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Unrest North of Jo'burg Raises Concern of a Repeat of 2021 Protests

SOUTH AFRICA
  • Sporadic protests against the cost of living crisis have led to concerns of a repeat of the widespread unrest from July last year, with Thembisa to the north-east of Johannesburg the focal point so far. Four fatalities have been reported so far, with roads barricaded and several buildings and cars set alight. More than 100 metro police officers have been sent to the area, but significant damage to infrastructure has been reported.
  • According to the Daily Maverick, Gungubele, the minister for state security, said President Ramaphosa is “itching” to speak about the Phala Phala matter but could not do so due to the pending police investigation into the matter. He added that the whole matter is “clear”.
  • Commenting on the Treasury’s proposals to take on some of Eskom’s debt, Old Mutual write that the Treasury may need to take on half of all outstanding debt – amounting to as much as R200bln, which could widen the overall debt-to-GDP ratio by 2.5 percentage points.
  • Concerns surrounding strikes across the autos sector continue, but a Numsa spokesman has claimed that broad strikes are avoidable if industries approach pay negotiations realistically. Nonetheless, a broad shutdown of car dealerships, fuel stations and factories remains a possibility.
  • July PMI data out this morning came in ahead of expectations (52.7 vs. Exp. 50.5). This marked the highest reading since May 2021.
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