<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="444" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA.jpg" alt="" class="wp-image-422268" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA-148x90.jpg 148w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, July 26 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained in early trade on Friday, as markets focused on a key U.S. inflation reading that could offer more cues on the Federal Reserve&#8217;s future interest rate path.



At 0730 GMT, the rand traded at 18.26 against the dollar, about 0.6% stronger than its previous close.



The U.S. personal consumption expenditure data for June &#8211; the Fed&#8217;s favoured measure of inflation &#8211; is due later on Friday and could give hints on the timing of interest rate cuts in the world&#8217;s biggest economy.



Data out of the U.S. on Thursday showed that the economy grew faster than expected in the second quarter, but inflation pressures subsided, leaving intact expectations of a September rate cut.



Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. economic data and monetary policy in addition to local factors.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was little changed in early trade.



South Africa&#8217;s benchmark 2030 government bond was slightly stronger in early deals, as the yield slipped 2.3 basis points to 9.452%.



(Reporting by Tannur Anders; Editing by Sharon Singleton)

South African Rand coins are seen in this illustration picture

South African rand gains, focus on US inflation 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/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



JOHANNESBURG, July 26 (Reuters)&nbsp;&#8211;&nbsp;The following economic event, equity and currency market moves may affect South African markets on Friday.



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



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



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



The South African rand strengthened against a weaker dollar on Thursday, after U.S. economic data readings left intact expectations of an interest rate cut by the Federal Reserve in September.



On the stock market, the Top-40 index closed 0.12% higher.



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



The yen stabilized near a 12-week high against the dollar on Friday while Asia-Pacific equity markets remained on the back foot a day after their worst session since mid-April.



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



The S&amp;P 500 and Nasdaq Composite ended a fickle session weaker on Thursday, failing to regain ground lost in the previous day&#8217;s tech-triggered sell-off as investors grappled with the likely direction of megacaps.



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



Gold was on track for a weekly loss, even as prices firmed on Friday ahead of a key U.S. inflation reading that could offer more cues on when the Federal Reserve will cut interest rates.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



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



&#8211; SA banks face nearly R1-trillion exposure to energy transition risks



&#8211; SA pushes for relaxation of Agoa eligibility criteria



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets -Factors to watch on July 26

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="571" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-820x571.jpg" alt="" class="wp-image-511175" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-820x571.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-1536x1069.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">BLOEMFONTEIN, SOUTH AFRICA JUNE 15: (SOUTH AFRICA OUT) President of the Supreme Court of Appeal (SCA) Mandisa Maya opens up during an interview at her offices on June 15, 2017 in Bloemfontein, South Africa. Maya is the first female to occupy the post of President of the SCA in South Africa. (Photo by Gallo Images / The Times / Simphiwe Nkwali)</figcaption></figure>



JOHANNESBURG, July 25 (Reuters)&nbsp;&#8211;&nbsp;South African President Cyril Ramaphosa on Thursday named Mandisa Maya as the first female chief justice, effective on Sept. 1, following consultations with the Judicial Service Commission.



This is a significant milestone for the country, the presidency said in a statement.



Maya, the current deputy chief justice, will replace Raymond Zondo, whose term ends on Aug. 31.



This is a developing story&#8230;



(Reporting by Bhargav Acharya; Editing by Kevin Liffey and Richard Chang)

Close up with Supreme Court of Appeal head Mandisa Maya

South Africa appoints first woman chief justice

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-820x573.jpg" alt="" class="wp-image-511082" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Solar panels are seen near the cooling towers of a retired coal-fired Komati Power Station, operated by Eskom, near Komati village, in the Mpumalanga province in South Africa, May 9, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, July 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa, the world&#8217;s 14th biggest carbon emitter, has made strong commitments to climate action but is moving too slowly to wean itself off coal and roll out renewables to meet them, a key report said on Thursday.



Africa&#8217;s most industrialised country has been lauded for making ambitious pledges to cut greenhouse gas emissions &#8211; which are higher even than far richer nations like France, Britain and Italy &#8211; and for producing a comprehensive plan to achieve them.



