Highlights

  • SA: The 4Q17 RMB / BER Business Confidence index dipped 1 index point to 34. Producer price inflation (PPI) for final manufactured goods in October moderated to 5% y/y from 5.2% in September. Private sector credit extension for October eased to 5.4% y/y from September’s 5.5%. The trade balance registered a ninth consecutive surplus of R4.6bn in October.
  • SSA: The Bank of Ghana opted to cut the policy rate by 100bps to 20%. As expected, the Central Bank of Lesotho left the policy rate unchanged at 6.75%. Zambia headline inflation decelerated to 6.3% y/y in November from 6.4% in October.
  • Global: US new home sales climbed a further 6.2% m/m in October after surging 14.2% the month before. Japan retail sales contracted for the first time this year falling –0.2% y/y in October. The China NBS manufacturing PMI rose to 51.8 in November from 51.6 in October. The Japan Nikkei manufacturing PMI surged to 53.6 in November from 52.8 in October.

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