1. President Cyril Ramaphosa’s Investment Summit kicks off today, and they are going to have to pull out all the stops because yesterday’s medium-term budget was a massive downer. 

The rand tanked after government drastically lowered its expectations for economic growth this year and admitted that SARS has been sitting on R20 billion tax refunds, which will now be paid out in one go. It will blow a massive hole in the national budget, and government debt will only get bigger in the foreseeable future. This won’t please the rating agency gods. This morning, the rand was at R14.62/$ and bonds remained under pressure.

More on the budget:

2. Markets: a difficult day ahead. Last night on Wall Street, shares plunged and Naspers’ American listing fell 9% after the Chinese government tightened its process for gaming approvals, a big blow to Tencent. Naspers, which has lost 40% of its value over the past year, represents a fifth of the JSE’s value.

3. In a surprise move, the US government has decided to can its new import tariffs on 161 aluminium and 36 steel products from South Africa.  

4. The inflation number for September, released yesterday, was unchanged at 4.9%.

5. The UK chain owned by Famous Brands (Wimpy, Steers and Debonairs) has filed for bankruptcy protection. The loss-making Gourmet Burger Kitchen wants to avoid insolvency by selling unwanted stores and will try to arrange reduce rents.

The best reactions to yesterday's mini-Budget

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