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Market Commentary: July 2022

Global Market Themes: Global equities bounce back with the MSCI World gaining just short of 8% United States (US) equities lead the charge (+9.2%), closely followed by European counterparts (+7.9%) Emerging Markets were modestly lower (MSCI EM -0.3%), but widely divergent within EM performances – MSCI BRIC 3.6% lower, as MSCI China dips nearly 10% Politics at play in the United Kingdom (UK) as beleaguered (ex) Prime Minister Boris Johnson leaves office Oil price softens modestly, industrial metals gain ground SA Market Themes: Unprotected strike action leads to unprecedented levels of loadshedding Efforts s to alleviate pressure on existing grid ramped up Shifting political landscape under the spotlight as President Cyril Ramaphosa’s farm robbery continues to make headlines Some respite for motorists at the petrol pump South African inflation continues to tick higher, further rate hikes on the cards Financials consequently continue strong year-to-date (YTD), performance, but Industrials deliver the strongest sectoral performance.