
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1-820x547.jpg" alt="ArcelorMittal South Africa fined R3.64 million over hydrogen sulfide emissions" class="wp-image-365501" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ArcelorMittal South Africa fined R3.64 million over hydrogen sulfide emissions</figcaption></figure>



<p>JOHANNESBURG, Oct 15 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand softened early on Tuesday ahead of the release of the South African Chamber of Commerce and Industry&#8217;s (SACCI) September Business Confidence Index and the South African Reserve Bank&#8217;s (SARB) bi-annual Monetary Policy Review.</p>



<p>At 0644 GMT, the rand traded at 17.6350 against the dollar, about 0.2% weaker than its previous close.</p>



<p>The dollar last traded about 0.08% firmer against a basket of global currencies.</p>



<p>&#8220;With only the SACCI Business confidence data scheduled for release today, the bulk of the domestic focus will likely turn to the release of the SARB&#8217;s bi-annual monetary policy review,&#8221; ETM Analytics said in a research note.</p>



<p>&#8220;While the SACCI index aggregates data that has been released and is historical, the bi-annual review might reveal some insight that would help investors position themselves for future monetary policy,&#8221; the note added.</p>



<p>Investors will also be watching developments in the Federal Reserve&#8217;s rate cutting path and Chinese asset volatility, both of which could influence the rand&#8217;s direction.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was little changed in early deals.</p>



<p>(Reporting by Tannur Anders)</p>


ArcelorMittal South Africa fined R3.64 million over hydrogen sulfide emissions

South African rand softer ahead of business confidence index, monetary policy review


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Oct 15 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Tuesday.</p>



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



<p>Weekly auction of long-term government bonds</p>



<p>Business Confidence Index for September</p>



<p>South African Reserve Bank&#8217;s October Monetary Policy review</p>



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



<p>The South African rand fell on Monday, and with little major domestic data this week the local currency will likely be driven by global events, analysts said.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 0.3% higher.</p>



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



<p>Asian stocks were mostly higher on Tuesday, supported by a strong Wall Street close and investor optimism about corporate earnings, while the dollar held near a two-month top, aided by bets on a smaller U.S. rate cut next month.</p>



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



<p>Wall Street ended higher on Monday, with both the S&amp;P 500 and the Dow posting fresh record finishes, as investors bought into technology stocks ahead of a busy week packed with corporate earnings and crucial economic data.</p>



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



<p>Gold was flat on Tuesday as investors await fresh insights on the Federal Reserve&#8217;s stance on U.S. interest rate reductions for further direction on bullion prices.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; Ramaphosa says ideological differences will not derail GNU</p>



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



<p>&#8211; Eskom municipal debt deal flops as municipalities renege on commitments</p>



<p>(Compiled by Tannur Anders)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Oct 15


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Oct 14 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Monday.</p>



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



<p>The Johannesburg Stock Exchange to release data on foreigners&#8217; buying and selling of bonds and stocks during the previous week.</p>



<p>South Africa&#8217;s government to hold weekly auction for Treasury bills.</p>



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



<p>South Africa&#8217;s rand gained against the dollar on Friday after U.S. data this week helped sustain expectations for an interest rate cut by the Federal Reserve next month.</p>



<p>On the stock market, the blue-chip Top-40 index closed about 0.8% up.</p>



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



<p>Asian stocks swung between gain and loss on Monday as investors struggled to reach a consensus view on China&#8217;s broad economic stimulus promises made over the weekend which were light on specifics.&nbsp;MKTS/GLOB</p>



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



<p>The S&amp;P 500 and the Dow scored record closing highs on Friday, with the big boosts from financial stocks after banks reported strong quarterly results while the latest inflation data fueled expectations for a U.S. Federal Reserve rate cut in November.</p>



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



<p>Gold prices eased on Monday, weighed down by a firmer U.S. dollar, while investors looked out for fresh clues on Federal Reserve interest rate cuts. </p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; Sars makes link between ANC donor and Russian oligarch</p>



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



<p>&#8211; SA could be &#8216;off to the moon&#8217; with 2% GDP growth, says Investec&#8217;s dealmaking chief</p>



