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WATCH: November 2019 Economic Update

Moody’s downgraded SA’s outlook, putting the country a notch away from junk status.

  • Annual inflation fell to 3.7% in October which is the sixth consecutive month of decline.
  • The rand strengthened against the US dollar closing at R14.67 (30/11/2019) from R15.03(01/11/2019), due to continued progress in the US-China trade negotiations.
  • The Year to Date markets performance:
    • The JSE Top 40 index: 5.12%
    • Dow Jones: 20.25%
    • NASDAQ: 30.60%
    • S&P 500: 25.30%
  • Eskom appoints a new CEO: Andre de Ruyter’s main task at the power utility will be to implement reforms that will help the embattled state-owned enterprise ensure stability in the county’s power supply. He will also have to address financial management challenges among other issues that beset the power utility.
  • The Sarb maintained the repo rate at 6.5% and the mortgage rate at 10%.
  • Rating agencies namely S&P and Moody’s have simultaneously changed South Africa’s outlook on long term debt from stable to negative a notch away from junk status.
  • Trade tensions between the US and China continue to dominate international markets but have eased in November, which is good news for the global markets.
  • Following Britain’s failure to leave the EU bloc, Britain’s Prime Minister Boris Johnson has advised that there will be a general election on December 12 2019.
  • Donald Trump’s impeachment inquiry continues to take centre stage in global politics, with no impact on markets yet.

ADVISOR PROFILE

Michael Haldane

Global & Local Investment Advisors

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