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MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

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EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

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Stage 8 Load-Shedding a Real Risk, According to Analysts

SOUTH AFRICA
  • EWN cite energy analysts in seeing a strong likelihood of stage 8 load-shedding from July onwards, which could result in stage 10 load-shedding being added to schedules (although not actually enacted this year). The analysts see a 50% chance of South Africa experiencing Stage 8 this summer.
  • Workers affiliated with the Fedusa union had previously withdrawn from salary negotiations with the government due to the tabling of a below-inflation 4.7% pay rise offer for 2023/24. To resume the negotiations, the PSA hope to consolidate with other unions to table fresh demands by Thursday, according to Moneyweb.
  • The Momentum-Unisa Consumer Financial Vulnerability Index has confirmed that South Africans were more stressed about their financial circumstances at the end of 2022, and remain of the opinion that their finances will get even worse. The data shows consumers are “very exposed” financially and that their cash flow is affected to such an extent that it creates a high risk of becoming financially vulnerable and insecure.
  • This morning’s SARB leading index slipped further to 120.5 from 123.1 in November. This marks the lowest reading since January 2021.
  • Few data releases or risk events due Tuesday. MNI will release their Budget Preview including a summary of sell-side views later this morning.
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