ICE

The IMF wrapped up their latest quarterly meetings against a challenging global backdrop with war dominating the headlines and overshadowing conventional economic news. The fund lowered growth forecasts for China and the euro zone, highlighting uneven global growth despite a strong U.S. economy. Global GDP projections remained at 3.0% for 2023 but were reduced to 2.9% for 2024. The risks from the Israel-Palestinian conflict were not incorporated into the outlook as the report was finalised before the conflict escalated. The IMF also advised caution in easing monetary policy due to persistently high inflation and cited more downside than upside risks for 2024. Our full report includes detail on the September FOMC minutes, US inflation data for September, Chinese CPI, total social financing (TSF) and trade data. We also look at SA mining and manufacturing production. We wrap up with our market updates and trade ideas.