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MONTHLY MARKET OVERVIEW & COMMENTARY | JUNE 2024

Global equity markets continued their rally in June, achieving a 1.8% monthly gain, bringing their 2024 increase to 10.1%. The 2.3% quarterly gain marked the third consecutive positive quarter, with the market now having rebounded nearly 25% from September's lows. The gains have been fuelled by several factors including robust corporate earnings, easing inflationary pressures, and […]

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GNU - The Wildebeest of SA Politics

The wildebeest, also known as the gnu (pronounced "NOO"), is often referred to in the South African wildlife community as a "spare parts animal." This nickname is attributed to its unique combination of features: the tail of a horse, the horns of a juvenile buffalo, the sloped back of a hyena, the stripes of a […]

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Week in Review: Markets Hold Strong Amid Mixed Data

U.S. markets recorded modest gains last week despite a shortened trading session due to the Juneteenth holiday closure. The S&P 500 Index hit new all-time highs, driven by strong performances from value stocks over growth shares. Most major benchmarks outperformed the Nasdaq Composite, which is heavily weighted towards technology stocks. Economic data from the U.S. […]

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Week in Review: ANC, DA & IFP sign agreement to form national government

Throughout Friday, the ANC/DA/IFP Government of National Unity (GNU) secured control of the country’s key legislatures. In parliament, Thoko Didiza of the ANC was elected Speaker with 284 votes, defeating the EFF’s Veronica Mente, while the DA’s Annelie Lotriet was elected as Deputy Speaker. President Ramaphosa was also comfortably re-elected for a second term late […]

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MONTHLY MARKET OVERVIEW & COMMENTARY | MAY 2024

Despite bouts of market volatility in the final stretch of May, most major global markets ended the month with robust performance. Market sentiment improved as expectations of rate cuts grew, fuelled by favourable economic data prints. Global equity markets delivered the strongest monthly performance thus far in 2024 (MSCI World Index +4.5% MoM), while their emerging […]

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Week in Review: Nvidia Closes Out U.S. Earnings Season with a Beat

U.S. stock markets ended the week mixed, with the Dow Jones Industrial Average recording its biggest weekly loss since early April, down 2,33%, while the NASDAQ Composite continued to march higher into record territory. The yield on the benchmark US 10-year Treasury Note rose 5 basis point to 4,47%. The latest minutes from the Federal Open […]

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Weekly Note – Resurging Inflation Concerns Subside

This week, investors remained closely attuned to Wednesday's U.S. inflation report for April, which revealed figures largely in line with or slightly below expectations. This tempered concerns regarding a resurgence in inflationary pressures, following three consecutive months of higher-than-anticipated readings. Notably, the U.S. consumer price index (CPI) rose by 0.3% month-on-month, slightly below the projected […]

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MONTHLY MARKET OVERVIEW & COMMENTARY | APRIL 2024

After five consecutive months of gains, most major global markets, except for a few outliers, ended April in the red. Much of this was down to the ongoing presence of inflation in the US, fuelling discussions about the Fed's potential reluctance to reduce rates in the near future. Tensions in the Middle East also persisted, dampening […]

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UK Economy Bounces Back

In the US, initial filings for unemployment benefits have surged to their highest level since late August 2023, suggesting a potential shift in what has otherwise been a robust labour market. According to the Labor Department's report on Thursday, jobless claims totalled a seasonally adjusted 231,000 for the week ending on May 4, marking a […]

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Week in Review: Fed Rate Hike Fears Fade

Ahead of Wednesday’s press conference following the latest Federal Open Market Committee (FOMC) meeting, markets anticipated a hawkish response due to recent higher-than-expected inflation figures. However, Fed Chair Jerome Powell surprised by stating that a rate hike is "unlikely" and that rate cuts remain the Fed’s primary scenario, albeit delayed. Amidst a plethora of data […]

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