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S&P Global PMI Improves In February, Q4 GDP Eyed

SOUTH AFRICA
  • Ex-Police Minister Nathi Nhleko quit the African National Congress (ANC) after his fallout with the party's Secretary General Fikile Mbalula, who accused him of lying in parliament. This comes as the ANC is preparing to fight for re-election and opinion polls suggest that it may struggle to keep its absolute majority. Nhleko did not indicate whether he would be joining another party.
  • South Africa's S&P Global PMI improved to 50.8 in February from 49.2 prior, returning into expansionary territory. S&P said that "this was largely due to an improving sales trend, which whilst neutral, was better than the solid declines seen recently." Furthermore, "cooling inflation environment has been a major factor in helping to revive markets."
  • South Africa's Q4 GDP will be released at 09:30GMT/11:30SAST and is expected to show that the nation avoided a recession. The economy may have grown 0.9% Y/Y, while the sequential seasonally adjusted figure is expected at +0.2% Q/Q.

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