Take advantage of some of the top economic and strategic research minds in South Africa and get a comprehensive overview of the investible markets of 20 countries across the continent.


We offer in-depth summaries of the policy environments, as well the social, political and business backdrops, to give you unparalleled insights across all asset classes.

  • Daily economic commentary

      Publicly available research
    South Africa morning sheet - 3 April 2020 Download content  
    South Africa morning sheet - 2 April 2020 Download content  
    South Africa morning sheet - 1 April 2020 Download content
      Publicly available research
    South Africa morning sheet - 31 March 2020 Download content  
    South Africa morning sheet - 30 March 2020 Download content
    South Africa morning sheet - 27 March 2020 Download content
    South Africa morning sheet - 26 March 2020 Download content
    South Africa morning sheet - 25 March 2020 Download content
    South Africa morning sheet - 24 March 2020 Download content
    South Africa morning sheet - 23 March 2020 Download content
    South Africa morning sheet - 20 March 2020 Download content
    South Africa morning sheet - 19 March 2020 Download content
    South Africa morning sheet - 18 March 2020 Download content
    South Africa morning sheet - 17 March 2020 Download content
    South Africa morning sheet - 16 March 2020 Download content
    South Africa morning sheet - 13 March 2020 Download content
    South Africa morning sheet - 12 March 2020 Download content
    South Africa morning sheet - 11 March 2020 Download content
    South Africa morning sheet - 10 March 2020
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    South Africa morning sheet - 9 March 2020 Download content
    South Africa morning sheet - 6 March 2020
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    South Africa morning sheet - 5 March 2020 Download content
    South Africa morning sheet - 4 March 2020 Download content
    South Africa morning sheet - 3 March 2020 Download content
    South Africa morning sheet - 2 March 2020 Download content
      Publicly available research
    South Africa morning sheet - 28 February 2020 Download content
    South Africa morning sheet - 27 February 2020 Download content
    South Africa morning sheet - 26 February 2020 Download content
    South Africa morning sheet - 25 February 2020 Download content
    South Africa morning sheet - 24 February 2020 Download content
    South Africa morning sheet - 21 February 2020 Download content
    South Africa morning sheet - 20 February 2020 Download content
    South Africa morning sheet - 19 February 2020 Download content
    South Africa morning sheet - 18 February 2020 Download content
    South Africa morning sheet - 17 February 2020 Download content
    South Africa morning sheet - 14 February 2020 Download content
    South Africa morning sheet - 13 February 2020 Download content
    South Africa morning sheet - 12 February 2020 Download content
    South Africa morning sheet - 11 February 2020 Download content
    South Africa morning sheet - 10 February 2020 Download content
    South Africa morning sheet - 07 February 2020 Download content
    South Africa morning sheet - 06 February 2020 Download content
    South Africa morning sheet - 05 February 2020 Download content
    South Africa morning sheet - 04 February 2020 Download content
    South Africa morning sheet - 03 February 2020 Download content
  • Instant insights

