MNI China Daily Summary: Wednesday, July 3

MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

PPI a Tenth Softer than Exp; Further NEIG HICP Disinflation to Come?

MNI: EUROZONE MAY PPI -0.2% M/M, -4.2% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Coalition Talks Front And Centre

SOUTH AFRICA
EM BulletHomepagemarkets-real-timeBulletEmerging Market NewsPolitical Market News
  • Coalition talks remains at the top of the local agenda after the African National Congress (ANC) announced its intention to form a government of national unity (GNU). The ANC will speak with union federation COSATU and the South African Communist Party (SACP) this week to seek their counsel. Separately, the Economic Freedom Fighters (EFF) said they would continue to speak with other parties, hoping to form a government other than a GNU, as they would prefer to avoid collaborating with the Democratic Alliance (DA) or Freedom Front (FF) Plus.
  • The ANC's Top Seven officials will this week interview candidates for premiers in the five provinces where the party secured majorities and other regions where it could form coalition governments. The list of provinces does not include Western Cape, where the ANC will remain in opposition, and KwaZulu-Natal, where the MK Party secured 45% of the vote.
  • David Fowkes, an adviser to the South African Reserve Bank (SARB) and member of the Monetary Policy Committee (MPC), said that "good political news" would help start rate cuts. The official added that the SARB's "most reasonable projection" is generally supportive of lowering interest rate cuts in 2H2024.
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  • Coalition talks remains at the top of the local agenda after the African National Congress (ANC) announced its intention to form a government of national unity (GNU). The ANC will speak with union federation COSATU and the South African Communist Party (SACP) this week to seek their counsel. Separately, the Economic Freedom Fighters (EFF) said they would continue to speak with other parties, hoping to form a government other than a GNU, as they would prefer to avoid collaborating with the Democratic Alliance (DA) or Freedom Front (FF) Plus.
  • The ANC's Top Seven officials will this week interview candidates for premiers in the five provinces where the party secured majorities and other regions where it could form coalition governments. The list of provinces does not include Western Cape, where the ANC will remain in opposition, and KwaZulu-Natal, where the MK Party secured 45% of the vote.
  • David Fowkes, an adviser to the South African Reserve Bank (SARB) and member of the Monetary Policy Committee (MPC), said that "good political news" would help start rate cuts. The official added that the SARB's "most reasonable projection" is generally supportive of lowering interest rate cuts in 2H2024.