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Steel Strike Could be Over as Employers, Workers Reach Deal

SOUTH AFRICA
  • The Steel and Engineering Industries Federation is to hold a briefing at 2pm local time (1300BST / 0800ET) about a 'landmark wage agreement' made between employers and workers in the metal and engineering sector. This follows three weeks of strike action that has plagued producers in the region.
  • The reports follow the National Employers' Association of South Africa formally issuing a recommendation to increase wages by 5% for workers in the steel industry that are not currently out on strike. A move seen as an attempt to break the deadlock after both sides had been unable to find common ground.
  • Yesterday's report that the JSE had released new data showing a significant bond inflow from foreign investors this year caught market attention, with Business Day now reporting that JSE will make the data public next week, outlining the difference between both traded and settled transactions.
  • The Public Protector Mkhwebane is due to be presenting evidence on her possible removal from office today. Elsewhere, the Social Development Minister Zulu is to brief journalists on COVID-19 welfare payments.
  • USDZAR trades just above the week's lows early Thursday lower, but the outlook remains bullish ZAR after breaking through support at 14.5701, Sep 23 low. The pair has breached the 50-day EMA and signals scope for a deeper pullback. This opens 14.3444, 76.4% of the Sep 10 - 30 rally. On the upside, 14.8326, the 20-day EMA marks the initial resistance.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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