Africa
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South
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South Africa enters recession, currency falls against dollar. (05 Sep 2018) The South African rand has fallen 16% versus the US dollar in the past six months, a precursor to the economic report issued this week showing the most industrialized economy on the continent has fallen into a recession. South Africa is the latest emerging market to hit turbulent waters this year, highlighting the risks investors face when buying into this asset class. The benchmark iShares MSCI Emerging Markets ETF (EEM $41-$42-$52) is now down 20% since it peaked back in January, and we see no reason to buy on the dip. As for South Africa, the 2nd quarter economic contraction of 0.7% is bad news for President Cyril Ramaphosa, who entered office in February armed with promises of economic reforms for this nation of 58 million.
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