&#8220;Despite all the strong public support and policy commitments, we&#8217;ve got a huge discrepancy between that and what&#8217;s actually happening,&#8221; Melissa Fourie, one of the authors of the Presidential Climate Commission report, said at its launch in the commercial capital Johannesburg.



The report, commissioned by the president&#8217;s office but independent, said a more than six-fold increase in the pace of renewables buildout was needed.



Several countries&#8217; actions globally are lagging behind their pledges.



President Cyril Ramaphosa signed a sweeping climate change act into law this week that set caps for large emitters.



Donors are providing $12 billion of mostly loans to fund South Africa&#8217;s energy transition, a model they hope to export elsewhere in the developing world.



At the same time, the country has been firing up its coal burners to end years of power shortages. Last year, officials backtracked on pledges to shut down eight coal-fired power stations and have admitted South Africa will not meet its 2030 targets.



The report said total renewable capacity in South Africa was 10.4 gigawatts (GW) in 2022, growing by 1 GW per year since 2015. To meet net zero by 2050, however, it would need between 190 GW and 390 GW, requiring between 6 GW and 14 GW per year.



The report blamed &#8220;contradictory public policies &#8230; particularly regarding the future of the energy



sector,&#8221; adding: &#8220;The lack of consensus about the pace of the coal phaseout is delaying the &#8230; the transition&#8221;.



It added that investment was far below what was required, with 131 billion rand ($7.09 billion) a year being committed, against the 334 billion to 535 billion needed.



($1 = 18.4799 rand)



(Reporting by Tim Cocks; Editing by Alexandra Hudson)

FILE PHOTO: South Africa’s ANC walks political tight rope over coal plant shutdowns

South Africa’s climate action too slow to meet its bold pledges, says report

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg" alt="" class="wp-image-408693" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-1536x1024.jpg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A sign stands at the entrance to the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



LONDON, July 25 (Reuters) &#8211; Anglo American took a further $1.6 billion writedown on its costly British fertiliser project on Thursday, but the miner said it expects to reach a deal for the sale of its coal assets by early 2025, despite a fire at one of its mines.



CEO Duncan Wanblad is under pressure to boost returns to investors and demonstrate he can deliver on his May 14 plan to radically refocus the company on copper and iron ore, after fighting off a $49 billion takeover attempt from bigger rival BHP Group.



Wanblad pinned his approach on getting an early start with selling Anglo&#8217;s coking coal assets in Australia, but a fire at its Grosvenor mine threatened to set back the timing with a likely hit to the deal&#8217;s valuation.



Anglo said the company plans to conduct a two-stage auction process for the coal assets, including Grosvenor, adding that the mine would probably only resume operations under a new owner.



&#8220;There are so many interested potential buyers for this set of assets,&#8221; Wanblad told reporters.



&#8220;Our expectation is that hopefully by the end of this year, very early next year&#8230;we will have a deal,&#8221; he added.



Anglo&#8217;s shares were unchanged at the London market open.



The CEO said Anglo is still looking for partners at its Woodsmith fertiliser project in northern England, despite the impairment. It already wrote down $1.7 billion on the project a year ago.



The miner also said its nickel assets in Brazil have attracted interest from potential buyers.



&#8220;We have had inbound interest from a number of credible parties and we will be starting a formal process later this year,&#8221; a spokesperson told Reuters via email.



The company declared an interim dividend of $0.42 per share, down from $0.55 a year earlier and far below the record levels of 2021.



It posted a $672 million loss for the first half, mostly reflecting the impairment at Woodsmith, while core earnings or EBITDA of $5 billion was slightly lower than $5.1 billion a year earlier but above the $4.6 billion seen in an analysts&#8217; consensus estimate.



Anglo cut diamond production by 19% during the first six months of the year amid lower prices. Production guidance at its De Beers unit was revised down to 23-26 million carats from 26-29 million to help preserve cash.



The company&#8217;s restructuring plan includes the divestment of De Beers and also of its nickel mines, and the demerger of its South African platinum unit.



