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Gordhangate vs Nenegate - a difference in impact

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Cape Town - Unlike December’s Nenegate episode, which occurred in the midst of a global sell-off of emerging market assets, the current "standoff" between Minister of Finance Pravin Gordhan and the Hawks is fortunately taking place against a more favourable global backdrop for emerging markets, Old Mutual multi-managers Dave Mohr and Izak Odendaal said in an investment note issued on Monday.

Yet, they cautioned that renewed political uncertainty threatens to further dent confidence in the South African economy just as data seemed to be pointing to a slight upturn.  

StatsSA is expected to announce a fairly strong second quarter economic growth number on Tuesday, following the first quarter’s decline. However, data for the third quarter so far is mixed.

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