Highlights

  • SA: Consumption data was the focus of this week. March retail trade sales expanded 0.8% y/y, the first positive print for the year. It was, however, not enough to drag the sector into positive territory for the quarter.
  • SSA: The Bank of Zambia cut interest rates by 150 basis points to 12.5%. The reduction in interest rates was motivated by lower inflation and weak economic growth.
  • Global: Data released this week confirmed our view of reflation and improved growth prospects in developed markets, while the slowdown of industrial production in China suggests the pace of economic expansion recorded in 1Q may not have been maintained in 2Q.

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