(Reporting by Clara Denina in London and Felix Njini in Johannesburg; editing by Jon Boyle and Jason Neely, Kirsten Donovan)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Anglo takes further fertiliser writedown, sees coal deal by early 2025

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, 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" sizes="(max-width: 2048px) 100vw, 2048px" /><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>



JOHANNESBURG, July 25 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was weaker in early trade on Thursday, ahead of U.S. economic data readings that could give hints on the future interest rate path of the world&#8217;s biggest economy.



At 0631 GMT, the rand traded at 18.42 against the dollar, about 0.2% weaker than its previous close.



Markets await a U.S. gross domestic product reading on Thursday and personal consumption expenditure data &#8211; the Federal Reserve&#8217;s favoured measure of inflation &#8211; on Friday. These readings could give hints on the country&#8217;s the future interest rate path.



&#8220;Ahead of this afternoon&#8217;s much anticipated U.S. data&#8230; markets have seen risk off sentiment increase and thus EM (emerging market) currencies remain on the back foot,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



&#8220;The rand&#8230; could possibly test the R18.50 mark in the current market conditions, with headwinds for commodity currencies also flaring up,&#8221; Cilliers added.



Like other risk-sensitive currencies, the rand often takes cues from global factors in addition to domestic drivers.



Locally, investors will turn their attention to South Africa&#8217;s producer inflation figures for June, expected around 0930 GMT.



On Wednesday, Statistics South Africa data showed headline consumer inflation eased to 5.1% year-on-year in June from 5.2% in May.



South Africa&#8217;s benchmark 2030 government bond was slightly stronger in early deals, as the yield slipped 0.2 basis point to 9.5%.



(Reporting by Tannur Anders; Editing by Toby Chopra)

Illustration photo of South African rand

South African rand weaker, focus on US economic 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/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



JOHANNESBURG, July 25 (Reuters)&nbsp;&#8211;&nbsp;The following economic event, equity and currency market moves may affect South African markets on Thursday.



ECONOMIC EVENTS



Statistics South Africa will publish the country&#8217;s producer inflation figures for June.



SOUTH AFRICAN MARKETS



The South African rand recouped some losses against a weaker dollar on Wednesday even as national inflation slowed, fuelling hopes of an interest rate cut by the South African Reserve Bank (SARB).



On the stock market, the Top-40 index was last down 0.2%.



GLOBAL MARKETS



Asian shares were hammered on Thursday as a slump in global tech stocks sent investors fleeing into less risky assets, including short-dated bonds, the yen and Swiss franc.



WALL STREET



The S&amp;P 500 and Nasdaq ended at multi-week lows on Wednesday, with the S&amp;P snapping one of its longest streaks without a daily decline of more than 2%, as lackluster Alphabet and Tesla earnings undermined investor confidence in megacap names.



GOLD



Gold prices fell nearly 1% on Thursday, as investors booked profits ahead of U.S. economic data that could offer more cues on when the central bank will cut interest rates this year and by how much.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



BUSINESS DAY



&#8211; SA mounts bid to hang on to its Agoa trade benefits



&#8211; Tide is slowly turning for distressed SA household finances



(Compiled by Tannur Anders)

South African Markets – Factors to watch on July 25

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="499" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-820x499.jpg" alt="" class="wp-image-510929" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-820x499.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-768x467.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-1536x934.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: FILE PHOTO: Shein logo and their web shop are seen in this illustration taken, May 16, 2024. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo</figcaption></figure>



JOHANNESBURG, (Reuters) &#8211; Fast-fashion giant Shein, known for its $5 tops and $10 dresses, will open a pop-up store in Johannesburg, South Africa in August as the online retailer aims to expand its brand recognition in the country.



Shein, founded in China, and its rival Temu have aggressively expanded worldwide as online shopping has surged after the COVID pandemic. They have been accused of exploiting tax loopholes by exporting China-made products in small quantities to avoid higher duties.



&#8220;Bringing the Shein experience directly to the end consumer is a key part of Shein&#8217;s strategy,&#8221; the company said on Wednesday in an emailed response.



