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.
China’s role in the global economy
After an exceptionally strong third quarter, Chinese equities saw a modest pullback in October. Recent macroeconomic indicators point to some softening in China’s economy. Exports unexpectedly contracted by 1.1% year-on-year, marking their first decline since February, as companies awaited the outcome of the Xi-Trump summit. Despite these short-term pressures, full-year GDP growth remains on track to meet the government’s target of “around 5 percent,” and further large-scale stimulus appears unlikely unless the economy experiences a material negative shock. The MSCI China and MSCI China A Onshore indices declined by 3.8% and 0.2%, respectively. Retail sales remained subdued and property sales softened across major cities. Industrial profits fell 5.5% year-on-year ─ the largest decline since June ─ partially unwinding the double-digit growth recorded in August and September.
South African Market Commentary: November 2025
SA equities rise as inflation edges higher and the SARB cuts rates South African equities extended their positive momentum in November, with the FTSE/JSE All Share Index rising 1.7% and…
Global Market Commentary: November 2025
Global equities firm despite uncertainty from delayed US economic data Global markets delivered modest gains in November despite volatility driven by monetary policy uncertainty and delayed US economic data following…
Emerging Markets update: The month of October in review
Emerging market (EM) equities continued to advance in October, supported by strong performance across the emerging Asia region. The MSCI Emerging Markets Index rose 4.2%, outperforming the MSCI World Index, which recorded a more modest 2.0% gain.
South African Market Commentary: October 2025
Moderate equity gains amid subdued business confidence South African equities advanced in October, with the FTSE/JSE All Share Index up 1.6% and the Capped SWIX gaining 1.8%, supported by strength…
Global Market Commentary: October 2025
Fed rate cut and strong corporate results support global rally Global equities extended gains in October, with the MSCI World Index up 2.0% (USD) amid monetary easing, strong corporate earnings,…
Emerging Markets update: The month of September in review
Emerging market (EM) equities delivered strong returns in September, reaching new highs for the year. The MSCI Emerging Markets Index rose 7.1%, outpacing developed market equities, which edged up by 3.2%. The rally was driven by firm commodity prices and a weaker US dollar, which encouraged risk-taking among investors. China led the upswing, while South Africa and Brazil also outperformed on the back of their commodity exposure and currency strength.
