Today we are taking a look at:

  • Pragmatic budget, with big emphasis on transformation, higher PIT revenues and sin taxes, with expenditure ceiling expected to decline over the MTEF
  • Rand strengthens post initial budget related volatility, euro regains some ground after dollar softens following FOMC minutes
  • Top 40 index slumps 1%, US markets mixed with softer bias, Asia weaker this morning
  • UK GDP growth marginally firmer in Q4; FOMC minutes indicate that rates will need to be hiked ‘fairly soon’