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Leading Indicator Improves on Eve of National Strike Action

SOUTH AFRICA
  • Focus remains on the major strike action vowed for tomorrow, with unions Cosatu and Saftu calling on all non-essential workers to strike for the day. Protests are planned across most of provinces, with thousands expected to join marches calling for government intervention in the cost of living crisis.
  • Internal tumult continues at the ANC, with a number of members going to court to argue that the North West provincial elective conference held a week ago was in direct violation of the ANC Constitution. They are hoping to halt the second leg of the conference and nullify the results of the first leg, according to The Daily Maverick.
  • BusinessDay cites the Business Unity SA trade body, who state that higher-than-expected debt service costs will add at least ZAR9bln to government spending this year, adding to a range of fiscal pressures that will mean less money is available for social programmes and infrastructure spending. The comments come as the government plans for the medium-term budget statement at the end of October.
  • Yesterday the Standard Bank CEO was quoted as saying South Africa will very likely be greylisted despite the Treasury’s efforts by the Treasury to prevent the country from joining the ranks of nations deemed to have inadequate protections against money laundering and terrorist financing. He had warned earlier this year that a potential greylisting by the FATF would be worse than a sovereign credit downgrade.
  • Leading indicator data out earlier today improved to 125.2 from 124.7 in June. Unemployment rate data for Q2 is due later today, expected at 35.0%, an uptick from Q1’s 34.5%.
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