Global Market Commentary: April 2026
Risk appetite returns as trade tensions ease Global equity markets rebounded sharply in April 2026, recovering from the prior month’s trade-driven weakness as US trade policy rhetoric eased and risk…
Emerging Markets update: The month of March in review
March proved to be a punishing month for emerging market (EM) equities. The escalation of conflict in the Middle East, centred on rising tensions with Iran and a significant disruption to shipping through the Strait of Hormuz, rattled global financial markets. This triggered a broad risk-off move, and a repricing of global inflation and growth expectations.
South African Market Commentary: March 2026
Risk aversion and energy pressures weigh on SA assets South African markets came under broad pressure in March as global risk aversion, higher energy prices and a weaker rand weighed…
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%).
