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Expiries for Oct22 NY cut 1000ET (Source DTCC)

MARKET INSIGHT

Price Signal Summary - USDJPY Dips Considered Corrective

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SONIA Call Ladder Buyer

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Mixed Earlier Trades

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SOUTH AFRICA
  • ANC national working committee (NWC) has opted to engage suspended secretary-general Ace Magashule, quashing talks of an expulsion.
  • NWC insiders say that both Magashule and national executive committee (NEC) member Tony Yengeni will also be investigated for misconduct.
  • While some in the NWC wanted to see the ANC closing the door on its own secretary-general, the party was opting to try and engage with him once more, this after Magashule failed to apologise for an unauthorised suspension letter to l Ramaphosa, and violated the terms of his suspension.
  • Magashule will be investigated for failing to comply with an NEC decision while Yengeni will be investigated for sowing divisions.
  • Some of Magashule's supporters are already gearing up for more public speeches as former President Jacob Zuma returns to court on Wednesday.
  • Analysis: soft response from the NWC on Magashule, which goes somewhat against the grain in terms of how the narrative has been developing - with the cards all coming up in Ramaphosa's favour in recent weeks
  • This may delay the process as investigations are conducted, giving factional battles more scope to carry on and provide Magashule more time to disrupt the formation of a newly reformist ANC
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com