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ANC Reject Calls to Discuss ‘Step Aside’ Rules at Conference

SOUTH AFRICA
  • With local media focusing in on the ANC policy conference (officially began yesterday, but most material debating takes place today and over the weekend), News24 write that the ANC’s top brass met yesterday in an attempt to see off any bullfighting among partymembers, who remain split between pro-Ramaphosa factions and those sympathetic toward former leader Zuma.
  • News that the party will not discuss the so-called ‘step aside’ rule will bring the ire of certain factions, who believe their leaders are being unfairly prevented from running for party leadership. Retaining the rule secures a clearer path for Ramaphosa to be re-elected at December’s conference, but will not improve his standing with the pro-Zuma factions.
  • Other topics for discussion that will be carefully watched by markets this weekend includes new anti-immigration rules, the possibility of a basic income grant and Eskom 2.0: a suggestion that the government create a second utility to develop a more sustainable energy network.
  • USD/ZAR is extending the week’s downtick, aided largely by a pullback in the USD following Wednesday’s Fed meeting. This puts the pair on course to test the 50-dma support in the coming sessions, currently crossing at 16.2250. Yields pulled lower in Thursday trade and are extending the move early Friday, moving in sympathy with global bond markets as well as news that the Treasury could assume a large portion of Eskom’s debt pile ahead of budget proposals in October.
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