With the handing over by Chief Justice Raymond Zondo of his 1,800 page final report of the Commission into State Capture to President Cyril Ramaphosa on Wednesday, the lengthy and tortuous road towards uncovering the truth about state capture corruption and fraud in SA has now reached a long-awaited formal interrogative conclusion.
Though the Zondo Commission has often been criticised for not meeting deadlines, after nearly four years of investigation the huge and cumulative amount of evidence revealed by it nonetheless remains overwhelmingly large to manage. Globally, gauges of factory activity in Japan, Britain, the Eurozone and the US all softened in June, with US producers reporting the first outright drop in new orders in two years in the face of slumping confidence.
Bonds rallied hard on hopes the bets on aggressive rate hikes would have to be curtailed, with German two-year yields down 22 basis points in their biggest drop since 2008. European Central Bank and Federal Reserve speakers will be watched closely later in the day, as will British retail sales data and German business confidence. Beyond that, the main worry is what it all means for companies’ performance.
Lots to discuss with Warwick Lucas, head of Galileo Securities, Raymond Parsons, professor in the School of Business and Governance at Northwest University, and Isaah Mhlanga, chief economist at Alex Forbes.
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