MNI China Daily Summary: Friday, February 21

MNI: UK FEB FLASH MANUF PMI 46.4 (FCST: 48.5); JAN 48.3

MNI BOK WATCH: Board To Ease Base Rate To 2.75%

MNI China Press Digest Feb 21: Consumption, Financing, Sino-EU

MNI: PBOC Net Injects CNY84 Bln via OMO Friday

MNI: EUROZONE FEB FLASH MANUF PMI 47.3 (FCST: 47.0); JAN 46.6

MNI: GERMANY FEB FLASH MANUF PMI 46.1 (FCST: 45.5); JAN 45.0

MNI: FRANCE FEB FLASH MANUF PMI 45.5 (FCST: 45.3); JAN 45.0

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

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ZAR: Rand Steadies After Taking Hit From Untabled Budget

ZAR
EM BulletBulletEmerging Market News

Spot USD/ZAR has stabilised after yesterday's sell-off driven by domestic turmoil surrounding the postponement of the 2025 Budget Speech. The pair last deals at 18.5061, a tad lower on the session, with bears looking for a dip through Jan 24/Feb 14 lows of 18.3022/18.2995. On the flip side, bulls look for gains towards Jan 13 high of 19.2296.

  • The unexpected delay to the delivery of the 2025 Budget (see the text of the untabled speech here) exposed rifts in the government of national unity (GNU), but most analysts seemed positive about the prospect of coalition parties ironing out their differences ahead of the planned re-tabling of the spending plan on March 12. The key bone of contention was Finance Minister Godongwana's proposal to increase the VAT rate by 2pp to 17%.
  • SAGB yields have ticked higher across the curve, South Africa's 5-year and 10-year breakeven inflation rates sit at 4.69% and 5.75% respectively.
  • The composite BBG Commodity Index has added 0.3%, with the precious metals subindex last seen 1.3% higher, as gold trades ~$19.3/oz. better off.
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Spot USD/ZAR has stabilised after yesterday's sell-off driven by domestic turmoil surrounding the postponement of the 2025 Budget Speech. The pair last deals at 18.5061, a tad lower on the session, with bears looking for a dip through Jan 24/Feb 14 lows of 18.3022/18.2995. On the flip side, bulls look for gains towards Jan 13 high of 19.2296.

  • The unexpected delay to the delivery of the 2025 Budget (see the text of the untabled speech here) exposed rifts in the government of national unity (GNU), but most analysts seemed positive about the prospect of coalition parties ironing out their differences ahead of the planned re-tabling of the spending plan on March 12. The key bone of contention was Finance Minister Godongwana's proposal to increase the VAT rate by 2pp to 17%.
  • SAGB yields have ticked higher across the curve, South Africa's 5-year and 10-year breakeven inflation rates sit at 4.69% and 5.75% respectively.
  • The composite BBG Commodity Index has added 0.3%, with the precious metals subindex last seen 1.3% higher, as gold trades ~$19.3/oz. better off.