Highlights

  • SA: The week delivered several lowlights. Disappointing mining and manufacturing data were capped off by the State of the Nation speech, which carried little in the way of tangible plans for structural reform.
  • SSA: Headline inflation in Tanzania rose 5.2% y/y in January driven by higher food prices.
  • Global: US nonfarm payrolls increased by 227,000 in January, while Eurozone retail sales retreated –0.3% m/m in December. China’s foreign exchange reserves fell bellow the US$3 trillion mark in January for the first time since 2011, however on a more upbeat note, China continued to post a trade surplus (US$ 51.3 billion).

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