Global Market Themes: Developed Market (DM) equities continued to perform well, MSCI World gains 1.7% in USD Emerging Market (EM) equities decline, against the backdrop China’s additional regulations Safe haven assets find favour amidst concerns around Delta variant and slowing global growth Commodities led higher by gold SA Market Themes: Wide-spread unrest dominates local news, causing investor jitters Local equities shrug off socio-political concerns, closing over 4% higher. Resources lead the charge on the local equity front

Here are this month’s highlights: This month, we review the recent market sell-off and regulatory concerns. Chinese markets saw incredible volatility recently but none of it unprecedented. When investing in China, investors should understand and respect the social objectives of the Chinese state capitalist system.

Global Market Themes: Solid month for Developed Market (DM) equities as Covid-19 restrictions ease US stocks shine, supported by favourable economic data Widening gap between vaccine roll-out in DM and Emerging Markets (EM) takes its toll on the latter’s stocks Chinese stocks dip due to profit-taking and open market operations by People’s Bank of China (PBOC) Commodities post substantial losses SA Market Themes: South African equities slump, with resources and commodities the biggest drag on performance SARB reiterates belief that inflation is transitory, but longer-term upward pressures on the horizon GDP growth comes in stronger than expected for Q1 2021 Tighter restrictions as South Africa moves into Adjusted Lockdown Level 4

Here are this month’s highlights: The MSCI China and MSCI China A Onshore indices were down 6.9% and 2.2%, respectively. On the macro front, the Chinese Yuan appreciated strongly in May to a three-year high against the US dollar. China has delivered multiple multi-billion-dollar companies to match the size of their American peers. China is the only country, after the US, to achieve this.

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

Here are this month’s highlights: In April, amid a global equity rebound, US markets reached record highs on the back of dovish signals from the Fed and optimism over economies reopening thanks to the COVID-19 vaccine rollout in the US and the UK.

Global Market Themes: Global equity rally continues, as vaccine rollout gathers momentum Biden’s climate policy lauded as a step in the right direction Eurozone enters technical recession in first quarter of 2021 India’s surging coronavirus cases grab global headlines China reports its highest GDP growth rate on record Sharp rise in commodity prices SA Market Themes: Drop in Naspers and Prosus share prices weighs on local equity indices March inflation numbers come in hotter than expected Rand comes under pressure towards month-end Public sector wage talks off to a rough start ANC in-fighting and Zondo Commission dominate political headlines

Global Market Themes: Global equities higher on vaccine hopes Biden’s stimulus bill and infrastructure plan steady markets, despite rising Treasury-bill yields Federal Reserve Bank foresees no rate hikes until 2023 Additional lockdown restrictions loom in Europe, but stocks rally SA Market Themes: Better than expected outlook for SA growth, and GDP expands by 6.3% q/q in final quarter SA Corporates show improved performance Local bonds do not escape global jitters Sharp increase in energy prices in April Limited additional restrictions for Easter break, boon to local business