rising investor inflation expectations in South Africa are overriding concern that economic growth is slowing, pushing bets the Reserve Bank will raise interest rates in the next year to the highest since 2008.
The yield gap between fixed rate bonds due in 2017 and similar-maturity debt tied to inflation has widened 123 basis points in the past month, to the widest since at least 2010.14 June 2013
China Scraps Iron Ore Import Licensing System to Help Companies
Source: Bloomberg
China, the world’s largest iron ore buyer, scrapped a licensing system for imports of the steelmaking raw material, according to two industry executives.
The abolition of the permit system will help small and medium-sized trading companies easy access to the raw material, said Wang Chunsheng, head of iron ore trading at Beijing-based steelmaker 14 June 2013
Wes-Kaap beplan ekonomiese sone vir akwakultuur
Source: Sake24
Die Wes-Kaapse regering wil die gebied tussen Hermanus en Gansbaai tot spesiale ekonomiese sone vir akwakultuur verklaar om die bedryf te help. Die Wes-Kaapse akwakultuurbedryf gee werk aan 2 300 mense.13 June 2013
Lonmin commits to Amcu talks
Source: iAfrica.com
Lonmin is fully committed to concluding a new recognition agreement with the Association of Mineworkers and Construction Union (Amcu), a spokeswoman said on Wednesday evening.13 June 2013
Foreigner flight smacks markets
Source: Business Report
Government bond yields soared and the rand slumped to a fresh four-year low yesterday – hitting an intraday worst point of R10.36 to the dollar – as foreigners fled the local scene, sending a red alert to the market. Stocks were also hammered.
Risks to the rand and the government’s funding costs rose sharply when the Treasury struggled to sell a slice of its longest-dated bond at an auction.12 June 2013
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| FNB Civil |
The FNB/BER civil confidence index jumped from 36 to 51 points in 2013Q1, the highest reading in 4 years. The jump in confidence was largely as a result of restored profitability, while the growth in construction activity remained subdued. |
| Kagiso PMI |
The seasonally adjusted Kagiso Purchasing Managers’ Index (PMI) remained unchanged at 50.4 index points in May. The average PMI so far in 2013 is 50.5. This indicates that the sector is struggling to gain any real traction, a point emphasised by the 2013Q1 GDP data. |
| FNB/BER CCI |
The FNB/BER Consumer Confidence Index (CCI) declined from -3 index points in 2012Q4 to a 9-year low of -7 in 2013Q1. Consumers’ rating of the outlook for the national economy, their own financial prospects and the appropriateness of the present time to buy durable goods all deteriorated notably during 2013Q1. Combined with a slowdown in household income growth and credit extension, low consumer confidence levels foreshadow subdued growth in household consumption expenditure during the first half of 2013. |
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Latest Forecasts
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BER Conference
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The BER hosted a conference in Johannesburg on 6 June. For the presentations, click here
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