MNI BRIEF: German Firms Expanding R&D In China

CHINA PBOC CONDUCTS CNY3.5 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1027 MON VS 7.1124

MNI: PBOC Sets Yuan Parity Lower At 7.1027 Mon; +2.85% Y/Y

MNI: PBOC Net Drains CNY467.5 Bln via OMO Monday

CHINA SETS YUAN CENTRAL PARITY AT 7.1027 MON VS 7.1124

MNI: SWISS JUL RETAIL SALES +1.4% M/M, +2.7% Y/Y

MNI: AUSTRALIA JUL BUILDING APPROVALS +10.4% M/M, +14.3% Y/Y

MNI: AUSTRALIA JUL DWELLING APPROVALS +10.4% M/M

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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Kganyago says 50bps Hike Not Off the Table

SOUTH AFRICA
  • In an interview with Bloomberg, South African Reserve Bank head Kganyago said that the SARB’s base case remains for 25bps increases this year, however “that’s just a guide” and a 50bps hike is not off the table. Kganyago also noted that the case for a lower inflation target is strong – a prospect being considered at their upcoming policy review.
  • Following a breakthrough in talks yesterday, Eskom have confirmed that many of its employees have returned to work as of this morning, with a spokesperson claiming that “there are no incidents of protest action today”. Details of the wage offer will be published on Friday when negotiations resume. The latest rejected offer was for a 5.3% increase vs. the unions demand for 12% across the board.
  • Despite the positive turn in talks, EWN writes that more wildcat strikes are likely at Eskom in the coming weeks, as well as across a number of other sectors as wages shrink in real terms and prices continue to rise.
  • Cities across South Africa are putting into place plans to soften the blow from loadshedding, with Cape Town triggering their contingency plan, which protects Cape Town from Stage 6 loadshedding for 21 days.
  • The prospect of stage 6 load shedding is leading to a number of institutions warning of the implications for growth, with News24 citing Old Mutual Wealth Investment as saying the severity of stage 6 load shedding of a week or more would mean a credit ratings downgrade is more likely.
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