<p>&#8211; Transnet plans hydrogen terminals as SA gears up for exports</p>



<p>(Compiled by Tannur Anders)</p>


South African Markets – Factors to watch on Oct 14


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="661" height="464" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_5851.jpeg" alt="" class="wp-image-541686" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_5851.jpeg 661w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_5851-300x211.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_5851-128x90.jpeg 128w" sizes="auto, (max-width: 661px) 100vw, 661px" /><figcaption class="wp-element-caption">South African Finance Minister Tito Mboweni reacts as he arrives to deliver his budget speech at the parliament in Cape Town, South Africa, February 26, 2020. Reuters/Sumaya Hisham/File Photo</figcaption></figure>



<p>JOHANNESBURG, Oct 13 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s former finance and labour minister and first Black central bank governor Tito Mboweni has died aged 65 following a brief illness, the presidency said late on Saturday.&nbsp;</p>



<p>Mboweni was an anti-apartheid activist as a student who later became democratic South Africa&#8217;s first labour minister from 1994 to 1999 under former President Nelson Mandela.&nbsp;</p>



<p>He then served as governor of the South African Reserve Bank for a decade from 1999, and later as finance minister from 2018 to 2021 under President Cyril Ramaphosa.</p>



<p>&#8220;His role in shaping our democratic future particularly during the dying days of apartheid, cannot be overstated,&#8221; said his party, the African National Congress, describing him as a trusted voice in the economic debates that framed the transition to democracy.</p>



<p>Mboweni helped establish the post-apartheid labour legislation that lay the foundation for collective bargaining and labour courts to uphold worker rights, the ANC said.&nbsp;</p>



<p>As central bank governor he oversaw the introduction of inflation targeting to help the bank achieve price stability.</p>



<p>He was a close ally of Ramaphosa and served on the ANC&#8217;s National Executive Committee, which handles party decisions.</p>



<p>&#8220;Given his sense of vitality and energetic and affable engagement with fellow South Africans, Dr Mboweni&#8217;s passing at 65 comes as a shock,&#8221; said Ramaphosa in a statement.&nbsp;</p>



<p>&#8220;We have lost a leader and compatriot who has served our nation as an activist, economic policy innovator and champion of labour rights.&#8221;</p>



<p>(Reporting by Nellie Peyton; Editing by Emelia Sithole-Matarise)</p>


IMG_5851

South African former finance minister Tito Mboweni dies at 65


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-820x547.jpg" alt="" class="wp-image-541155" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view of the Pretoria skyline with smog in the air taken from the Union Buildings in Pretoria, South Africa, June 19, 2024. PHILL MAGAKOE/Pool via REUTERS/File Photo</figcaption></figure>



<p>JOHANNESBURG, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s tax service said on Friday that 21.4 billion rand ($1.2 billion) had been paid out in the six weeks since a reform took effect allowing people to make partial withdrawals from their pension funds before retirement.</p>



<p>The &#8220;two-pot&#8221; pension policy reform is meant to support long-term retirement savings while offering flexibility to help fund members in financial distress.</p>



<p>It is expected to spur domestic demand and economic growth in the final months of 2024.</p>



<p>On Sept. 11, 10 days after the reform, the South African Revenue Service (SARS) said individuals had asked to withdraw 4.1 billion rand from their pensions.</p>



<p>On Friday SARS said it had received roughly 1.2 million savings withdrawal applications, up from 160,000 withdrawal applications over Sept. 1 to 10.</p>



<p>From Sept. 1 retirement contributions have been split into a savings component and a retirement component. A ratio of one-third of total contributions go into the savings component and two-thirds into the retirement component.</p>



<p>The savings component will be accessible at any time, but withdrawals must be a minimum of 2,000 rand and only one withdrawal may be made in a tax year. What is withdrawn will be taxed at the individual&#8217;s marginal tax rate, helping to boost the government&#8217;s tax take.</p>



<p>The central bank estimates withdrawals could be between 40 billion rand and 100 billion rand in the fourth quarter.</p>



<p>($1 = 17.4060 rand)</p>



<p>(Reporting by Tannur Anders: Editing by Alexander Winning and Ros Russell)</p>


