Market Commentary: May 2021
Global Market Themes: Improved COVID-19 numbers boost global growth prospects US equities post solid performance, while UK and European stocks outperform Emerging markets outperform developed peers for the first time since January 2021 Divergence between China Onshore and China A shares — domestically-driven growth continues at steady pace Stronger commodities aid EM rally, particularly in Latin America SA Market Themes: SA equities post gains, but fixed income outperforms Naspers-Prosus share-swap proposal is widely criticised Sharp rise in local, global inflation, in line with higher input prices Rand rallies against major global currencies, stays below R14/$ Coronavirus cases surge, stricter lockdown and ongoing corruption allegations Loadshedding hits businesses and sentiment hard