Global Market Commentary: March 2026
Markets reprice as energy shock drives risk-off sentiment Global markets moved into a broad risk-off phase in March as geopolitical tensions, higher energy prices and rising yields weighed on sentiment…
South African Market Commentary: February 2026
SA rides the risk-on rotation as resources lead and fiscal credibility improves South African equities participated fully in February’s global risk-on rotation, with broad-based gains and standout performance from resource…
Global Market Commentary: February 2026
Rotation reshapes markets as EM leads and commodities firm Global risk assets delivered another broadly constructive February, but with clear dispersion across regions and styles. Investors rotated away from US…
South African Market Commentary: January 2026
SA markets gain as resources surge and the rand firms South African assets posted a positive start to 2026, with equities advancing on broad participation across size segments and strong…
Global Market Commentary: January 2026
Risk assets rally as commodities surge and the dollar softens Global risk assets opened 2026 on a firmer footing, with equities higher across most major regions and emerging markets leading performance amid…
Emerging Markets update: The month of January in review
Emerging market equities delivered a strong start to the year, with the MSCI Emerging Markets Index rising 8.9% for the month and outperforming developed markets. A weaker US dollar and continued strength in technology-related sectors supported returns. Semiconductor demand and optimism around artificial intelligence (AI) were key contributors as demand expectations improved, while geopolitical risks in Eastern Europe and the Middle East remained a secondary concern for markets.
China beyond manufacturing: Automation and the rise of services
In late 2025, Chinese equities completed a full cyclical transition, moving from a period of volatile consolidation and policy support to a pre-New Year rally. The A-share market came under pressure in November before rebounding. Investor sentiment weakened amid debates around the sustainability of the AI narrative and a marginal tightening in liquidity conditions, prompting a rotation into defensive sectors such as banking and pharmaceuticals. The MSCI China A Onshore Index outperformed significantly in December (+4.8%). The MSCI China Index dipped (- 1.5%) while the China All Shares Index remained flat (+0.4%). On a full-year basis, all three indices delivered strong double-digit growth: MSCI China (+28.1%), MSCI China A Onshore (+27.0%), and MSCI China All Shares (+25.9%).
South African Market Commentary: December 2025
South African markets end 2025 strongly as commodities and confidence drive returns South African equities ended 2025 strongly, with the FTSE/JSE All Share Index rising 4.6% in December and 42.4%…
Global Market Commentary: December 2025
Global markets ended 2025 on a positive note as inflation eased and policy support broadened Global equities ended 2025 positively, with the MSCI World Index up 0.8% in December and…
Emerging Markets update: The month of November in review
Global markets delivered a mixed performance over the month as investors navigated a patchy environment amid a renewed bout of volatility. Concerns that enthusiasm around artificial intelligence (AI) may have run ahead of fundamentals resurfaced, while several regions also faced local macroeconomic headwinds. As a result, market conditions were characterised by uneven returns and shifting investor sentiment.
