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JPM Retain Relatively Bearish Bias Following MTBPS

  • JPM write that yesterday’s MTBPS was constructive, however taking the outlook revisions at face value seems inappropriate, as procedural and socio-political issues hindered realism on expenditure outlook. They write that focus should be on the signaled policy intention and ability to achieve reasonable fiscal outcomes, rather than headline numbers that serve as space holder at best.
  • To JPM, the presentation seemed too light on pragmatism, setting the stage for a more sobering update in the February Budget.
  • The MTBPS ultimately does not meaningfully change their outlook for local markets They retain a relatively bearish bias on local assets; remaining Underweight ZAR and medium weight SAGBs in the GBI-EM Model Portfolio.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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