US February CPI data was disappointing, showing an increase to 3.2% y/y (from 3.1% in January), with indications of more underlying pressure. It means the US Federal Reserve is unlikely to be able to cut interest rates by June, as widely expected, but only later in the year, which will influence other global central bankers, including in SA.

Transnet’s draft Network Statement published on Friday is a detailed outline of how government will involve the private sector in running numerous corridors. It is more encouraging than the previous draft, which for example limited contract length to two years. However, it will take 3-5 years before any progress becomes evident.