South African Factory Managers Upbeat on Better Global Prospects [BNN Bloomberg (Canada)]
ABSA GROUP LTD S/ADR (AGRPY)
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Source: BNN Bloomberg
purchasing managers expecting improved global economic conditions to outweigh the effects of intense power outages and other domestic headwinds. The gauge, which measures expected business conditions in six months' time, rose to 63.8 from 54.9 in December, Absa Group Ltd. said Wednesday. The increase, likely driven by better expectations for the global economy, is encouraging “given the poor potential for the domestic economy to accelerate demand growth for factory goods,” the lender said. “There are more signs of the European economy avoiding a near-term recession and the reopening of the Chinese economy providing a further boost to global demand.” South Africa is suffering its worst bout of electricity rationing yet, with state-owned utility Eskom Holdings SOC Ltd. implementing rolling blackouts on 205 days last year and every day so far in 2023. The outages, which are needed to protect the grid from collapse when Eskom's plants can't meet demand, are curbing activity in Afric
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