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Market Commentary: December 2021

Global Market Themes: Mounting Omicron cases in Europe, United States (US) despite highly vaccinated population Developed Market (DM) equities stage a recovery and end the year with double-digit gains Chinese equities slump, Chinese and US regulators remain at odds Major Emerging Markets (EM) rally, but still end the year 2.5% lower SA Market Themes: Global peers recognise prematurity of bans, ease restrictions Economic data paints a rather gloomy picture South African equities tick higher, Financials lead the way Precious metals and Industrial metals post solid gains, lifting miners Local inflation hedges – listed property and Inflation-Linked bonds – post solid gains Rand shows modest improvement against major currency pairs