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Core Inflation Seen Ticking Higher Across September

SOUTH AFRICA
  • September inflation data crosses later today, with markets expecting CPI to have risen 7.6% on the year, inline with the August release. Core CPI is seen ticking higher, hitting 4.7% from 4.4% previously. Retail sales release for August crosses later in the day, at 1pm local time (1200BST).
  • With Transnet striking a wage deal with a number of unions, the CEO told EWN yesterday that 70-80% of workers were back at their positions as of Tuesday, however the significant build-up of backlogs across ports and rail terminals could take 6 – 9 weeks to clear. The Satawu union remains in talks with management, having turned down the pay offer accepted by other unions.
  • EWN cite comments from the finance committee chair Maswanganyi, who has appealed against negative statements about the potential of the country being greylisted. He added that there would be dire consequences for attracting investment and for the banking sector, if South Africa was greylisted by the FATF. The Treasury is currently racing against the clock to meet regulations of the FATF ahead of a potential ruling.

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