The main event this week is South Africa’s 2026 Budget Speech, to be delivered on Wednesday by Finance Minister Enoch Godongwana. The focus is expected to remain on fiscal consolidation, particularly after indications in late 2025 that the country’s debt trajectory is beginning to stabilise. As a result, the 2026 Budget is likely to address fiscal flexibility without placing additional tax pressure on consumers or businesses. The broader narrative points to a gradual improvement in South Africa’s public finances. Bloomberg-surveyed economists believe this progress could support a positive shift in the sovereign credit outlook, particularly from Fitch and Moody’s.
In addition, the Eurozone will release its inflation data on Wednesday. Economists expect CPI (YoY) to remain unchanged at 1.7%.
