The rand weakened for the fifth consecutive session on Tuesday, its first five-session loss since early August as emerging-market currencies remained under pressure amid global risk-off sentiment, while investors begin to shift their focus to the ANC’s briefing on its plans to revive the SA economy.
The ANC briefing, set for Wednesday, comes after the party’s national executive committee meeting at the weekend, at which finance minster Tito Mboweni’s economic reform paper was discussed. Pressure is mounting for President Cyril Ramaphosa to implement his promised structural reforms to boost economic growth and to turn around ailing state-owned entities, such as Eskom.
Worse-than-expected Absa purchasing mangers’ index data added to the local currency’s woes on Tuesday, with the rand dropping to its lowest level in two months. The PMI decreased to 41.6 points in September, from 45.7 previously, well below the Bloomberg consensus of 46.5. Gold added 0.81% to $1,484.27/oz, while platinum lost 0.29% to $879.76. Brent crude was down 0.13% to $59.3 a barrel.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Discovery's market dominance means little incentive to drop prices, health market inquiry findsDiscovery Health, which administers 18 medical aid schemes, makes profit that is 'multiples' of its competitors, according to the health market inquiry.
Source: SowetanLIVE - 🏆 13. / 63 Read more »
Discovery's market dominance means little incentive to drop prices, health market inquiry findsChair of the inquiry, Sandile Ngcobo, said the Discovery Health scheme did not face any real competition and made much higher profits than other medical aids.
Source: TimesLIVE - 🏆 28. / 59 Read more »
Katinka Heyns’ Hermanus property on the market for the first time in 35 yearsFilm maker's house is priced at R7.95m but has only 250m² in floor space, valuing it at R31 800/m²
Source: BDliveSA - 🏆 12. / 63 Read more »
Private sector reforms vital for NHI, says health market inquiryThe health market inquiry's final report still recommends measures to manage costs and quality, but no longer calls for divestiture in the private hospital sector
Source: BDliveSA - 🏆 12. / 63 Read more »
No need to break up private hospital groups, says health market inquiryThe Competition Commission has backed down on its initial recommendation of divestiture for Netcare, Life Healthcare and Mediclinic
Source: BDliveSA - 🏆 12. / 63 Read more »