INSIDE SOUTH AFRICA: Rand Drops to Extend Monthly LossesRobert Brand
ZAR drops 0.3% to 12.1690 vs USD, heading lowest since April 22, as South Africa’s trade deficit widens.
- Currency set for monthly decline of 2.2%; down 2.3% this wk
- Yld on bmark govt bonds due Dec. 2026 +1bps to 8.19%; yld up 23bps in May, 4th mo. rising
- FRIDAY: South Africa April trade deficit ZAR2.5b; est. ZAR4.9b shortfall; prior mo. ZAR9m gap
- South Africa budget deficit at ZAR41.4b in April; est. ZAR35b
- Private-sector credit extension +9.35% in April vs pvs mo. 8.75%, est. 8.9%
- Money supply +8.38% vs pvs 7.42%, est. 7.55%
- Foreign investors bought net ZAR1.71b of South African bonds on Thursday; bought net ZAR597m of equities: Johannesburg Stock Exchange
- FTSE/JSE Africa All Share Index -0.4%, falling 9th day, longest streak since 1998; Richemont, SABMiller decline; BHP Billiton rises
- NOTE: Emerging Stocks Head for Worst Month This Year on Fed Outlook
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