ECONOMICUPDATE THURSDAY,31MAY2018 - CAPRICORN ASSET ...
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Economic Update Thursday, 31 May 2018 South Africa's Treasury backs CEO of $160 billion state pension fund South Africa’s National Treasury on Thursday rallied behind Dan Matjila, the chief executive of the government’s 2 trillion rand ($160 billion) state pension fund, dismissing a media report that said it was considering his suspension. “Treasury has faith in Mr Dan Matjila’s leadership,” it said in response to emailed questions. “The Minister is satisfied with the PIC’s overall performance.” Matjila, at helm of the Public Investment Corporation since 2014, has come under fire in recent weeks after one opposition party, the United Democratic Movement, asked Treasury to suspend and investigate him for misusing funds.– Reuters U.S. to slap tariffs on steel, aluminum from EU Washington will announce plans to slap tariffs on EU steel and aluminum imports as early as Thursday morning, sources said, while the U.S. commerce secretary said any escalation of their trade dispute would depend on the bloc’s reaction.. While not confirming directly that the U.S. would decide to impose tariffs, he said: “It’s up to the European Union to decide if it wants to take retaliatory measures.. Economists say the standoff with the EU could tip toward a trade war, particularly after Trump last week launched another national security investigation into car and truck imports that could lead to new U.S. tariffs. – Reuters Turkey to tighten Fiscal Policy Turkey will tighten fiscal policy as it recently did with monetary policy, Finance Minister Naci Agbal said on Thursday, adding that it is important that the two policies are in harmony. Turkey’s central bank hiked interest rates by 3 percentage points last week, following a deep sell-off in the lira. Agbal made the comments in an interview with private broadcaster Bloomberg HT. He also said debt restructuring and construction amnesty measures introduced earlier this year will generate a 40-45 billion lira ($9-$10 billion) income, preventing upward risks to Turkey’s budget deficit.– Reuters Growth in private sector credit extension declines Growth in private sector credit extension in South Africa decelerated sharply to 5.1% in April - against the market’s forecast of 6.1% - from 6.0% in March, Nedbank said on Wednesday. According to the bank, the slowdown in credit growth was due to the "investment and bills" category as well as the "other loans and advances" category, which both dropped sharply over the month. "Credit demand is still likely to improve gradually in the months ahead on better economic growth and confidence, with modestly lower interest rates and softer inflation helping affordability," commented Nedbank. "The figures indicate that credit demand remains modest despite the recent
spike in both business and consumer confidence following the positive political changes in December." – Fin24 Stats of the Day
Data Releases
Local Time Country Indicator Name Period
03:00 China NBS Non-Mfg PMI May
03:00 (Mainland)
China NBS Manufacturing PMI May
11:00 (Mainland)
Euro Zone HICP Flash YY May
11:00 Euro Zone HICP ex F&E Flash YY May
11:00 Euro Zone HICP ex F,E,A&T Flash YY May
11:00 Euro Zone Unemployment Rate Apr
11:30 South Africa PPI MM Apr
11:30 South Africa PPI YY Apr
13:30 United States Challenger Layoffs May
14:00 South Africa Trade Bal (Incl. Region) Apr
14:30 United States Personal Consump Real MM Apr
14:30 United States Personal Income MM Apr
14:30 United States Consumption, Adjusted MM Apr
14:30 United States Core PCE Price Index MM Apr
14:30 United States Core PCE Price Index YY Apr
14:30 United States PCE Price Index MM Apr
14:30 United States PCE Price Index YY Apr
14:30 United States Initial Jobless Claims 21 May,
14:30 United States Jobless Claims 4-Wk Avg w/eMay,
21
14:30 United States Continued Jobless Claims w/eMay,
14
15:45 United States Chicago PMI w/e
May
16:00 United States Pending Homes Index Apr
16:00 United States Pending Sales Change MM Apr
16:30 United States EIA- Nat Gas, Change Bcf 21 May,
17:00 United States EIA Weekly Crude Stocks w/eMay,
21
17:00 United States EIA Weekly Dist. Stocks w/eMay,
21
17:00 United States EIA Weekly Gasoline Stk w/eMay,
21
17:00 United States EIA Weekly Crude Imports w/e
21 May,
17:00 United States EIA Weekly Rfg Stocks w/eMay,
21
17:00 United States EIA Weekly Heatoil Stock w/eMay,
21
17:00 United States EIA Weekly Prods Imports w/eMay,
21
17:00 United States EIA Weekly Dist Output w/eMay,
21
17:00 United States EIA Weekly Crude Runs w/eMay,
21
17:00 United States EIA Weekly Refining Util w/eMay,
21
17:00 United States EIA Wkly Crude Cushing w/eMay,
21
17:00 United States EIA Weekly Gasoline O/P w/eMay,
21
17:00 United States EIA Ethanol Ref Stk w/eMay,
21
17:00 United States EIA Ethanol Fuel Total w/e
21 May,
United States Dallas Fed PCE w/e
Apr
Source: Thomson Reuters
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Daily.Brief@capricorn.com.naDisclaimer The information contained in this note is the property of Capricorn Asset Management (CAM). The information contained herein has been obtained from sources which and persons whom the writer believe to be reliable but is not guaranteed for accuracy, completeness or otherwise. Opinions and estimates constitute the writer’s judgement as of the date of this material and are subject to change without notice. This note is provided for informational purposes only and may not be reproduced in any way without the explicit permission of CAM.
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