Inauguration of South Africa’s Cyril Ramaphosa as President at the Union Buildings, in Pretoria

South African tax service says $1.2 bln paid out in 6 weeks since pension reform


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-820x429.jpg" alt="" class="wp-image-541073" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



<p>JOHANNESBURG, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;The ANC&#8217;s main coalition partner the Democratic Alliance called on Friday for a review of a decision by prosecutors not to charge South African President Cyril Ramaphosa over a theft from his game farm that nearly cost him his position two years ago.</p>



<p>The scandal, dubbed &#8220;Farmgate&#8221;, came to light when a former intelligence official told police in June 2022 about the incident and accused Ramaphosa of money laundering, corruption and covering up the theft.</p>



<p>Ramaphosa, a wealthy businessman before he became president, has repeatedly denied wrongdoing.</p>



<p>The Democratic Alliance, a former opposition party which joined a coalition with the African National Congress party after the ANC lost its majority in an election in May, said the decision not to prosecute anyone over the Phala Phala matter lacked transparency.</p>



<p>&#8220;The Phala Phala scandal is much too important to simply disappear without thorough scrutiny and full interrogation of the reasons behind this outcome,&#8221; it said in a statement.</p>



<p>In a statement issued late on Thursday, the Director of Public Prosecutions in the Limpopo province said the decision was taken after a careful assessment of all available evidence presented to the prosecutors.</p>



<p>There was no reasonable prospect of a successful prosecution based on the evidence at the prosecutors&#8217; disposal, the statement said.</p>



<p>The country&#8217;s anti-corruption watchdog cleared Ramaphosa last year of a potential conflict of interest related to the affair, in which thieves made off with large sums of foreign currency hidden in furniture on his Phala Phala game farm in 2020.</p>



<p>Ramaphosa&#8217;s future hung in the balance in late 2022 after a report found evidence he may have committed misconduct over the scandal. But his party rallied around him, stopping an impeachment process from being launched. He was subsequently re-elected for another five years at the helm of the ANC.</p>



<p>The far-left opposition Economic Freedom Fighters (EFF), said it would not rest until Ramaphosa was held to account. The EFF has approached the constitutional court to try to revive impeachment proceedings against the president.</p>



<p>Ramaphosa has acknowledged there was a break-in at the farm in Limpopo, but he said the amount stolen was much lower than alleged and came from the sale of game.</p>



<p>Three suspects accused of being involved in the break-in appeared in court this week. Their case was postponed until next month.</p>



<p>(Reporting by Bhargav Acharya, Editing by Alexander Winning, Philippa Fletcher)</p>


https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI

S.Africa’s DA seeks review of decision not to charge Ramaphosa over ‘Farmgate’


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2.jpg" alt="" class="wp-image-536645" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File.   REUTERS/Siphiwe Sibeko</figcaption></figure>



<p>JOHANNESBURG, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand strengthened against the dollar on Friday, after U.S. data firmed up bets on another interest rate cut by the Federal Reserve next month.</p>



<p>At 0809 GMT, the rand traded at 17.4575 against the dollar&nbsp;ZAR=D3, about 0.4% stronger than its previous close.</p>



<p>The dollar index was last down 0.04% against a basket of currencies.</p>



<p>Bets for a 25-basis point Fed rate cut increased after US inflation data on Thursday came in slightly higher than expected and jobless claims rose, leading markets to moderate expectations of bigger cuts by the Fed.</p>



<p>&#8220;Inflation did come down yesterday, but&#8230; it is the jobless claims that has helped the ZAR back to 17.50,&#8221; said Adam Phillips, treasury specialist at Umkhulu Treasury.</p>



<p>The local currency has tracked the dollar and U.S. economic data points this week in the absence of major domestic events.</p>



<p>South African investor focus will now turn towards an inflation-linked bond auction (ILB) due later on Friday.</p>



<p>&#8220;The ILB auction today will provide further insight into inflation expectations in South Africa,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>On the stock market, the Top-40  index was up 0.4%.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 7 basis points to 9.07%.</p>