&#8220;Given that Shein is a digital-first company, Shein&#8217;s hugely successful pop-ups are an opportunity for our consumers to touch and feel our products, as well as to interact and engage directly with Shein&#8217;s local brand ambassadors.&#8221;



Shein will open its pop-up store from Aug. 2-11 as an &#8220;exhibition space&#8221; for customers to try on trendy fashion and lifestyle products and order them online at a discount, the company said in its South African Instagram post.



Local influencers were tapped for a pre-opening marketing campaign.



Brick-and-mortar and online fashion retailers have urged South African regulators to impose a 45% import duty on all clothing item imports, no matter the price, to level the playing field. Shein, which is planning to go public in Britain, taps a network of largely China-based suppliers which take small initial orders and scale up based on demand.



A Shein spokesperson told Reuters the retailer is engaging with South African regulators to ensure its continued compliance with local laws.



&#8220;That said, such tax measures are not critical to the success of our business or the competitive prices we offer our consumers. We keep our prices affordable through our technology-based on-demand business model and flexible supply chain,&#8221; the spokesperson added.



(Reporting by Nqobile Dludla; Editing by Richard Chang and David Evans)

FILE PHOTO: FILE PHOTO: Illustration shows Shein logo

Shein to open pop-up store in South Africa to woo more shoppers

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1333" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-scaled.jpg" alt="" class="wp-image-481529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-1536x1000.jpg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A visitor descends stairs outside the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



LONDON, July 24 (Reuters) &#8211; Anglo American investors will keenly scrutinize CEO Duncan Wanblad on Thursday as he gives an update on the London-based miner&#8217;s strategy, just months after fighting off a $49 billion takeover bid from bigger rival BHP Group.



Delivering first-half earnings results for the first time after rebuffing the world&#8217;s No. 1 miner, Wanblad and his team need to convince investors that the strategy to refocus on copper, iron ore and a fertilizer project is on track.



While Wanblad pinned his approach on getting an early start with selling Anglo&#8217;s coking coal assets in Australia, which the company said has drawn huge interest, an unexpected and unwieldy fire at its Grosvenor mine at one of the mines could torpedo the well-laid plans, setting the timing back with a possible hit to the deal&#8217;s valuation.



&#8220;Clearly, any updates on the simplification strategy will be closely watched,&#8221; said Richard Hatch, analyst at Berenberg.



&#8220;Our key questions center around the challenges of selling the coal business &#8230; and whether Anglo would accept payments in contingent form due to operational issues,&#8221; Hatch added.



Anglo has already cut its output forecast for steelmaking coal, because of the June 29 fire at its Grovesnor mine that has rendered the affected sections inaccessible. Damage assessment and re-opening is going to take several months, Anglo said.



Investors also expect Anglo to write off the value of its Woodsmith fertiliser project in northern England, having earlier said it would slow down development but still invest $800 million this year. Anglo already wrote down $1.7 billion on the project a year ago.



The restructuring plan, which also includes the demerger of its South African platinum unit, closure or sale of its nickel mines and the divestment of diamonds business De Beers, could be completed by 2025.



Unless, BHP resumes its pursuit or other suitors, join the hunt.



&#8220;BHP could come back after six months, or could wait for the Amplats unbundling to be complete,&#8221; said Ian Woodley, portfolio manager at Old Mutual.



&#8220;If I were them, I would wait at least until the unbundling has moved along a bit further,&#8221; he added.



The main prize in Anglo&#8217;s portfolio are its world class and long-life copper assets in Latin America.



Copper is seen as a draw-card to deals in the mining sector, with investors expected to demand that even the most profitable companies show plans on how to grow the metal&#8217;s portfolio.



&#8220;Having an exposure to the copper sector, to the copper price, is attractive for investors,&#8221; said Erik Belz, president and chief operating officer at hedge fund Engine No. 1.



&#8220;Consolidation can get our (investors) costs down. If we get our costs down, we can expand our margin. And if the price goes up on top of that, then that&#8217;s sort of two ways to win,&#8221; Belz added. 



