Following on from yesterday’s post, the revised statistics are up, and here’s a graph that I made:
Just a casual little R143 billion mistake there (by the 15th of July).
Which is a bit bigger than the “R130 billion” number that everyone is throwing around – but perhaps it’s got something to do with the dates.
Anyway, fortunately, the market appears to have reacted by completely ignoring it: the Rand and the stock market barely blinked. I guess it’s comforting to know that the market doesn’t pay any attention to fundamental economic data like foreign inflows and outflows? Because, like, who cares about economic fundamentals – it’s all about gut feels and algorithms. Unless, of course, everyone already knew*.
*And said nothing while skeptically ignoring it in their trading.
But on that algorithmic point, and after this awkward computational “glitch”, here’s a cautionary reminder from the CEO of the JSE, Nicky Newton-King:
“Unfortunately, computers are programmed by people…”
<inserts pause for effect>
Here’s another thing she said:
“We produce an enormous amount of data. This is an opportune moment to make sure that there is nothing in any of the other datasets that should cause us concern. We don’t have any concern as we speak now, but we are doing a full review.”
Some people are taking comfort in this.
I’d take comfort in the fact that no one seems to really trust these numbers enough to trade on them anyway.