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Finance Minister To Deliver Mid-Term Budget

SOUTH AFRICA
  • Finance Minister Enoch Godongwana will deliver his Medium-Term Budget Policy Statement (MTBPS) in parliament at 12:00GMT/14:00SAST. The government is fighting an uphill battle to stabilise public finances as debt servicing costs swell, revenue collection misses forecasts, while the upcoming general elections raises barriers to implementing austerity measures. Godongwana suggested that he would announce "moderate" spending cuts and a "sustainable" increase in borrowing" to plug the existing fiscal hole. Click here to see our MTBPS preview.
  • South Africa's October Absa Manufacturing PMI will be published at 09:00GMT/11:00SAST. Consensus looks for a recovery to 47.3 from 45.4 recorded in September.
  • South African trade unions called for including closer monitoring of tax and labour law compliance under the renewed US African Growth and Opportunity Act (AGOA). Renewing the pact may be discussed during the AGOA forum starting tomorrow.
  • Stanlib Senior Economist Ndivhuho Netshitenzhe said South Africa would not lead the pack when it comes to cutting interest rates but the SARB could loosen policy before the Fed does.
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