(Reporting by Clara Denina and Felix Njini; Editing by Veronica Brown and David Evans)

Anglo to face investors with wary eye on BHP’s potential return

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="588" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-820x588.jpg" alt="" class="wp-image-510571" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-820x588.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-300x215.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-126x90.jpg 126w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-768x551.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-1536x1101.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Shoppers stand at a Pick n Pay store at the Dobson Point Shopping Centre, in Soweto, South Africa, March 19, 2024. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, July 24 (Reuters)&nbsp;&#8211;&nbsp;South African inflation slowed in June, statistics agency data showed on Wednesday, clearing the path for the central bank to cut rates at its next meeting, economists said.



Headline consumer inflation stood at 5.1% year-on-year in June, compared to 5.2% in May, Statistics South Africa said, in line with the prediction made by economists polled by Reuters.



Inflation has remained above 5% for 10 consecutive months Statistics South Africa data showed, while the South African Reserve Bank (SARB) prefers it to be at the midpoint of its 3%-6% target band.



The slow rate of disinflation has meant the central bank has kept its main lending rate unchanged at 8.25% for more than a year.



Isaac Matshego, senior economist at local financial firm, Nedbank, said they now see the SARB cutting rates at their next meeting in September.



&#8220;Today’s figure affirms our view that the SARB will cut the repo rate by 25 basis points to 8% at its meeting in September followed by a similar reduction in November,&#8221; said Matshego.



A key concern for the SARB has been high food and services prices, but June data shows these have both come down to 4.6% in June from 4.7% in May, just shy of the midpoint.



David Omojomolo, Africa economist at Capital Economics said lower food and services inflation gives impetus to the central bank to start cutting rates in September, agreeing that a 25 basis point cut would be acceptable.



Core inflation, which excludes food and fuel prices, came in at 4.5% for June, Statistics South Africa added.



(Writing by Kopano Gumbi and Bhargav Acharya; Editing by Alex Richardson and Angus MacSwan)

Shoppers stand at a Pick n Pay store in Soweto

South African inflation drops, rate cuts now expected in September

<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-1161864874-820x547.jpg" alt="" class="wp-image-505638" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-scaled.jpg 2048w" sizes="(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>



JOHANNESBURG, July 24 (Reuters)&nbsp;&#8211;&nbsp;The South African rand extended losses in early trade on Wednesday, as investors turned their attention to local inflation figures which may give clues on the country&#8217;s future interest rate path.



At 0649 GMT, the rand traded at 18.4225 against the dollar, over 0.1% weaker than its previous close. The rand tumbled against the greenback on Tuesday.



&#8220;The rand (is) coming under pressure as market participants sit on the side lines waiting for our June CPI (consumer inflation) print later this morning,&#8221; Rand Merchant Bank analysts said in a research note.



&#8220;Ahead of CPI later this morning look for ranges to persist,&#8221; Rand Merchant Bank analysts added.



Statistics South Africa will release local inflation figures for June at around 0800 GMT on Wednesday, which may give hints on the future interest rate path of Africa&#8217;s most industrialised economy.



Economists polled by Reuters expect June year-on-year inflation at 5.1%. Inflation was seen at 5.2% the month before.



Inflation has been above 5% since September 2023, and the central bank estimates that inflation will only stabilise at its targeted 4.5% over the next few quarters.



Monetary policy has remained tight as the central bank tries to steer inflation back towards the midpoint of its 3%-6% target range.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, as the yield slipped 2.5 basis points to 9.435%.



(Reporting by Tannur Anders; Editing by Andrew Heavens)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand extends losses, focus on local inflation 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/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



JOHANNESBURG, July 24 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcement, equity and currency market moves may affect South African markets on Wednesday.



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



Statistics South Africa will publish the country&#8217;s June inflation figures.



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



Vodacom Group reported a 1.5% rise in its quarterly revenue on Wednesday.



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



The South African rand weakened on Tuesday, as investors looked towards June inflation data due on Wednesday and markets watched for developments in the U.S. presidential race.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed 0.24% higher.



