The global market is flooded with news on oil as just a week after Saudi Arabia refused to support Organisation of the Petroleum Exporting Countries (Opec) output cuts, the world’s top exporter slashed its oil prices for Asian and US buyers. Brent is trading at $68.7 per barrel as the commodity continues to tumble.
South Africa’s manufacturing PMI rose from 50.1 in October to 53.3 in November, its highest level since August 2013. On past form, this points to annual growth in manufacturing production of around 5% in November. However, this is flattered by the depressed production in October last year as a result of the automobile strikes.
The European Central Bank (ECB) slashed its forecasts for growth in the Eurozone to 0.8% this year and 1% in 2016, significantly down from 0.9% and 1.6% respectively. Europe is SA’s main trading partner and any weakness on the continent can hit manufacturing, farming and tourism.
A year ago today, the world lost one of its greatest leaders, Madiba. South Africa has been asked to observe three minutes of silence at 10am as we mourn the beloved statesman, Nelson Mandela.
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