SA business and consumers’ sombre mood in the spotlight on Monday

Tracey

The ongoing negativity of South African business and consumers, a concern that credit rating agencies share in their reports in South Africa, was in the spotlight on Monday.

On the business front, Monday is a busy day with many releases delayed by SA’s summer holidays arranged for release.

According to the BusinessDay, the South African Reserve Bank released December’s foreign exchange reserve figures at 8am on Monday. After unexpectedly plummeting from $48.9bn in October to $50.3bn in November, December levels are anticipated to have held above level.

The purchasing managers index (PMI), conducted by Stellenbosch University’s Bureau and sponsored by ABSA, which usually appears on the first business day of each month, was -according to the BusinessDay, scheduled for release at 11am on Monday.

Investec Bank economist Kamilla Kaplan stated in her weekly note emailed on Friday that she anticipated the poll to reflect an improvement on the South African factory managers negativity to about 49 points in December from 48.6 points in November.

“The manufacturing sector should derive some support from the strengthening global economy. Indeed, in the fourth quarter of 2017, the global PMI reflected above-average readings for new manufacturing orders and export orders which suggests a continued expansion in global activity and sustained positive momentum in global trade,” Kaplan wrote.

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