      Instant insights
    March Manufacturing PMI: Hobbled by supply chain disruptions - 1 April 2020 Download content
    Moody’s downgrades to sub-IG; more likely to follow in 2020 - 30 March 2020 Download content
    Buffeted by multiple shocks, even before COVID-19 - 25 March 2020 Download content
    MPC unanimously votes for an emergency 100bp rate cut - 19 March 2020 Download content
    February CPI: Slight upside surprise leaves our call for a rate cut intact -18 March 2020 Download content
    Business confidence falls sharply in Q1 - 11 March 2020 Download content
    Faltering economy opens scope for more easing - 03 March 2020 Download content
    Economy slips into second recession in two years - 03 March 2020 Download content
    February Manufacturing PMI: Expectations deteriorate as activity weakens further - 02 March 2020 Download content
    PGM prices strengthened January’s trade balance - 02 March 2020 Download content
    Big spending cuts need to be negotiated with unions - 26 February 2020 Download content
    Core CPI surprises with another downside dip - 19 February 2020 Download content
    Monthly activity data suggest GDP contracted again in Q4 19 - 14 February 2020 Download content
    SONA 2020: No big new promises, focus on implementation - 14 February 2020 Download content
    Manufacturing: Output plunges in December as load shedding bites - 11 February 2020 Download content
    January Manufacturing PMI: Weak start to the year - 03 February 2020 Download content
    December merchandise trade surplus on lower imports - 31 January 2020 Download content
    The main budget unexpectedly stays negative - 31 January 2020 Download content
    As expected CPI jumps on fuel prices - 22 January 2020 Download content
    Monetary policy: SARB acknowledges weak growth outlook, cuts by 25bp - 16 January 2020  Download content
    MCP preview: To cut or not to cut? That is the question - 13 January 2020 Download content
    Manufacturing PMI:  Activity levels remained depressed at year-end - 08 January 2020 Download content
    Manufacturing PMI:  Activity levels remained depressed at year-end
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    What is to become of Eskom? - 11 December 2019 Download content
    Headline figure disappointing, but there are some positives  - 03 December 2019 Download content
    South Africa November Manufacturing PMI - 02 December 2019 Download content
    Business sentiment improves but remains downbeat in Q4 - 27 November 2019 Download content
    Post MTBPS discussion with National Treasury - 25 November 2019 Download content
    Post MTBPS discussion with National Treasury - 21 November 2019 Download content
    Downside surprise in headline inflation due to food - 21 November 2019 Download content
    GDP likely flat-lined on a quarter-on-quarter basis in Q3 - 15 November 2019 Download content
    November rate decision a finely balanced call - 12 November 2019 Download content
    Manufacturing output disappoints in September - 8 November 2019 Download content
    Slightly better but conditions remain contractionary - 1 November 2019 Download content
    South Africa’s bold statement of the problem, but no answer - 30 October 2019 Download content
    Big downside surprise in core as housing costs ease - 23 October 2019 Download content
    Credit market data for Q2 were better than expected – 16 October 2019 Download content
    South Africa Manufacturing PMI - 02 October 2019 Download content
    South Africa - Mixed ‘twin deficit’ data in August - 02 October 2019 Download content
    Postponement of mid-year budget update raises questions - 19 September 2019 Download content
    MPC votes unanimously to leave the repo rate unchanged - 19 September 2019 Download content
    Business sentiment plummeted to new lows in Q3 - 11 September 2019 Download content
    Manufacturing PMI: Activity weakened sharply in August - 02 September 2019 Download content
    South Africa CPI - Broad-based downside surprise in July - 26 August 2019  Download content
    Manufacturing PMI: Strong improvement in July may be a one-off - 01 August 2019 Download content
    Unemployment rate jumps to record high - 30 July 2019 Download content
    Manufacturing PMI: Expectations deteriorate amid persistently weak activity levels - 1 July 2019 Download content
    SONA light on Eskom detail – 21 June 2019 Download content
    CPI: Food prices lift headline inflation slightly higher in May – 19 June 2019 Download content
    South Africa: Broad-based contraction in Q1 19 GDP – 4 June 2019 Download content
    Manufacturing PMI: Still showing no strong trend - 3 June 2019 Download content
    Consumer confidence ticked up in Q2 - 29 May 2019 Download content
    April CPI: VAT-related base effects pull headline inflation lower - 22 May 2019 Download content
    Sizeable contraction likely in Q1 GDP print - 16 May 2019 Download content
    March mining and manufacturing data better than expected - 09 May 2019 Download content
    Manufacturing PMI improved slightly in April - 02 May 2019 Download content
    Two latest polls have quite divergent results - 30 April 2019 Download content
    Main budget deficit wider than expected in 2019 budget - 30 April Download content
    March CPI: Headline inflation lower than expected on housing costs - 17 April 2019 Download content
    February retail sales: Stronger than expected but still weak - 17 April 2019 Download content
    Consumer credit: Signs of tightening credit market conditions - 11 April 2019 Download content
    Mining and manufacturing data point to weak Q1 19 growth - 11 April 2019 Download content
    Sovereign credit rating: Moody’s still holding on to Baa3 Stable outlook rating - 2 April 2019 Download content
    February CPI: Both headline and core inflation prints as expected - 20 March 2019 Download content
    Consumer supports growth in Q4 but investment remains weak - 5 March 2019 Download content
    Manufacturing PMI: Business activity weakens but expectations remain firm - 1 March 2019 Download content
    2019 Budget: Broadly convincing budget, despite wider budget deficits - 20 February 2019 Download content
    Manufacturing output had another solid quarter in Q4 18 - 12 February 2019 Download content
    SONA 2019: Strong in tone and goals, short on detail - 8 February 2019 Download content
    Manufacturing PMI: Activity remains hesitant but expectations improve - 1 February 2019 Download content
    Merchandise trade: Big December surplus due to import compression - 31 January 2019 Download content
    December CPI: Another downside surprise in core inflation - 23 January 2019 Download content
    November retail sales get a Black Friday cheer - 16 January 2019 Download content
    Manufacturing PMI: Moderately stronger activity at year-end - 9 January 2019   Download content
    A November surplus and a smaller October deficit - 28 December 2018 Download content
    Consumer credit arrears picked up in Q3 18 - 21 December 2018 Download content
    Good start to Q4 with strong mining and manufacturing output - 11 December 2018 Download content
    More moderation in wage gains as job losses continued in Q3 - 11 December 2018 Download content
    Q3 18 Current Account: Deficit widened marginally to 3.5% of GDP - 6 December 2018 Download content
    Manufacturing PMI: Strong bounce in November but activity levels remain weak - 3 December 2018 Download content
    October CPI: Another downside surprise in core CPI - 21 November 2018 Download content
    Recession could be revised away - 8 November 2018 Download content
  • Quarterly perspectives

