South Africa

Pakistan's eurobonds gain 0.9% after LNG deal mitigating power outage risks; post-IMF review optimism. Lebanon's eurobonds -1.3% to all-time low; Israel-Hamas truce brings pause in border fighting but reforms remain distant. Panama's court ruling cha...

Forex: Botswanan pula enjoys strong start to the week on back of rand gains. Fixed Income: Africa set for zero Eurobond issuance in 2023. Macroeconomic: The Bank of Mauritius left interest rate unchanged for third meeting in 2023.

Forex: Ghana's reserves rose in October, but remain concerningly weak. Fixed Income: US bond rally to set the stage for African gains. Macroeconomic: The Bank of Ghana left rates unchanged at 30%.

Macro: All eyes will be on the Bank of Mozambique's interest rate decision this week. Talking points: Botswana’s state oil company has opened bidding for a $2.5bn coal-to-liquid plant. Financial markets: The Bank of Zambia hiked rates by 100bps from...

We highlight the 10 best- and 10 worst-performing EM stocks based on share price change this year. South Korea’s EcoPro, Taiwan’s Wistron and Taiwan’s Quanta Computer top the list of the best-performing stocks. China's Li-Ning, JD.com and Meituan top...

Turkey's central bank unexpectedly hikes rates by 500bps to 40%, more than 250bps expected, aiding policy normalisation. China boosts lending to property firms, easing liquidity; property woes to persist as credit shifts to manufacturing. President R...

Sri Lanka eurobonds +2.3% post-sell-off; IMF awaits official creditor assurances after China's ExIm debt details shared. Argentina post-Milei win rally continues, +1.7% yesterday; Milei distances himself from Ocampo and dollarisation. Oman eurobonds...

Argentina eurobonds +3.4%, Hold reiterated amid Milei policy uncertainty; banks reopen, post-election fears ease. Pakistan's eurobond +2.7%, +11.6% mtd fuelled by IMF review, potential for additional loan and improved BoP data. EM eurobonds rise 0.6%...

Forex: Nigerian monetary policy meeting postponed despite pressure on the naira. Fixed Income: Zambian Eurobonds tumble on debt restructuring stalemate. Macroeconomic: Uganda’s coffee exports rose by 3.3% y/y in October.

Collectively, African countries import 70-90% of all medications, spending $14.5 billion on pharmaceutical goods a year. Demand for pharmaceutical products in Africa is expected to more than double to $63 billion by 2030. Since Covid-19, investments...

Forex: Egypt’s privatisation efforts progress to raise hard currency supply. Fixed Income: Ethiopia's agreement to suspend debt payments expected to mirror previous deal with China. Macroeconomic: Climate change could result in Kenya’s economy losi...

In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/t...

Ecuador eurobonds down 2.7% yesterday after president-elect Daniel Noboa hinted at default risks and tax cut plans. Israel eurobonds +0.9% – both eurobonds and currency have recovered war losses after US$8bn central bank FX intervention. Pakistan sel...

FX: Mauritius’ gross reserves increase in October compared to September. Talking points: Kenyan central bank sees faster economic growth on farm output. Macro: Tanzania and Rwanda October inflation figure takes centre stage.

Transnet's operational failures have led to significant export losses in South Africa's vital mining sector. Key management departures at Transnet coincide with the burden of US$7.2bn debt, compounding the company's struggles. The rail giant issued a...

Ghana: Treasury modifies T-bills auction process to contain rise in yields. Fixed Income: SSA Eurobond prices rallied on Fed's pause. Macroeconomic: Fitch upgrades Ghana's local rating from 'RD', while Nigeria FX reserves rose.

Wednesday's MTBPS widens FY 23/24 budget proj. from 4% to 4.9% due to revenue shortfalls, but lower than 5.3% consensus. Increased spending on wages, grants and debt service offset by cuts elsewhere, and NT takes hard line on SOE transfers. Overall t...

Forex: Ugandan shilling depreciates to multi-month lows as US ratchets up pressure over LGBTQ laws. Fixed Income: Ghana aims to secure a debt relief agreement from its creditors by the last week of November. Macroeconomic: Federal Reserve to remain...

We cover 19 countries in this note following the IMF/WB Annual Meetings, and highlight some global themes. Specifically, here we cover Angola, Bahamas, Ecuador, Egypt, Ethiopia, Iraq, Kenya, Lebanon, Mongolia, Mozambique. ...Nigeria, Pakistan, Senega...

FX: Angolan authorities step up curbs on FX trading. Talking points: Moody’s keeps Botswana pegged at A3 with a stable outlook. Macro: South Africa’s MTBPS scheduled to be delivered on Wednesday.

Difficult global and domestic conditions are hindering growth and fiscal sustainability. MTBPS proposals could feature significant government borrowing, in our view. Large SOEs continue to pose fiscal risks with Transnet seeking ZAR 100bn debt relief...

South Africa has a choice in what partners to prioritise. But so too does the United States. This issue of choosing partners or sides is not new in the US-South Africa relationship. Despite positive diplomatic relations early on between the US and SA, some of South Africa’s “friendships’ led to disagreements.

Forex: Egypt privatisation drive continues with Wataniya stake sale progress. Fixed Income: Ghanaian Eurobonds plunge on 40% haircut proposal. Macroeconomic: Kenya's high level of debt is weighing on economic growth.

Black urban communities in South Africa developed community-based non-state organisations to assert a degree of control over their social and political life. The mid-20th century squatter’s movement included social and economic practices aimed at ensuring the survival of Black South Africans. These included cooperatives that focused on accessing and distributing vital commodities at cost.

Sri Lanka reaches deal with China ExIm bank frontrunning separate IMF restructuring talks this week. Lebanon eurobonds shows signs of rebounding today, index losses in Israel, Iraq, Jordan, Qatar on Israel-Gaza conflict. Bolivia continued to top euro...