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SA markets under pressure ahead of rate decision
With just a few hours to go before the Reserve Bank's Monetary Policy Committee (MPC)
gives its statement on domestic lending rates, local financial markets remain under pressure. Analysts expect
the repo rate to remain unchanged, but pointed out that global events were key drivers in local financial markets.
Global markets and emerging market currencies fell after the United States Federal Reserve highlighted significant downside risks for the United States (US) economy. The Feds view coupled with the Eurzone's deepening debt crisis also weighed on investor sentiment.
The Johannesburg Stock Exchange's overall index fell almost 2% in mid-morning trade. Global events were key drivers in local financial markets Yesterday, Statistics South Africa said consumer spending increased to 2.8% in July from 2.4% in June. This slight jump will not threaten the chances of an early interest rate cut.
Economists strongly believe that it is no longer a question of whether there is going to be a cut, but how soon. Nedbank Economist, Issac Matshego say, "The debate is going to tilt more towards looking at the growth story than worrying a lot about inflation, although we still expect inflation to go up in the coming months, because of the weaker rand and rising fuel prices."
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