      Quarterly Perspectives
    South African Quarterly Perspectives Q1 20 Download content
    South African Quarterly Perspectives Q4 19 Download content
    South African Quarterly Perspectives Q3 19 Download content
    South African Quarterly Perspectives Q2 19 Download content
    South African Quarterly Perspectives Q1 19 Download content
    South African Quarterly Perspectives Q4 18 Download content
    South African Quarterly Perspectives Q3 18 Download content
    South African Quarterly Perspectives Q2 18 Download content
    South African Quarterly Perspectives Q1 18 Download content
    South African Quarterly Perspectives Q4 17 Download content
    South African Quarterly Perspectives Q3 17 Download content
    South African Quarterly Perspectives Q2 17 Download content
    South African Quarterly Perspectives Q1 17 Download content
  • In-depth commentary

      In-depth commentary
    South Africa: From recession to full COVID lockdown - 24 March 2020 Download content
    South Africa 2020 Budget: Will the unions play ball? - 27 February 2020 Download content
    South Africa 2020 Budget Preview: Fiscal gain requires fiscal pain – 20 February 2020 Download content
    South Africa: Gloom in the manufacturing sector - 18 September 2019 Download content
    South Africa MPC Preview: We believe on hold… for now - 16 September 2019 Download content
    South Africa: Exchange rate is key to macro outlook - 05 September 2019 Download content
    South African consumer: Not much relief from the credit cycle - 12 August 2019 Download content
    South Africa monetary policy: SARB cuts now, but in no hurry for more -  18 July 2019 Download content
    South African monetary policy: The SARB has some scope to cut - 12 July 2019 Download content
    South Africa: Labour markets are not working - 01 July 2019 Download content
    South Africa Q2 19 Manufacturing Sector Survey: Slumping demand - morose manufacturers - 20 June 2019 Download content
    South Africa monetary policy: Changing our repo rate call: one cut - 31 May 2019 Download content
    South Africa MPC preview: No change in the repo rate this week - 20 May 2019 Download content
    South African politics: Key questions once elections are done - 29 April 2019 Download content
    South Africa monetary policy: SARB MPC adopts dovish tone - 28 March 2019 Download content
    South Africa monetary policy: SARB likely to leave rates on hold - 26 March 2019 Download content
    South Africa Q1 19 manufacturing sector survey: Continued downbeat sentiment - 19 March Download content
    South Africa 2019 Budget: Deficits wider but broadly convincing - 21 February 2019 Download content
    South Africa 2019 Budget: Little room to tighten much further - 08 February 2019  Download content
    SA monetary policy: Unanimous hold as oil prices slashed - 17 January 2019 Download content
    South Africa Q4 Manufacturing Sector Survey: Sentiment better, but still gloomy - 06 December 2018 Download content
    South Africa: Manufacturing PMI shows a weak start to Q4 - 01 November 2018
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    South Africa inflation: MTBPS likely to leave fiscal policy on hold - 14 October 2018 Download content
    South Africa inflation: Consumer at an inflection point - 26 September 2018
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    South Africa inflation: Why the SARB will not hike anytime soon - 17 September 2018
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    South Africa inflation: Some sticky and tricky CPI components - 6 September 2018 Download content
    South Africa manufacturing sector survey: Sentiment falls as demand slumps - 20 June 2018 Download content
    South African trade flows: Opportunities and obstacles - 04 June 2018 Download content
    South African consumer: Constrained but not in a crisis - 01 June 2018 Download content
    South Africa: More upside risk equals firmer resolve to hold - 24 May 2018 Download content
    South Africa sovereign credit ratings: Moody’s leaves rating at Baa3, as expected - 26 March 2018
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    South Africa: Spotlight on the MPC. Finely balanced; we think on hold - 23 March 2018 Download content
    South Africa’s manufacturing sector:  Sentiment up, especially about the future - 23 March 2018 Download content
    South African fiscal sustainability: The problem of public sector pay - 13 March 2018 Download content
    South Africa 2018 Budget: Tepid consolidation despite VAT hike - 22 February 2018 Download content
    South Africa 2018 Budget: Fixing the fiscus - 9 February 2018 Download content
    South Africa sovereign credit ratings: Moody’s downgrade still likely - 30 January 2018 Download content
    South African Monetary Policy A 5:1 vote for hold; upside risks remain - 18 January 2018 Download content
    South Africa: ANC election still too close to call - 8 December 2017 Download content
    South African monetary policy: MPC votes unanimously for "hold" - 23 November 2017 Download content
    South Africa’s manufacturing sector: A glimmer of hope in export prospects - 12 November 2017
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    South Africa’s mid-year budget update: No plan but rather a call to action - 25 October 2017
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    South Africa’s mid-year budget update: Fiscal policy at the rubicon - 17 October 2017
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    South Africa: SARB October Monetary Policy Review: SARB explains (almost) everything - 6 October 2017 Download content
  • Presentation

      Presentation
    South African Outlook: Ramaphoria fades to hard realism as recession bites - Oct 2018
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