Mixed Q2 GDP, weak PMIs, but optimism from Eskom

GDP figures from the region’s two biggest economies painted a mixed picture. While growth in Nigeria slowed a touch, the rebound in South Africa was stronger than we had expected. Even so, we think that underlying growth remains weak in both countries. Meanwhile, South Africa’s troubled power utility expressed optimism that, despite repair works, the firm will not have to resort to power cuts in the coming months.”