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SOUTH AFRICA: Trump Threatens 100% Tariffs On BRICS, Absa M'fing PMI Eyed

SOUTH AFRICA
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  • US President-elect Donald Trump tweeted that if BRICS countries refuse to commit that "they will neither create a new BRICS currency, nor back any other currency to replace the mighty U.S. dollar," then they will "face 100% tariffs, and should expect to say goodbye to selling into the wonderful U.S. economy." South African International Cooperation and Co-Operation Department spokesperson Clayson Monyela said that "BRICS is not planning to create a new currency," while President Cyril Ramaphosa pledged to try and facilitate diplomatic talks with Trump to discuss these matters.
  • The African National Congress's (ANC's) National Working Committee (NWC) will call in the executives leading party structures in KwaZulu-Natal and Gauteng to explain their poor results in the May 29 election. Some senior ANC members have reportedly been lobbying for the dissolution of provincial executive committees (PECs) in these two provinces.
  • S&P placed Transnet's credit ratings on negative watch on the back of their view that the utility's cash flow will not improve sufficiently to maintain its current leverage and capital structure. S&P believe that Transnet "will likely require incremental government support to transform its capital structure, fund capex and meet upcoming debt maturities."
  • The November reading of Absa Manufacturing PMI will cross the wires at 09:00GMT/11:00SAST. Elsewhere, Naamsa may release vehicle sales data for November at some point today.
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  • US President-elect Donald Trump tweeted that if BRICS countries refuse to commit that "they will neither create a new BRICS currency, nor back any other currency to replace the mighty U.S. dollar," then they will "face 100% tariffs, and should expect to say goodbye to selling into the wonderful U.S. economy." South African International Cooperation and Co-Operation Department spokesperson Clayson Monyela said that "BRICS is not planning to create a new currency," while President Cyril Ramaphosa pledged to try and facilitate diplomatic talks with Trump to discuss these matters.
  • The African National Congress's (ANC's) National Working Committee (NWC) will call in the executives leading party structures in KwaZulu-Natal and Gauteng to explain their poor results in the May 29 election. Some senior ANC members have reportedly been lobbying for the dissolution of provincial executive committees (PECs) in these two provinces.
  • S&P placed Transnet's credit ratings on negative watch on the back of their view that the utility's cash flow will not improve sufficiently to maintain its current leverage and capital structure. S&P believe that Transnet "will likely require incremental government support to transform its capital structure, fund capex and meet upcoming debt maturities."
  • The November reading of Absa Manufacturing PMI will cross the wires at 09:00GMT/11:00SAST. Elsewhere, Naamsa may release vehicle sales data for November at some point today.