October
2025
Global markets continued to move higher in October, driven by robust economic growth and easing monetary policy.
September
2025
September saw mostly positive returns across major asset classes as investor sentiment fluctuated between relief over stabilising inflation and anxiety over fragile global demand.
August
2025
Despite continued tariff-related policy uncertainty and less positive US labour market news, global equities posted positive returns, supported by strong corporate earnings.
July
2025
Investor sentiment improved in July as the political noise was toned down to a degree, with markets gaining more clarity regarding future US trade and fiscal policy.
June
2025
Global financial markets navigated a volatile landscape shaped by the interplay of macroeconomic uncertainty, shifting tariff policies, and escalating geopolitical tensions during June.
May
2025
Global markets expanded their recovery in May, building on the lows from April as trade tensions eased and consumer sentiment improved.
April
2025
Market volatility continued in April as the implications of the United States (US) trade policy further impacted stocks, bonds and currencies.
March
2025
Equity markets retreated in March amid rising tariff-driven economic concerns and escalating geopolitical tensions. US markets were down sharply at the start of the month before recovering some losses at the end of the month.
February
2025
If we were to summarise February in one word, it would be uncertainty. And there is generally not much that markets dislike more than uncertainty, which was also reflected in returns for the month.
January
2025
January ushered in a strong start to 2025 for investors, with global equities delivering positive returns led by European markets, which seem to have played catch-up after lagging for some time.
December
2024
December saw a volatile end for markets for 2024, and a bittersweet ending for global equities. The Fed lowering interest rates by 0.25% unnerved markets as the S&P 500 fell by its second steepest day of decline in 2024.
November
2024
SA’s inflation slowed for the fifth month in a row to 2.8% as at the end of October (year-on-year), compared to 3.8% in September strengthening the case for further interest rate cuts by the SARB.
October
2024
October was a volatile month for markets, with global equities moving lower after a strong
rally during the first nine months of the year.
September
2024
As anticipated, the US Federal Reserve joined other central banks in cutting lending rates, paving the way for the SARB to resume its interest rate cutting cycle by 0.25%.
August
2024
August was an eventful month for investors. Inflation slowed more than expected, paving the way for the South African Reserve Bank to start its rate cutting cycle in September.
July
2024
The SARB’s monetary policy committee (MPC) kept the repo rate unchanged for the seventh consecutive meeting at 8.25%.
June
2024
As we pass the halfway point of the year and reflect on market-related developments during
the first six months, we seem no closer to having answers to the same questions we had at
the beginning of the year.
May
2024
After a month filled with election-associated volatility, local equities (Capped SWIX) generated positive returns, while local bonds (ALBI) followed global bond markets higher.
April
2024
April was a tough month for both global equity and fixed income markets. Things looked a bit better with local equities outperforming global equity markets for the second consecutive month.
March
2024
The global interest rate landscape remained a glaring factor as it became evident that the path of interest rate cuts would not be as smooth as initially priced in.
February
2024
Global equity markets continued their positive momentum, with the MSCI All Countries World Index (ACWI) returning 4.3% in US dollar (USD) terms.
