- SA: It was a data heavy week. Despite hefty tax increases for the year, the 2017 SARS tax bulletin showed only a 6.9% y/y increase in tax revenue to R1.144trn. The 3Q17 Quarterly Employment Survey (QES) showed that the economy shed 31,000 jobs in the quarter. October manufacturing production increased 2.2% y/y. October retail trade sales softened to 3.2% y/y from September’s upwardly revised 5.7%. The 4Q17 FNB/BER Civil Confidence Index gained 4 points to 19. The current account narrowed marginally to -2.3% of GDP.
- Global: As expected, the US Federal Reserve hiked the federal funds rate for the third time this year by 25bps to a target range of 1.25%-1.5%.