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Market Commentary: January 2018
Global Risk Assets had a strong start to 2018: Developed markets were boosted by macroeconomic data and upbeat corporate earnings. A commodity boom – as oil prices topped USD70 per barrel for the first time in three years and precious and industrial metals shone – lifted Emerging Markets. The declining USD also proved a boon to Emerging Market balance sheets. Local Fixed Income assets were mixed, with the property market dipping on Steinhoff knock-on effects (Resilient Group). Similarly, the local equity market suffered sharp declines, with Financials marred by Viceroy Research’s release of an inflammatory report on Capitec Bank.
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