This week is expected to be relatively quiet on the local front, aside from the release of South Africa’s leading indicator today, as the December holiday season officially gets underway following the long weekend. Notably, the leading indicator has remained above 112.0 points since April 2024, coming in at 113.9 points in the previous print. This positive trend has been driven by continued optimism surrounding the Government of National Unity (GNU), a steady ZAR, expectations of lower interest rates, declining inflation, and an absence of load-shedding. These factors are likely to remain supportive of the leading indicator’s components in the short term.