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South Africa's rand, bonds and bank shares fell sharply after S&P Global Ratings cut the sovereign to junk, its first downgrade since 2000. The cut followed President Zuma's sacking of Finance Minister Pravin Gordhan and a cabinet reshuffle that drew criticism from within the ANC.
A junk rating raises South Africa's cost of foreign borrowing and can weaken the rand, which lifts the dollar cost of imported feed inputs. Further downgrades would extend the pressure.
cnbcafrica.comReutersApr 4, 2017Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
