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…

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