<p>(Reporting by Bhargav Acharya; Editing by Toby Chopra)</p>


New South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg

South African rand rises after U.S. data fuels Fed rate cut bets


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Friday.</p>



<h2 class="wp-block-heading" id="h-economic-event">ECONOMIC EVENT</h2>



<p>South African inflation-linked bond auction</p>



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



<p>The South African rand firmed against the dollar on Thursday after data showed a slight decline in U.S. inflation in September, keeping the Federal Reserve on track to cut interest rates again next month.</p>



<p>On the Johannesburg stock market, the Top-40 index closed little changed.</p>



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



<p>Asian shares were headed for their first weekly loss in five on Friday as a stunning rally in Chinese shares took a breather, although all eyes are on the details of much-anticipated fiscal stimulus from Beijing this weekend.</p>



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



<p>Wall Street&#8217;s main indexes closed lower on Thursday as investors looked to higher-than-expected inflation and unemployment claims for indications on the health of the U.S. economy and the path for interest rates. </p>



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



<p>Gold prices climbed on Friday after recent data firmed bets for a Federal Reserve rate cut next month, while market participants awaited the U.S. Producer Price Index (PPI) report for further direction.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; Township malls thrive despite high rates, Nedbank says</p>



<p>&#8211; Manganese the target in Exxaro’s search for assets</p>



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



<p>&#8211; &#8216;Severe threat&#8217; of disruption at OR Tambo amid SARS delays, industry warns</p>



<p>&#8211; &#8216;Nothing to work with&#8217;: Good intentions, quick fixes not solving SA&#8217;s deep logistics problem</p>



<p>(Compiled by Bhargav Acharya)</p>


South African Markets – Factors to watch on Oct 11


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>JOHANNESBURG, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand edged higher against the dollar on Thursday, ahead of local mining and manufacturing data and a U.S. inflation report.</p>



<p>At 0727 GMT, the rand traded at 17.6275 against the dollar, 0.13% stronger than its previous close.</p>



<p>The dollar index was steady against a basket of currencies. It had gained earlier following the release of minutes from the Federal Reserve&#8217;s September meeting on Wednesday, which confirmed the central bank would take a cautious approach to monetary easing.</p>



<p>The rand has lost some steam after rallying against the dollar in late September and much of its recent weakness can be attributed to the resurgence of the greenback, analysts said.</p>



<p>South African investor focus is now on the release of August mining and manufacturing data, while a U.S. consumer price index report looms later in the day.</p>



<p>&#8220;Even if (U.S.) CPI comes in lower than expected, the market seems to have largely priced in the Fed’s cautious approach, meaning that significant ZAR recovery against the USD is unlikely in the near term,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>On the stock market, the Top-40 index was up 0.2%.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was marginally weaker, with the yield up 1 basis point to 9.18%.</p>



<p>(Reporting by Bhargav Acharya; Editing by Christopher Cushing)</p>


South African Rand Rebound Snaps Streak of Weekly Losses

South African rand edges higher ahead of local data, US inflation report


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Thursday.</p>



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



<p>Statistics South Africa to release August mining production data at 0930 GMT</p>



<p>Statistics South Africa to release August manufacturing production data at 1100 GMT</p>



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



<p>South Africa&#8217;s rand softened on Wednesday, ahead of the closely watched minutes from the Federal Reserve&#8217;s September meeting.</p>



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



<p>Chinese stocks resumed their rally on Thursday, fanned by expectations a briefing from finance officials this weekend would deliver anticipated fiscal stimulus, while the dollar lingered near a two-month high before a U.S. inflation report.</p>



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



<p>Wall Street stocks advanced on Wednesday with the S&amp;P 500 and the Dow scoring record closing highs after the release of Federal Reserve meeting minutes and ahead of September inflation data and the earnings season.</p>



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



<p>Gold prices nudged higher on Thursday, while traders await a key U.S. inflation data due later in the day to gauge the Federal Reserve&#8217;s future monetary policy stance.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; Minimum corporate tax proposal widely criticised and called unfair</p>



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



<p>&#8211; SARS warns it&#8217;s on the trail of taxpayers hiding crypto assets offshore</p>



