Trade report 09/05/2013
Mining production and manufacturing stats due to be released later today are likely to reflect weak domestic and international demand which could strengthen speculation that SA is in the midst of an economic down-turn that could be caracterised by reduced consumer spending and tough employment conditions.
In other local news expectations are rising that the South African Reserve Bank (SARB) could cut interest rates later this month for the second time this year due to growing concern over slowing global growth. This follows the European Central banks decision to reduce interest rates to record lows last week as well as the Australian Central Bank cutting rates earlier this week.
In international news Facebook founder and CEO Mark Zuckerberg together with a group of executives and investors recently created a new nonprofit advocacy group called Fwd.Us. The aim of the organization to push for an overhaul of US immigration laws by endorsing a very conservative view point. Various liberal groups are in uproar and have called on companies to withdraw advertisements from Facebook, but the group’s supports say they were prepared for such a reaction.
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