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



Asian stocks were subdued on Wednesday after lacklustre earnings from U.S. tech behemoths Tesla and Alphabet dented sentiment, while the yen hit a six-week high ahead of a central bank meeting next week where a rate hike remains on the table.



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



Wall Street&#8217;s main indexes ended slightly lower on Tuesday, having given up meager intraday gains in the final minutes of trading, as investors switched their focus to the latest earnings from Alphabet and Tesla



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



Gold prices inched higher on Wednesday, with investors awaiting U.S. economic data that could influence the Federal Reserve&#8217;s rate-cut timeline.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



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



&#8211; SA banks stage multibillion-rand rally



&#8211; Ramaphosa signs Climate Change Bill into law



(Compiled by Tannur Anders)

South African Markets – Factors to watch on July 24

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="493" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/44E5UX7RVRM3BHN4VQCD3CXQD4-820x493.jpg" alt="" class="wp-image-510298" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/44E5UX7RVRM3BHN4VQCD3CXQD4-820x493.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/44E5UX7RVRM3BHN4VQCD3CXQD4-300x180.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/44E5UX7RVRM3BHN4VQCD3CXQD4-150x90.jpg 150w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/44E5UX7RVRM3BHN4VQCD3CXQD4-768x462.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/44E5UX7RVRM3BHN4VQCD3CXQD4-1536x923.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/44E5UX7RVRM3BHN4VQCD3CXQD4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The retired coal-fired Komati Power Station Is seen near Komati village, in the Mpumalanga province in South Africa, May 9, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, July 23 (Reuters)&nbsp;&#8211;&nbsp;South African President Cyril Ramaphosa has signed into law a broad climate change act that will set caps for large emitters and require every town and city to publish an adaptation plan.



The Climate Change Bill aims to enable South Africa to meet its emissions reduction commitments under the Paris climate agreement, the presidency said in a statement on Tuesday.



South Africa, which is the world&#8217;s most carbon-intensive major economy and among the top 15 greenhouse gas emitters, is on track to miss those targets because of to its heavy reliance on coal for electricity.



&#8220;This is very significant in that it&#8217;s the first time that our climate change response is directly brought into domestic law,&#8221; said Brandon Abdinor, a lawyer at South Africa&#8217;s Centre for Environmental Rights, a non-profit organisation.



&#8220;A lot of work needs to be done, but this act puts the basic architecture in place for that to happen.&#8221;



The presidency statement did not say when Ramaphosa had signed the law, which requires every province and municipality to assess climate change risks and develop a response plan.



Emissions targets will be set for each high-emitting government sector such as agriculture, transport and industry, and each relevant minister must adopt measures to achieve them.



The law also says the environment minister must allocate a carbon budget to large greenhouse gas-emitting companies, setting a limit on their emissions over a specified time.



The allocations have not yet been set, and the law does not make it an offence to exceed the limit although climate advocates had wanted this, said Abdinor. But emitters that exceed their budget are likely to have to pay a higher rate of carbon tax.



&#8220;With mandatory carbon budgets now in place, we expect to see significant emissions reductions from large companies,&#8221; Harald Winkler, an expert on climate policy at the University of Cape Town, said on X.



&#8220;Transparency in annual reporting will be key,&#8221; he added.



The bill is the latest sign that South Africa&#8217;s new government might be more aggressive on climate change and renewable energy than its predecessors.



The new energy minister has vowed to speed up the transition to renewables, but few specific plans have emerged. Funding plans to support the new bill are also unclear.



Western donors are offering billions of dollars in loans to fund the transition, but South African officials say they barely scratch the surface of the finance needed.



(Reporting by Nellie Peyton, Editing by Timothy Heirtagr)

FILE PHOTO: The retired coal-fired Komati Power Station Is seen near Komati village, in the Mpumalanga province in South Africa

South Africa passes its first sweeping climate change law

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-scaled.jpg" alt="" class="wp-image-373504" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1920x1280.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-600x400.jpg 600w" sizes="(max-width: 2048px) 100vw, 2048px" /></figure>



JOHANNESBURG, July 23 (Reuters)&nbsp;&#8211;&nbsp;The South African rand weakened in early trading on Tuesday, as investors looked towards June inflation data due out on Wednesday and markets watched for developments in the U.S. presidential race.



