South Africans are expected to have two things to be very happy about next month, with current data pointing to relief on the way.
Markets have calmed from a panic-induced sell-off last week, with the rand getting stronger and rising oil prices being generally contained.
The main contributor to the small downward shift is the oil price, which edged above $80 a barrel after rising almost 4% last week. Currently, at around $80 a barrel, oil prices are contributing to an 80 cents per litre over-recovery in local fuel prices, which benefits motorists. The rand, meanwhile, is undercutting this by around 10 cents per litre, given its weaker footing relative to July.
According to Investec chief economist Annabel Bishop, the start of the week has seen a calm return to markets, with a concomitant strengthening of the rand to around R18.25/$. “Usually, South African assets are “high beta” to global markets, meaning they fall by more in times of stress,” Odendaal said.
“The Fed is expected to cut by at least 25bp points at its next three FOMC meetings—in September, November and December—and then by 25bp at the four meetings in H1.25—January, March, May and June.
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.
Drinking and driving in South Africa – what insured South Africans need to knowThe Ombudsman for Short-Term Insurance examines a case where someone submitted a claim following an accident – admitting they had been drinking earlier that day.
Read more »
South Africa: Shared Poverty and the Curse of Unemployment in Rural South AfricaAnalysis - Debating Ideas reflects the values and editorial ethos of the African Arguments book series, publishing engaged, often radical, scholarship, original and activist writing from within the African continent and beyond.
Read more »
South Africa: Chinese E-Commerce Companies Popular in South AfricaRotondwa Mbadaliga is a self-professed 'shopping addict.' The 25-year-old South African fashion influencer says she is a huge fan of Chinese-linked e-commerce companies Shein and Temu because she can get the latest trends at the cheapest prices delivered straight to her door.
Read more »
South Africa: Higher Education Faces Many Challenges in South Africa - 3 Priorities for the New MinisterAnalysis - When South African president Cyril Ramaphosa named Nobuhle Nkabane as the minister of higher education on 3 July 2024, many people I know in the sector had to Google her name. Dr Nkabane had been deputy minister of mineral resources and energy since August 2021.
Read more »
South Africa: Expectations Versus Reality - the Use of Generative Ai in South Africa's 2024 ElectionAnalysis - By now you've heard that 2024 is the ultimate election year. With over 60 countries around the world heading to the polls, concerns about generative artificial intelligence (AI) and its effects on electoral integrity have received plenty of media coverage.
Read more »
South Africa: Cyril Ramaphosa's Speech to Parliament Listed South Africa's Old ProblemsAnalysis - South African President Cyril Ramaphosa's opening of parliament speech successfully captured the spirit of a diverse and cohesive multi-party government ready to get down to work. But it failed to tell South Africans how the new dispensation will do things differently, and better.
Read more »