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Ramaphosa Prepares For Russia-Ukraine Peace Mission, S. African Retail Sales Due Today

SOUTH AFRICA
  • South Africa looks to move beyond a crisis in its relations with the U.S. and is preparing to participate in a peace talks mission of six African leaders to Russia and Ukraine. President Cyril Ramaphosa said that he could not predict the outcome of the endeavour but preparations were already underway for visits to Moscow and Kyiv. Meanwhile, Defence Minister Thandi Modise again denied sending arms to Russia, while the Russian embassy stated that South African weapons did not match "neither the types nor the calibres of the systems currently in service with Russia's armed forces." The allegations made by the U.S. ambassador to South Africa last week sent shockwaves across local markets, with Finance Minister Enoch Godongwana warning that a confirmation that the country sold weapons to Russia could have a severe impact on the economy, hurting "many livelihoods."
  • Public Enterprises Minister Pravin Gordhan will today testify to the parliamentary Standing Committee on Public Accounts (SCOPA) on accusations made by former Eskom CEO Andre de Ruyter about corruption and theft at the utility.
  • South Africa's March retail sales will be published at 12:00BST/13:00SAST. Analysts in a Bloomberg poll look for a 0.7% Y/Y contraction.
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