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SOUTH AFRICA: ANC Reflects On Electoral Defeat In KwaZulu-Natal, Q3 GDP On Tap

SOUTH AFRICA
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  • ANC Secretary General Fikile Mbalula said that "the situation is dire" as the ruling party was no match for rivals from the uMkhonto weSizwe (MK) Party in KwaZulu-Natal. He refused to confirm if national party headquarters was planning to press ahead with the dissolution of provincial structures in Gauteng and KwaZulu-Natal but signalled the need to take tough decisions and warned that there would be no "holy cows." At the same time, Mbalula pushed back against accusations that himself and President Cyril Ramaphosa were responsible for the ANC's electoral underperformance in certain provinces.
  • South Africa escalated denials of alleged plans to participate in the creation of a BRICS currency to ministerial level, with International Relations and Cooperation Minister Ronald Lamola stating that Pretoria has not been pushing for a dollar alternative. This came after US President-elect Donald Trump threatened to slap 100% tariffs on any country participating in such an initiative.
  • South Africa's economy may have expanded by 1.1% Y/Y in 3Q2024, according to a Bloomberg survey. The GDP report for the three months through end-September will be published at 09:30GMT/11:30SAST.
  • The National Treasury will sell ZAR1.25bn of 10% 2033 bonds, ZAR1.25bn of 10.875% 2038 bonds and ZAR1.25bn of 11.625% 2053 bonds at a regular auction later today.
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  • ANC Secretary General Fikile Mbalula said that "the situation is dire" as the ruling party was no match for rivals from the uMkhonto weSizwe (MK) Party in KwaZulu-Natal. He refused to confirm if national party headquarters was planning to press ahead with the dissolution of provincial structures in Gauteng and KwaZulu-Natal but signalled the need to take tough decisions and warned that there would be no "holy cows." At the same time, Mbalula pushed back against accusations that himself and President Cyril Ramaphosa were responsible for the ANC's electoral underperformance in certain provinces.
  • South Africa escalated denials of alleged plans to participate in the creation of a BRICS currency to ministerial level, with International Relations and Cooperation Minister Ronald Lamola stating that Pretoria has not been pushing for a dollar alternative. This came after US President-elect Donald Trump threatened to slap 100% tariffs on any country participating in such an initiative.
  • South Africa's economy may have expanded by 1.1% Y/Y in 3Q2024, according to a Bloomberg survey. The GDP report for the three months through end-September will be published at 09:30GMT/11:30SAST.
  • The National Treasury will sell ZAR1.25bn of 10% 2033 bonds, ZAR1.25bn of 10.875% 2038 bonds and ZAR1.25bn of 11.625% 2053 bonds at a regular auction later today.