Though some have argued that the downgrade was priced in, it comes as global and local markets experience volatility on coronavirus fears
Monday begins the first full week of the 21-day lockdown aimed at curbing the spread of the coronavirus. To add to the economic fallout, SA was downgraded to junk status by Moody’s Investors Services on Friday night.
With the downgrade, SA will now be excluded from important indices such as the FTSE World Government Bond Index — tracked by global institutional investors. Earlier in March FTSE Russell announced that the rebalancing of the index has been postponed until the end of April given the volatility in the market.
Other data expected this week include February’s private sector credit extension figures, out on Monday, trade balance data for February on Tuesday, and the Absa Purchasing Managers’ index for March, released on Wednesday, along with March vehicles sales numbers. The March release is expected to remain dismal, said FNB, as Covid-19 related global supply chain disruptions inhibit the ability of manufacturers to source materials. This is worsened by lacklustre domestic demand, the bank said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus lockdown: Germany to evacuate citizens from South Africa next weekThe German government will next week evacuate more than a hundred of its citizens from South Africa amidst the coronavirus pandemic wreaking havoc across the world.
Read more »
Maverick Life: The week in pictures – 28 March 2020Maverick Life: The week in pictures – 28 March 2020 By Maverick Life Editors
Read more »
S.Korea reports 146 new coronavirus cases, highest in a week - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.South Korea reported 146 new coronavirus cases on Friday, the highest number in a week, its disease control agency said on Saturday, with the country suffering a rise in imported cases from Europe and the United States during recent days.
Read more »
How the coronavirus partied at the New Orleans Mardi GrasThe first cases of Covid-19 came two weeks after the parades ended, and now the rise is making the city another US epicentre
Read more »
House parties in Zimbabwe undo containment effortsNightclubs and pubs were shut down at the beginning of the week, but house parties have since emerged, undoing the government's plans to contain Covid-19
Read more »
COVID-19: World's condom producer stops productionA global shortage of condoms is looming, the world's biggest producer said, after a coronavirus lockdown forced it to shut down production.
Read more »