Saxo’s electrifying message
Every December for almost two decades, Saxo Bank, a Copenhagen headquartered specialist trading and investment bank, publishes its annual “Outrageous Predictions”. For 2020, South Africa makes a rare appearance, and the prediction makes for an electrifyingly possibility for capital markets. Should Saxo be proven right, even half right, says Ingham Analytics, the implications for the bond market, government borrowing, interest rates, and the rand exchange rate would be dire and economically very painful. The implications for the banking sector would therefore be equally bleak. This squares with what Ingham Analytics have been cautioning about for some time.
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