<p>(Compiled by Bhargav Acharya)</p>


South African Markets – Factors to watch on Oct 10


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A6XTSZYDEZLOTGJB76WVFY4SQM-820x573.jpg" alt="" class="wp-image-540316" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A6XTSZYDEZLOTGJB76WVFY4SQM-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A6XTSZYDEZLOTGJB76WVFY4SQM-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A6XTSZYDEZLOTGJB76WVFY4SQM-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A6XTSZYDEZLOTGJB76WVFY4SQM-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A6XTSZYDEZLOTGJB76WVFY4SQM-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A6XTSZYDEZLOTGJB76WVFY4SQM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A person carries cylinders at a supermarket, as industry executives expect a boom in South Africa&#8217;s liquefied petroleum gas (LPG) business, at Mitchells Plain, in Cape Town, South Africa, October 3, 2024. REUTERS/Esa Alexander</figcaption></figure>



<p>CAPE TOWN, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s liquefied petroleum gas (LPG) business is poised for a boom, industry executives say, as new distribution hubs, rising power prices and a shift away from dirtier charcoal and paraffin stoves boost demand.</p>



<p>State-owned power utility Eskom&#8217;s plan to raise next year&#8217;s electricity tariff by 36%, the latest above-inflation rise, has prompted outrage and made imported or locally refined cooking gas look comparatively cheap.</p>



<p>Last month LPG operator Petredec announced plans to set up South Africa&#8217;s first rail-supplied LPG project. Gas consumption rose to half a billion metric tons this year from 425,000 last year, Argus global statistical review figures show.</p>



<p>&#8220;We expect exponential growth over the next five years,&#8221; Michael Kelly, chief advocacy officer for the World Liquid Gas Association (WLGA) told Reuters.</p>



<p>Ghana and Tanzania, where new storage terminals are planned, could follow South Africa&#8217;s rapid LPG growth, he said, as more African countries seek to stop using dirtier, traditional cooking fuels such as charcoal, which produce harmful fumes and cause deforestation when trees are chopped down to make food.</p>



<p>North Africa accounts for around two thirds of the continent&#8217;s LPG consumption of some 15.6 million metric tons a year. Individual use is some 45 kg per person a year, nine times that of sub-Saharan Africa, said WLGA.</p>



<h2 class="wp-block-heading" id="h-pricey-power">PRICEY POWER</h2>



<p>As millions of South Africans struggle to survive on social grants or odd jobs, energy tech firm PayGas is targeting the mass market with a pay-as-you-go model inspired by the telecoms companies.</p>



<p>&#8220;You don&#8217;t need to buy a full cylinder, you can top up from (as little as) ten rand ($0.5722),&#8221; Philippe Hoeblich, CEO of PayGas said.</p>



<p>Inside a mall in the working class Cape Town suburb of Mitchell&#8217;s Plain, customers line up to collect gas at a PayGas stall in partnership with Shoprite, one of four sites the retailer says it has.</p>



<p>PayGas also operates in Zambia and Nigeria.</p>



<p>Waiting her turn, Busiswa Xelelo, said paying 300 rand for a full 9 kg cylinder enabled her family of five to cook food, and use a gas heater, for an entire month. Buying electricity for the same amount lasts two weeks at most, she said.</p>



<p>($1 = 17.4765 rand)</p>



<p>(Reporting by Wendell Roelf; Editing by Tim Cocks and Christina Fincher)</p>



<p></p>


South Africa poised for LPG gas boom amid electricity price hikes


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017.   REUTERS/Thomas White/Illustration</figcaption></figure>



<p>JOHANNESBURG, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand edged lower on Wednesday, ahead of the closely watched minutes from the Federal Reserve&#8217;s September meeting.</p>



<p>At 0746 GMT, the rand traded at 17.6125 against the dollar, 0.11% lower than its previous close.</p>



<p>The dollar index was last up 0.17% against a basket of currencies.</p>



<p>Fed minutes due later in the day are expected to provide an explanation for the central bank&#8217;s big interest rate cut last month, and could potentially offer more clues on its interest rate trajectory.</p>



<p>The risk-sensitive rand is susceptible to global movers like the direction of U.S. monetary policy and its recent weakness was expected ahead of closely watched U.S. data, analysts say.</p>



