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…

China Market Themes: Chinese markets fell by 15% from their January peaks. The unique Chinese system helped to manage the virus outbreak. Surprisingly many equity indices ended the year at higher levels than the start of the year. New antitrust rules were brought in to curb anti-competitive behaviour.

Global Market Themes: Developed market equities underperform Emerging Market (EM) Chinese equities lead EM higher as China set to record positive economic growth in 2020 US GDP growth recovery threatened by a lack of agreement on renewed fiscal stimulus Tech earnings slump as executives are grilled by US Commerce Committee Lockdown 2.0 threatens Europe’s nascent economic recovery Oil prices slump on COVID-19 demand and election speculation SA Market Themes: Local equity markets struggle, led lower by diversified miners MTBPS signals political commitment to structural reform despite concerns around SAA bail-out Expropriation Bill signals certainty around Expropriation without Compensation Post-COVID-19 Recovery Plan outlines five pillars to boost GDP growth

Global Market Themes: Technology stocks’ rally interrupted as Softbank emerges as NASDAQ “whale” Heated first round of US presidential debates leaves investors fretting Uncertainty about further US fiscal stimulus European recovery tentative amidst second round of coronavirus-related lockdowns SA Market Themes: South African recession worsens as second quarter GDP contracts sharply Broad-based increase in unemployment, despite misleading official unemployment rate number South African Reserve Bank sticks to its inflation-targeting mandate in the face of growing fiscal unsustainability

Global Market Themes: Lack of agreement over new round of US fiscal stimulus US equities reach new all-time-highs, US dollar declines US Federal Reserve Bank adjusts inflation targeting framework Additional stimuli, economic support from France, Germany SA Market Themes: South African businesses warn of more retrenchments on the way A bumpy and likely long road to recovery Sasol’s woes continue President Cyril Ramaphosa sends a strong message to corrupt officials

Global Market Themes: Data points to continued recovery in China, it leads Emerging Markets higher. Resurgence of US-China tensions: Embassies close, Hong Kong special trading rights revoked, US considers travel bans and national security risks of TikTok and Wechat. US GDP growth plunges and the US Congress fails to agree on extension of enhanced unemployment benefits. European leaders agree on historic Euro 750 billion recovery fund. SA Market Themes: IMF grants South Africa a $4.3 billion loan. Inflation remains low and the SARB implements a further rate cut. Loadshedding hits struggling economy again.

Global Market Themes: The US Fed and other central banks pump liquidity An uneven and unpredictable road to recovery Global bodies predict record contractions in GDP for 2020 Economic indicators show a few encouraging signs Markets swing between exuberance and caution amidst second wave of Coronavirus infection fears SA Market Themes: SA remains in recession as Q1 2020 GDP contracts by 2% Emergency budget paints a gloomy picture Risk-on appetite and commodities rally spur JSE higher Easing of severity of Level 3 lockdown, even as warnings come of a new hard lockdown