Here are this month’s highlights: South African assets struggled in November, underperforming global peers. Sentiment regarding trade talks swung between optimism and concern: A ‘Phase One’ trade deal seemed imminent after China promised improved policing of Intellectual Property Rights but appeared to be at risk after US President Donald Trump provoked Beijing’s displeasure by supporting pro-democracy protests in Hong Kong. Risk-on, however, remained the prevalent sentiment and November was a particularly good month for developed market equities.

Here are this month’s highlights: Global equity markets were boosted by easing trade tensions between the US and China, as the two countries reached an interim trade-deal at month-end. Renewed risk-appetite saw emerging markets outperform developed peers, and global government bond yields ticked higher. Local investor sentiment was weighed down by a tepid response to the MTBPS, Moody’s looming review and political uncertainty.

Here are this month’s highlights: South African assets struggled during September, with Cash proving one of the better performing local investments. Local equities had a lacklustre month, but notable company news included the listing of Naspers spin-off Prosus. International equities were broadly higher, despite some unsettling macroeconomic and geopolitical news. Developed markets outperformed emerging market peers, and Chinese equities were weaker as the trade spat with the US continued.

Here are this month’s highlights: Global equities had a tough August, with little respite from the trade war between the US and China, and no end in sight to Brexit wrangling. The inversion of the US yield curve has also fuelled fears of an imminent recession, and downbeat sentiment saw investors turn to safe-haven assets. Gold, the US Dollar and the Japanese Yen were therefore in high demand, while Emerging Markets struggled against their Developed Market peers.

Here are this month’s highlights: Geopolitical factors and monetary policy action gave investors pause for thought this month, and global equities closed modestly higher. The Federal Reserve Bank lowered interest rates as expected, trade tension simmered and the UK saw a new Prime Minister elected. Developed Market equities outperformed Emerging Markets, with South African equities notably lagging peers.

Here are this month’s highlights: It was a volatile month for global risk assets. The oil price ticked up on supply concerns, as tensions between Iran and the US escalated and OPEC agreed to maintain production cuts. Sentiments on a resolution to the trade-spat between the US and China swung from negative to positive as Presidents Xi Jinping and Donald Trump met at month-end on the sidelines of the G20 summit in Osaka, Japan. Central Banks reaffirmed their commitment to an accommodative monetary policy environment, acknowledging that global growth was a concern. Easy money boosted the appetite for risk assets (equities, high yield bonds and Emerging Markets), as growth jitters boosted demand for safe haven assets (developed market equities, gold and government bonds).

Here are this month’s highlights: Global Equities dipped sharply, in the face of tougher trade talk and global growth headwinds. The knock-on effect of Sino-US trade tension and slowing Chinese growth has taken its toll emerging markets and commodities. Local equities managed to outperform global peers, as local elections spurred investor confidence. The rand, however, was noticeably volatile. Safe-haven asset classes and defensive sectors performed better than riskier counterparts.