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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)
Q3 FNB/BER CONSUMER CONFIDENCE -20; VS -25 IN Q2 2022
- Despite the somewhat unanticipated improvement in South African consumer confidence, the indicator remains deeply negative (the long-term average is +2). This implies a deceleration in consumer spending into Q3.
- This follows yesterday's business confidence index, which implied that another quarter of GDP contraction was unlikely due to robust consumer spending and manufacturing confidence.
- Inflationary pressures (up 7.8% y/y in July) and load-shedding remain of key concern to consumers.
- Low-income households saw a substantial rebound in confidence levels, which alongside the robust services sector gave improvement to the headline number. The economic outlook index saw the largest improvement, following the deep pessimism of Q2 which saw major flooding disrupt one-fifth of industry. All sub-indices remain in negative territory.
- Current account data (1000 BST) and manufacturing data (1200 BST) are due shortly.
Source: FNB & BER / 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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