by Roland Jackson The Bank of England held its key interest rate on Thursday at a record-low 0.50 percent, in its first meeting since divisions emerged over when to tighten policy. The central bank’s nine-strong monetary policy committee also opted to keep the level of cash stimulus, or quantitative easing, at £375 billion ($622 billion, … Read more
The European Central Bank surprised financial markets on Thursday by paring back its key interest rates to new all-time lows. Against a background of growing concern that the single currency area is on the verge of deflation, the ECB cut its central “refi” refinancing rate to 0.05 percent from 0.15 percent. It also lowered the … Read more
JOHANNESBURG, Sept 3 (Reuters) – South Africa’s HSBC Purchasing Managers’ Index (PMI) rose to 51.1 in August from 46.4 in July, snapping a four-month contraction after the resolution of a protracted strike among metals and engineering workers. Demand improved in the month while output stabilised and new orders expanded slightly, but new export orders contracted, pointing … Read more
I pay attention when Azar Jammine expresses an opinion. He possesses the experience and independence to dispense with diplomacy. Once you absorb that this is where he and his Econometrix colleagues come from, you realise why they are held in such esteem. Jammine was a guest on CNBC Africa’s Power Lunch today, unpacking the latest … Read more
JOHANNESBURG (Reuters) – South Africa’s headline producer inflation slowed to 8 percent year-on-year in July from 8.1 percent in June, Statistics South Africa said on Thursday. Economists polled by Reuters had forecast PPI would brake to 7.9 percent year-on-year. However on a month-on-month basis, factory gate prices rose by 0.5 percent in July from 0.3 percent in June, … Read more
JOHANNESBURG (Reuters) – South Africa’s rand was little changed in early trade on Thursday, with analysts saying it would likely to trade firmer, as hopes of more stimulus from the European Central Bank underpinned risk appetite. At 0638 GMT the rand was little changed against the dollar at 10.6125, from its close of 10.6100 in New York on … Read more
JOHANNESBURG (Reuters) – South Africa’s rand held steady against the dollar early on Tuesday, as local investors braced for the release of domestic economic growth data later in the day. Statistics South Africa will release second quarter economic growth data at 0930 GMT. The market consensus is for the economy to narrowly avoid a recession and expand … Read more
JOHANNESBURG (Reuters) – The rand held steady against the dollar on Monday ahead of major economic data releases locally and abroad, with the market keeping a keen eye on South African and U.S. consumer inflation numbers later in the week. The local unit edged 0.01 percent firmer, to 10.5900 versus the greenback by 0642 GMT, … Read more
By Wayne Cole SYDNEY (Reuters) – Asian shares pushed higher on Thursday after a flood of soft economic data led investors to wager on a ceaseless fountain of stimulus from major central banks, sending bond yields tumbling across the globe. An economic contraction in Japan, a shock fall in Chinese loans, a surprisingly dovish turn by … Read more
JOHANNESBURG (Reuters) – The impact of a weak rand is starting to feed into consumer prices, while wage inflation expectations from labour and business are “uncomfortably high,” South African Reserve Bank Deputy Governor Daniel Mminele said on Wednesday. “There are indications that exchange rate impacts – particularly the lagged impacts from past depreciations – are starting to feed through … Read more