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South African Assets Tumble as Gloom Pervades Fiscal Outlook
JOHANNESBURG (Capital Markets in Africa) – South African bank stocks tumbled and bonds plunged as the rand headed for its biggest weekly slide since 2015 after the firing of Finance Minister Pravin Gordhan raised concerns about the country’s fiscal path and its investment-grade credit rating. The rand dropped as much as 2.6 percent before paring the decline to trade 0.9 percent weaker at 13.3995 per dollar by 5:15 p.m. in Johannesburg, heading for a seven-week low. Benchmark…
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