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SARB Monetary Policy Decision Steals Limelight

SOUTH AFRICA
  • All eyes today are on the monetary policy decision from the SARB, with above-forecast October CPI readings seen supporting the case for a 75bp rate hike forecast by majority of sell-side analysts (see our full preview here). The communications and the vote split will be watched as markets are looking for a slowdown in the pace of the rate-hike cycle next year. The central bank's rate decision is poised to overshadow the release of October PPI this morning.
  • State-owned PetroSA has made 50mn litres of diesel immediately available to Eskom, Public Enterprises Minister Gordhan said, while officials are working on a more permanent solution to the embattled power provider's diesel supply challenge. Gordhan noted that further measures will be announced next week.
  • During Wednesday's round of media comments, former Health Minister Zweli Mkhize criticised the current ANC leadership as he looks to contest party presidency. Earlier this week, Mkhize secured 916 nominations from ANC branches, with current leader Ramaphosa snapping up 2037 nominations, ahead of the Dec 16-20 national ANC conference.

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