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Ramaphosa Re-Election Looks Less Likely as ANC Support Weakens

SOUTH AFRICA
  • Bloomberg runs a piece asking whether President Ramaphosa will face the same fate as his UK counterpart Boris Johnson, with Ramaphosa’s re-election as leader of the ANC later this year looking less likely. The pieces cites the farm robbery scandal and subsequent police investigation, with a number of allies expressing concern that he may have to step down.
  • On the farm scandal, late on Friday, parliamentary representative Mapisa-Nqakula confirmed that parliament themselves will not launch their own investigation into the issue, leaving the probes to the law enforcement agencies.
  • In his weekly newsletter, Ramaphosa has confirmed that Eskom and his government are planning for steps to increase electricity supply going forward, and is to announce a comprehensive series of steps in the coming days for tackling future weaknesses of the grid.
  • South Africa’s JSE Index is seeing early weakness on Monday, dropping close to 3% with global mining firms leading the way lower. Particular weakpoints include Anglo American, Amplats, Impala Platinum and Sasol. The moves follow extended weakness in commodities, putting Chinese iron ore and steel rebar contracts in firm negative territory. Recession concerns and further COVID risks in China are the primary drivers.
  • Looking ahead, Monday sees no key data releases, with focus on Manufacturing Production and retail sales data later in the week.
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