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Investec Ltd., known for serving high-net-worth individuals in South Africa, is expanding its business banking unit by launching a payments system for corporate clients to handle high-volume, low-value transactions. Utilizing the PayShap infrastructure, the new offering aims to enhance payment processing capabilities. Kuben Naidoo, the bank's head of corporate payments, brings extensive experience from his previous role at the South African Reserve Bank.
International equities are expected to outperform as tariff risks diminish, with a focus on US and emerging markets due to strong earnings, while European equities remain underweighted. The outcome of the US elections could significantly impact asset classes, with a Trump victory likely boosting US equities but increasing trade uncertainty, while a Harris win may favor emerging markets. Investors are advised to hedge against potential tariff increases and remain cautious amid rising yields and economic uncertainties.
UBS Asset Management maintains an overweight stance on global equities, particularly in the US and emerging markets, citing strong earnings potential despite high valuations. The firm is bullish on the JPY due to anticipated Bank of Japan tightening, while underweighting the CHF and European equities due to economic challenges. Emerging currencies show a mixed outlook, favoring BRL and ZAR for their carry potential, while cautioning against tariff risks impacting AXJ.
South Africa is advancing its digital economy by developing unique digital identities for citizens and implementing instant visa issuance. Key institutions, including the South African Revenue Service, the central bank, and the Department of Home Affairs, are collaborating on this initiative, as highlighted by tax authority head Edward Kieswetter.
South Africa's coalition government faces increasing pressure as the rand's volatility surges following a disappointing mid-term budget update presented by Finance Minister Enoch Godongwana on October 30. The implied volatility for the dollar-rand exchange rate has reached a six-month high, contrasting with a decline in similar measures for other emerging-market currencies. Investors are wary as the cost of hedging against rand declines rises.
UBS Asset Management maintains an overweight stance on the JPY and select emerging market currencies like BRL and ZAR, citing favorable valuations and carry potential. Global equities are also favored due to a positive earnings outlook, while the USD is seen as a hedge against tariff risks amid a strong US economy. Conversely, the CHF, European equities, and Japanese government bonds are underweight due to expensive valuations and economic challenges.
Fitch Ratings indicated a potential upgrade for South Africa's credit outlook if the government adheres to its three-year budget plan aimed at stabilizing debt. However, the agency cautioned that the budget forecasts may be overly optimistic.
Emerging-market assets surged as investors reduced their bets on a Donald Trump victory in the upcoming US presidential election. Currencies from Mexico, South Africa, and Eastern Europe strengthened against the dollar, with the MSCI EM FX rising 0.2% and equities advancing 0.5% as of 10 a.m. in London.
South African gasoline prices will rise for the first time in six months, with a 1.2% increase to 21.30 rand ($1.21) per liter starting November 6, according to the Central Energy Fund. Diesel prices will also see a rise, climbing 1.1% for the first time in seven months.
Goldman Sachs is more optimistic about South Africa's fiscal outlook than Finance Minister Enoch Godongwana, who recently projected a larger revenue shortfall. Despite this, Goldman believes the country can stabilize its debt and reduce it below 70% of GDP by the decade's end.
South African Rand
Currency
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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