SA food Inflation, Angola Eurobond, Nigeria GDP

The South African Reserve Bank talked up inflation risks at its meeting this week, at which it hiked rates by 25bp, but the tightening cycle is likely to be modest. Elsewhere, Angola has tapped international markets again to buy back maturing Eurobonds, but high yields on its new debt suggest that sovereign default risks will linger. Finally, Nigerian Q1 GDP data out this week were dissappointing, underscoring the need for stronger oil production to fully capitalise on elevated prices.