At 0725 GMT, the rand traded at 18.38 against the dollar, about 0.75% weaker than its previous close.



&#8220;Market participants (are) sitting on the sidelines watching the U.S. presidential race unfold and also local inflation data out tomorrow,&#8221; said Rand Merchant Bank analysts in a research note.



On Sunday, U.S. President Joe Biden withdrew his bid for reelection in the November vote and endorsed Vice President Kamala Harris to face Republican Donald Trump.



Investors will turn to June inflation data due on Wednesday for hints on the future interest rate path of Africa&#8217;s most industrialised economy.



Monetary policy has remained tight as the central bank tries to steer inflation back towards the midpoint of its 3%-6% target range.



&#8220;Inflation is being forecast to print marginally softer at 5.1% for the month compared to May&#8217;s 5.2%,&#8221; Rand Merchant Bank analysts added.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index traded around 0.4% weaker in early trade.



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, as the yield gained 3.5 basis point to 9.6%.



(Reporting by Tannur Anders; Editing by Bernadette Baum)

101416618-rand

South African rand weakens, eyes on inflation data

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1367" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-scaled.jpeg" alt="" class="wp-image-397971" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-scaled.jpeg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-768x513.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-1536x1025.jpeg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Emissions rise from towers at the Sasol Ltd. Sasol One Site in Sasolburg, South Africa, on Wednesday, Aug. 7, 2019. Sasol said some of its South African plants are under threat from sulfur dioxide emission standards that it will need to comply with by 2025. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



July 22 (Reuters) &#8211; South African petrochemicals company Sasol increased coal exports by 5% in the year to June 30, driven by improved freight rail performance and higher production at its Thubelisha colliery, it said on Monday.



A production update from the world&#8217;s biggest producer of fuels and chemicals from coal and gas said that it exported 2.1 million tons of coal during its financial year, up from 2 million tons previously.



The company, however, reported a 2% dip in coal production to 30.2 million metric tons from 30.8 million tons the previous year, mainly owing to a reduction to its mining operations.



Output from Sasol&#8217;s Secunda operations, where the company produces synthetic fuels and chemicals from coal, was flat at 7 million tons.



Revenue from the chemicals business declined 13% to $7.86 billion, mainly because of lower prices.



Sasol releases its financial results on Aug. 20.



(Reporting by Nelson Banya; Editing by David Goodman)

Sasol Ltd.’s South Africa Plants Threatened By Emission Standards

Sasol coal exports up 5% despite production dip

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="768" height="512" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Kalgoorlie_open_cast_mine.jpg" alt="" class="wp-image-372386" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Kalgoorlie_open_cast_mine.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Kalgoorlie_open_cast_mine-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Kalgoorlie_open_cast_mine-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Kalgoorlie_open_cast_mine-600x400.jpg 600w" sizes="(max-width: 768px) 100vw, 768px" /><figcaption class="wp-element-caption">Photo: via Flickr</figcaption></figure>



JOHANNESBURG, July 22 (Reuters) &#8211; South Africa&#8217;s Anglo American Platinum (Amplats) expects its demerger from parent company Anglo American to be completed next year and is planning a secondary listing in London, its CEO said on Monday.



Amplats, which reported first half results, also said it had cut some 3,700 jobs to reduce spending ahead of the demerger.



Meeting cost targets and the unbundling plan are crucial for efforts by Anglo American CEO Duncan Wanblad to restructure the wider group &#8211; after fending off a $49 billion takeover bid from rival mining giant BHP Group.



Amplats CEO Craig Miller said the standalone business would have brighter prospects.



&#8220;The planned demerger will create a more focused, independent global leader in the PGM industry,&#8221; Miller said, adding that a secondary listing would diversify its investors.



