Another rate cut likely

RETAIL sales contracted by a worse than expected 7,0percent annually in August, stirring hopes for another cut in interest rates despite Reserve Bank Governor Tito Mboweni's hint against it.

RETAIL sales contracted by a worse than expected 7,0percent annually in August, stirring hopes for another cut in interest rates despite Reserve Bank Governor Tito Mboweni's hint against it.

Stats SA said yesterday retail sales fell after a 4,1percent decline in July at constant prices. The August contraction was deeper than the consensus of 3,2percent seen by analysts in a Reuters poll. - Reuters

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