Sign in
Research link-chevron Created with Sketch.
link-chevron Created with Sketch. Products and Services link-chevron Created with Sketch.
link-chevron Created with Sketch. Products and Services
Economics link-chevron Created with Sketch.
FX Report
The Loop
Inside China
Insights & Strategy
Equities link-chevron Created with Sketch.
Corporate Commissioned Research
Analysts
Analysts
Help and Support
Help and Support
Corporate and Investment Bank
Standard Bank Group
In the loop 24 November 2025

In the loop

Shireen Darmalingam

What you should know this morning:

  • The rand is stronger this morning, at R17.35/$, after closing weaker on Friday (R17.37/$*).
  • EM currencies were mixed on Friday; the RUB (+0.8%), PHP (+0.4%) and MYR (+0.3%) were the biggest gainers; the BRL (-1.3%), COP (-1.1%) and CLP (-1.1%) were the biggest losers.
  • Asian equity markets are mixed this morning; the Hang Seng is up, while the Shanghai Composite is down.
 
  • Central bank watch: the Reserve Bank of New Zealand is expected to cut its benchmark interest rate on Wednesday as growth remains weak.
  • The Central Bank of Sri Lanka is likely to hold rates at 7.75% for a third straight meeting on Wednesday.
  • The Bank of Korea is likely to hold rates steady on Thursday.
  • The minutes of the ECB’s October meeting, due on Thursday, will be watched closely to determine if there is any remaining support for further interest rate cuts.
 
  • China’s industrial profit growth, due Thursday, is expected to have slowed in October after two months of strong gains. 
  • The data is expected to reflect softer output and a less favourable base from a year earlier.
 
  • In the UK, Britain’s Autumn Budget takes centre stage this week, with the Chancellor poised to unveil a package that includes £30bn in fiscal tightening.
  • In Germany, the Ifo survey out today will provide insight into whether the economy is regaining momentum after being weighed down by protectionist US trade policies.
  • The preliminary November inflation data from major Eurozone economies will be released, with German headline inflation likely rising further above 2%.
 
  • The US Conference Board’s consumer confidence index for November is expected to receive only a modest lift from the end of the government shutdown. 
  • Sentiment remains primarily driven by jobs and incomes and, with labour market conditions having weakened during the shutdown, any recovery is likely to be gradual, keeping confidence muted.
  • US retail sales for September, due Tuesday, likely posted growth, supported in part by a surge in auto purchases as buyers rushed to secure electric vehicles before federal subsidies expired at the end of the month.
  • The latest Beige Book, out on Wednesday, is expected to underscore ongoing softness in employment and overall economic activity, while business inventory data should show stockpiles remaining elevated relative to sales.
  • Meanwhile, personal income and spending figures will not be published for a second consecutive month.
  • The release of Q3:25 GDP data, originally scheduled for Tuesday, has also been delayed.
 
  • Locally, the 2025 G20 Leaders’ Summit took place over the weekend with President Cyril Ramaphosa as host. 
  • The summit, themed “Solidarity, Equality, Sustainability”, prioritised inclusive economic growth, climate resilience, reform of global finance, and sustainable development.  
  • Despite diplomatic tensions, notably a boycott by the US, the summit adopted a comprehensive 122-point declaration. 
  • The final communiqué stressed climate action (including adaptation and clean energy), debt relief for less-developed nations, food security, and reforms to international financial institutions to better reflect Global South concerns. 
  • Ramaphosa framed the event as a triumph of multilateralism, despite the US absence, emphasising that consensus around shared global challenges remains possible. 
 
  • The October PPI is on the cards on Thursday and is expected to come in at 3.1% y/y, after having increased by 2.3% y/y in September.
  • The M3 and private sector credit extension (PSCE) for October are scheduled for release on Friday.
  • PSCE is expected to have increased by 6.3% y/y in October, from 6.1% y/y in September.
  • The monthly Budget balance data for October is also due for release on Friday; the budget deficit was R15.4bn in September. 
  • The October trade balance is scheduled for release on Friday; a trade surplus of R23.5bn for October is expected, from a surplus of R21.8bn in September. 
 
  • Brent crude is up this morning, and down by 16.1% year-to-date.
  • The gold price is down this morning, and up by 54.2% year-to-date.
 
  • Brent crude oil is currently at $62.61/bbl; ($62.56/bbl*).
  • Gold is at $4044/oz ($4065/oz*).
  • SA CDS 148bps*, Brazil 147bps* and Turkey 246bps*.
  • Yields: US 10yr at 4.06%*, German bund at 2.70%*, SA 10-year generic at 8.74%*, SA’s R2035 at 8.63%*.
 

* Denotes Friday’s close.

Key events and data: 

  • 19h00: US industrial production (annual revision)
 

Read PDF