The most notable development has been the strengthening of the rand which, by last week, had appreciated to a low of R12.31 against the US dollar since our previous cocktail function. This was the strongest that the rand had traded since mid-2015. On a trade-weighted basis, the South African currency had appreciated by about 19%.
Europe is in recession and recent indicators point to a continued contraction. •  In China and other major emerging economies, growth has slowed somewhat more than expected. However, there are signs of stabilization around current growth rates. •  Notwithstanding the slowdown in global economic activity, prices for oil and other commodities produced in Canada have, on average, increased in recent months.