<p>&#8220;Uncertainties in the US are keeping the rand under pressure. A stronger USD would make the ZAR relatively weaker, and the Fed&#8217;s messaging regarding interest rate cuts is a key factor here,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>On Thursday, September U.S. consumer inflation figures will be released, while domestic investors also turn their focus towards monthly mining and manufacturing data.</p>



<p>On the stock market, the Top-40 index was down 0.85%.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 2.5 basis points to 9.210%.</p>



<p>(Reporting by Bhargav Acharya, Editing by Louise Heavens)</p>


Illustration photo of South African rand

South African rand edges lower ahead of Fed minutes


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;The following equity and currency market moves may affect South African markets on Wednesday.</p>



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



<p>The South African rand weakened on Tuesday, and is likely to take direction from U.S. inflation data and minutes from the Federal Reserve&#8217;s September meeting due this week.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed 0.95% lower.</p>



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



<p>Chinese shares slumped and commodities were struggling to find a footing on Wednesday as investors tempered expectations for a robust Chinese economic recovery, while a downbeat outlook from New Zealand&#8217;s central bank sent the kiwi to a seven-week low.</p>



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



<p>Wall Street&#8217;s benchmarks finished up on Tuesday, recouping some of the previous session&#8217;s losses, as investors bought back in to technology stocks and investors shifted their focus to upcoming inflation data and the start of third-quarter earnings season.</p>



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



<p>Gold prices were subdued on Wednesday as investors strapped in for minutes from the Federal Reserve&#8217;s latest policy meeting for insights into the U.S. central bank&#8217;s interest rate trajectory. </p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; Visa relief for SA employers as Schreiber gazettes reforms</p>



<p>&#8211; ARC Investments reassesses JSE listing</p>



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



<p>&#8211; Facebook body to make key ruling over posts glorifying apartheid, old SA flag</p>



<p>&#8211; SA&#8217;s new transmission company needs cost-reflective power tariff &#8211; chair</p>



<p>(Compiled by Bhargav Acharya)</p>


South African Markets – Factors to watch on Oct 9


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="500" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-820x500.jpg" alt="" class="wp-image-495627" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-820x500.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-768x468.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-1536x936.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South African Rand coins are seen in this illustration picture taken October 28, 2020.  REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



<p>JOHANNESBURG, Oct 8 (Reuters)&nbsp;&#8211;&nbsp;The South African rand weakened in early trade on Tuesday, and was likely to take direction from U.S. inflation data and minutes from the Federal Reserve&#8217;s September meeting due this week.</p>



<p>At 0720 GMT, the rand traded at 17.48 against the dollar, about 0.6% weaker than its previous close.</p>



<p>&#8220;The USD/ZAR is influenced by U.S. CPI data, the Fed’s monetary policy direction, and the U.S. election,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>&#8220;The dollar remains strong, supported by solid U.S. jobs data, while the ZAR awaits further clarity on these factors.&#8221;</p>



<p>Minutes from the Fed&#8217;s September meeting due on Wednesday are expected to explain the central bank&#8217;s big rate cut last month, possibly offering further clues to the bank&#8217;s future path on interest rates.</p>



<p>Thursday&#8217;s focus will also be on U.S. September inflation figures, which Cilliers said could provide signs of disinflation, crucial for shaping Fed policy.</p>



<p>Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. monetary policy in the case of a light domestic calendar.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index was down about 1.7% in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was slightly weaker in early deals, with the yield up 0.5 basis points at 9.215%.</p>



<p>(Reporting by Tannur Anders; Editing by Clarence Fernandez)</p>


FILE PHOTO: South African Rand coins are seen in this illustration picture

South African rand weakens, focus on upcoming US data


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Oct 8 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled events, equity and currency market moves may affect South African markets on Tuesday.</p>



<h2 class="wp-block-heading" id="h-events">EVENTS</h2>



<p>Africa Oil Week conference commences</p>



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



<p>South African government&#8217;s weekly long-term bonds auction</p>



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



<p>South Africa&#8217;s rand gained against the dollar on Monday after tumbling last week, as investors turned their attention towards U.S. inflation data later this week and comments by Federal Reserve officials.</p>



