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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH AFRICA
- SAGBs open sharply higher following the full-scale Russian invasion of Ukraine with risk-off hitting risk assets across the board.
- 10-30Y yields stand +15-18bp higher, having closed yesterday little changed following the budget.
- The key components came out in line with expectations, with improved deficit projections and a slightly better growth forecast for 2022 at 2.1%.
- This in line delivery was the primary reason for little change in markets, with Godongwana showing encouraging signs of sticking with the fiscal consolidation.
- However, markets were concerned about fiscal slippage over the 1.8% allocation to the public sector wage bill – with negotiations with unions kicking off next month.
- Key 10y Levels: Res1: 9.877, Res2: 10.032, Sup1: 9.657, Sup2: 9.557. Key 30Y levels: Res1: 10.591, Res2: 10.782, Sup1: 10.40, Sup2: 10.282
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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