Market Commentary | The week that was

Just a month-and-a-half after taking office, British Prime Minister Liz Truss has announced her resignation as leader of the governing Conservative Party. Truss is the shortest-serving prime minister in British history, spending just 44 days in office. Truss took over from the former Prime Minister Boris Johnson, but her proposed economic policies triggered financial turmoil and sharply divided her party in the latest British controversy. Rishi Sunak is expected to become the next PM after Boris pulled out of the running.

Minister of Finance Enoch Godongwana will present his second Mid-Term Budget Policy Statement (MTBPS) on Wednesday, 26 October. Eskom and state wages are shrouded to be highlighted topics, as the state-owned enterprise continues to struggle and unions pushing for wages above CPI.

Another key feature this week will be around state capture reports as South African President Cyril Ramaphosa said he’ll implement sweeping reforms in response to recommendations by a judicial panel, that probed corruption during his predecessor Jacob Zuma’s calamitous rule.

Looking at the week ahead; MTBS on Wednesday; Zondo commission report is released to the public over the next few days.