<p>On the stock market, the Top-40 index closed little changed.</p>



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



<p>Mainland Chinese stocks returned from an extended break with a roaring start on Tuesday, scaling multi-year highs as investor exuberance over Beijing&#8217;s aggressive stimulus measures showed no signs of easing.</p>



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



<p>Wall Street&#8217;s three major indexes closed down around 1% on Monday while Treasury yields rose, as traders tamped down bets for Federal Reserve interest-rate easing and worried about the Middle East conflict&#8217;s impact on oil prices.</p>



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



<p>Gold prices edged lower on Tuesday, pressured by a stronger dollar, while market participants awaited minutes of the Federal Reserve&#8217;s last meeting and economic data for further cues on U.S. interest rate path.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; SA to file memorial against Israel at ICJ by month end, Lamola says</p>



<p>&#8211; Industry conditions still challenging but De Beers expects return to growth in 2025</p>



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



<p>&#8211; SA grid crisis: New National Transmission Company to open door for private sector</p>



<p>(Compiled by Tannur Anders; Editing by Kim Coghill)</p>


South African Markets – Factors to watch on Oct 8


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg" alt="" class="wp-image-533970" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-768x475.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-1536x950.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



<p>JOHANNESBURG, Oct 4 (Reuters)&nbsp;&#8211;&nbsp;The South African rand recuperated some losses in early trade on Friday, ahead of a key U.S. payrolls data and after slumping on Thursday as tensions escalated in the Middle East.</p>



<p>By 0730 GMT, the rand traded about 0.5% firmer at 17.4275 against the dollar. Since the start of the week, however, the local unit was down nearly 2%.</p>



<p>&#8220;The ZAR had a tough week, largely driven by a USD resurgence fuelled by better-than-expected U.S. labour data and rising geopolitical risks,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>The dollar hovered near a six-week high ahead of a payrolls report that could give hints on the path of interest rate cuts in the world&#8217;s biggest economy.</p>



<p>The greenback was also supported by demand for safe-haven assets after an Iranian missile attack on Israel on Tuesday left investors assessing widening Middle East tensions and their impact on the global economy.</p>



<p>Like other risk-sensitive currencies, the rand often takes direction from global drivers in the absence of major local factors.</p>



<p>The local unit has gained more than&nbsp;4.5%&nbsp;against the greenback over the last three months.</p>



<p>&#8220;The ZAR&#8217;s correction was overdue after a period of significant appreciation, and the nonfarm payroll data today will play a key role in determining its next move,&#8221; Cilliers added.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index was about 0.6% up in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was slightly softer in early deals, with the yield up 3.5 basis points to 9.19%.</p>



<p>(Reporting by Tannur Anders; Editing by Varun H K)</p>


Photo illustration of South African bank notes displayed next to the American dollar notes in Johannesburg

South African rand gains, focus on Middle East tension and US payrolls data


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Oct 4 (Reuters)&nbsp;&#8211;&nbsp;The following economic event, equity and currency market moves may affect South African markets on Friday.</p>



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



<p>South Africa&#8217;s government will hold its weekly auction of inflation-linked bonds.</p>



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



<p>The South African rand slumped against a buoyant dollar on Thursday as tensions simmered in the Middle East following Iran&#8217;s ballistic missile attack on Israel.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed 0.75% weaker.</p>



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



<p>Asian stocks retreated on Friday while oil prices headed for their sharpest weekly gain in more than a year, as escalating tensions in the Middle East kept markets on edge ahead of a U.S. jobs report later in the day.</p>



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



<p>U.S. stocks finished lower on Thursday ahead of Friday&#8217;s monthly U.S. payrolls report and as investors kept a watchful eye on the growing conflict in the Middle East.</p>



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



<p>Gold prices climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards U.S. payrolls report to gauge the trajectory of the Federal Reserve&#8217;s policy path.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



<p>&#8211; Growth could triple if government reform accelerates, says think-tank</p>



<p>&#8211; Eskom price hike to kill smelters and create ghost towns, says Rio Tinto exec</p>



<p>&#8211; Ramokgopa will oppose Eskom hike above 20%, wants delay of carbon tax</p>



<p>(Compiled by Tannur Anders)</p>


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South African rand softer ahead of business confidence index, monetary policy review

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