Highlights

  • SA: It was a week of mixed fortunes in terms of domestic news and data. Employment figures unsurprisingly continued to disappoint, while mining and manufacturing, despite persistent weakness, are set to positively contribute to 2Q17 GDP, albeit off a low base.
  • SSA: Zambia opted to cut the policy rate by 150bps to 11%. Mozambique headline inflation decelerated further in July coming in at 16.2% y/y from 18.1% in June. Tanzania headline inflation rose 5.2% y/y in July from 5.5% in June. Headline inflation in Ghana moderated slightly from 12.1% y/y to 11.9% in July.
  • Global: US nonfarm payroll employment rose by 209,000 in July. China industrial producer price index remained unchanged for the third consecutive month at 5.5% y/y in July and rose 0.2% m/m – the first time since March this year. UK industrial production climbed 0.5% m/m in June compared to a flat reading in May.

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