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Talk Of Putin Skipping BRICS Summit Grows Louder, S. African Non-Farm Payrolls Due

SOUTH AFRICA
  • Talk of growing chances of Russian President Vladimir Putin skipping the upcoming BRICS summit is doing the rounds, with News24 running a piece this morning noting that his "troubles at home may yet offer South Africa a get-out-of-jail-free card." Putin's absence would spare South Africa a potential diplomatic scandal.
  • Minister of International Relations and Cooperation Naledi Pandor hosts her German counterpart Annalena Baerbock in Pretoria today. Ahead of her visit, Baerbock said in a statement that she would like to "talk about how South Africa can leverage its weight to help bring an end to Russia’s aggression in Ukraine."
  • Nedbank have further lowered their 2023 GDP outlook for South Africa to +0.1% Y/Y from +0.2%, citing worsening economic conditions. The finance group said it also expects another 25bp rate hike from the SARB next month. On a more positive note, they revised their 2023 CPI forecast a tad lower, to +5.9% Y/Y from +6.0%.
  • South Africa's Q1 non-farm payrolls will be published at 10:30BST/11:30CEST. Median estimate in a Bloomberg poll of economists is +0.2% Q/Q.
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