• SA: Credit extended to the private sector slowed to 6.2% y/y in June, while the month registered another trade surplus. The July PMI fell to 42.9 and vehicle sales perked up, albeit off a low base.
  • Global: On average, global manufacturing PMIs in major developed markets decelerated in July, although remained at sturdy levels. This includes the US ISM manufacturing PMI (56.3 from 57.8), the China NBS manufacturing PMI (51.4 from 51.7) and the Eurozone Markit manufacturing PMI (56.6 from 57.4). The UK Markit/CIPS manufacturing PMI, however, climbed to 55.1 from 54.2 in June. The Bank of England left the bank rate unchanged at 0.25%.

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