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

Here are this month’s highlights: Chinese equities started February strong but dropped towards the end of the month Investor sentiment dampened by Hong Kong government’s move to increase equity trading stamp duty Southbound trading saw record daily outflows since the inception of Stock Connect The indices ended the month down with Technology stocks diving 15.2% as measured by the Hang Seng Tech Index

Global Market Themes: US bond yields spike amidst inflationary fears Rotation from tech stocks sends NASDAQ plummeting US Fed keeps dovish stance, Congress votes on stimulus bill Energy stocks post substantial gains SA Market Themes: South African unemployment at record highs Budget 2021 – few surprises, concern about further SOEs bailouts Limited progress in vaccine rollout sparks disillusionment South Africa returns to lockdown level 1, effective 1 March 2021

Here are this month’s highlights: Chinese equities had a strong month again, with the MSCI China and MSCI China A Onshore rising by 7.4% and 3.7%, respectively. On the macro front, Chinese economic data such as PMI, retail sales and exports remained strong as the economy continued to recover. Institutional investors’ attention to the rapid growth of Asian stock markets was matched by rising concerns regarding ESG in the region, and especially in China.

Global Market Themes: Developed markets give up initial gains, emerging markets outperform as reflation trade buoys risk assets European lockdowns extended and markets unsettled as concerns surface about vaccine roll-out US announces further $1.9 trillion stimulus package A tumultuous week in US politics with the storming of Capitol Hill ahead of Biden inauguration Commodities boosted by reflation trade SA Market Themes: December economic data comes in better than expected SARB leaves rates unchanged, citing upside risk to inflation due to higher fuel costs, administered prices and rand weakness Eskom tariff increase on the cards, as power utility battles ongoing breakdowns Vaccine news fuels hope and COVID-19 infection rates tick steadily downward

Global Market Themes: Global equities continue risk-on rally, despite resurgent COVID-19 Emerging Markets climb as commodities shine, Chinese GDP growth accelerates US markets shrug off election fall-out Extension of CARES Act benefits COVID-19 vaccine roll-out as Europe battles second wave Brexit concludes with a fizzle SA Market Themes: Mutation in COVID-19 fuels contagion and higher death tolls President Cyril Ramaphosa places South Africa on Adjusted Alert Level 3 Lockdown Alcohol companies take on renewed ban on liquor sales Additional restrictions weigh on consumer-, domestic- and travel-and-tourism sectors SA stocks benefit from global risk-on sentiment, despite challenging domestic fundamentals

Global Market Themes: Vaccine hopes and a Biden presidential victory spur global markets higher Dollar weakness, accommodative Federal Reserve Bank policy further boost Emerging Markets France goes ahead with digital taxation of US tech giants Oil and industrial metal prices surge on hopes of economic recovery SA Market Themes: South African markets rally in line with global risk-on sentiment Monetary Policy Committee leaves rates unchanged, inflation outlook stable South Africa suffers further downgrades from major ratings agencies South Africa in the grip of a second wave of COVID-19 infections, tighter regulations loom

In October, China’s economic recovery continued. During the National Day holiday – a popular travel time – the total number of domestic tourists reached 618 million, better than the 550…