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Market Commentary: February 2023

Global Market Themes: US Federal Reserve likely to hike rates by 25bps in March. Chinese markets close lower; rely on domestic consumer to spur growth. Broader markets experience knock-on effects from US interest rate revision. Bank of England expects inflation to fall to 4% by year-end. SA Market Themes: SA markets down for the month. Rand depreciates against all major currencies. Finance Minister Enoch Godongwana outlines greylisting path in the Budget speech. Government pledges to take on R254 billion of Eskom’s debt.