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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH AFRICA
MNI (London)
SOUTH AFRICA Q3 RMB/BER BUSINESS CONFIDENCE INDEX 39; VS 42 IN Q2
- South African business confidence weakened by 3 points to the lowest level since Q1 2021, dipping further below the neutral 50-threshold into stronger pessimism.
- The survey results are unlikely to imply a contraction for Q3 for the South African economy, following yesterday's Q2 GDP data which saw a -0.7% q/q fall due largely to a significant drag in manufacturing. Both load shedding and devastating floods hampered production capacity throughout the quarter.
- A substantial slump was noted in building confidence, as the propensity to invest weakens against a backdrop of high inflation (7.8% y/y in July) and the SARB swiftly hiking rates. Manufacturing sentiment also remained low. Vehicle dealers and strong retail confidence kept the index from sliding further. Load-shedding continues to chip at confidence and will be again a defining factor in South African growth capacity.
- Of higher relevance will be tomorrow's slew of data. Focus will be on the BER consumer confidence index, followed by the Q2 current account balance and July manufacturing production.
Source: BER/RMB & MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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