Amplats&#8217; profit fell 18% to 6.5 billion rand ($355.4 million) in the six months to June 30, while it declared a dividend of 9.75 rand per share, amounting to a total of 2.6 billion rand, in the first-half.



The wider Anglo group is due to report first half results on July 25, with investors hoping for a progress update.



Anglo has been battling an underground fire at one of its Australian coal mines since June 29, which could affect the way investors value the assets. Anglo&#8217;s sale of the coal assets is seen by investors as instrumental to raising capital.



&#8220;Anglo&#8217;s main problem this reporting period will be with the coal operations and how it will sell a burning coal mine,&#8221; said Ian Woodley, a portfolio manager at Old Mutual.



A spokesperson for Anglo said the coal assets sale had attracted strong demand from various investors.



&#8220;The sale process is well under way and there is strong interest in this world class set of steelmaking coal assets from a large number of parties,&#8221; the spokesperson said.



($1 = 18.2898 rand)



(Reporting by Felix Njini and Melanie Burton; Additional reporting by Nelson Banya and Clara Denina; Editing by Louise Heavens, David Goodman and Alexander Smith)

Kalgoorlie_open_cast_mine

Amplats says on track to demerge in 2025, plans secondary London listing

<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="(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>



JOHANNESBURG, July 22 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was stable in early trade on Monday as investors await inflation data later this week for hints on the country&#8217;s future interest rate path.



At 0745 GMT, the rand traded at its Friday close of 18.2925 against the dollar.



&#8220;With no data out today look for consolidation and ranges to persist,&#8221; said Rand Merchant Bank analysts in a research note.



At home, investors will focus on June inflation figures expected on Wednesday, which may give clues on the future interest rate path of Africa&#8217;s most industrialised economy.



On Sunday, U.S. President Joe Biden ended his reelection bid and endorsed Vice President Kamala Harris to replace him as the Democratic candidate in the November election against Republican Donald Trump.



&#8220;Harris&#8217;s emergence as the likely Democratic candidate could introduce uncertainty, affecting market sentiment,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



The risk-sensitive rand often takes its cues from global drivers such as U.S. political developments in addition to domestic factors.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index traded around 0.2% stronger in early trade.



South Africa&#8217;s benchmark 2030 government bond was slightly weaker in early deals, with the yield gaining 1 basis point to 9.66%.



(Reporting by Tannur Anders; Editing by Jacqueline Wong)

South Africa

South African rand gains, focus on US inflation data

South African Markets -Factors to watch on July 26

South Africa appoints first woman chief justice

South Africa’s climate action too slow to meet its bold pledges, says report

Anglo takes further fertiliser writedown, sees coal deal by early 2025

South African rand weaker, focus on US economic data

South African Markets – Factors to watch on July 25

Shein to open pop-up store in South Africa to woo more shoppers

Anglo to face investors with wary eye on BHP’s potential return

South African inflation drops, rate cuts now expected in September

South African rand extends losses, focus on local inflation data

South African Markets – Factors to watch on July 24

South Africa passes its first sweeping climate change law

South African rand weakens, eyes on inflation data

Sasol coal exports up 5% despite production dip

Amplats says on track to demerge in 2025, plans secondary London listing

South African rand stable, inflation data in focus

News Tips

Advertise With Us

South Africa

South African rand gains, focus on US inflation data

South African Markets -Factors to watch on July 26

South Africa appoints first woman chief justice

South Africa’s climate action too slow to meet its bold pledges, says report

Anglo takes further fertiliser writedown, sees coal deal by early 2025

South African rand weaker, focus on US economic data

South African Markets – Factors to watch on July 25

Shein to open pop-up store in South Africa to woo more shoppers

Anglo to face investors with wary eye on BHP’s potential return

South African inflation drops, rate cuts now expected in September

South African rand extends losses, focus on local inflation data

South African Markets – Factors to watch on July 24

South Africa passes its first sweeping climate change law

South African rand weakens, eyes on inflation data

Sasol coal exports up 5% despite production dip

Amplats says on track to demerge in 2025, plans secondary London listing

South African rand stable, inflation data in focus

News Tips

Advertise With Us

Newsletters