Global Market Themes: Pace of US Fed interest rate hikes slowing down. Global markets rally off a low base, led by China. China economy reopens along with pro-growth policy, ushering in risk-on sentiment. Natural gas prices fall further following a mild winter. SA Market Themes: JSE All Share rallies 8.9% along with emerging markets. CPI reading for December 2022 prints in at 7.2%. SARB increases Repo rate by a further 25bps. Rand depreciates 2.4% against the Dollar due to worsening loadshedding conditions.

Global Market Themes: Central Banks continue their fight against inflation and global growth continues to slow Chinese economic reopening buoys Chinese equities despite unclear path ahead New UK Prime Minister helps stabilise UK markets Bank of Japan surprises markets with overnight monetary policy change SA Market Themes: Local markets follow global markets lower Return to Stage 6 loadshedding CPI inflation hits a five-month low of 7.4% but remains stubbornly high

Global Market Themes: US CPI Inflation surprises to the downside, catalysing a risk-on rally Federal Reserve likely to slow pace of interest rate increase going forward China reopening narrative boosts global risk appetite Economic growth continues to slow in Europe and the United Kingdom SA Market Themes: Risk appetite returns, catalysing a strong month for equities Annual inflation remains elevated, trending sideways in the mid-7% range Manufacturing activity appears resilient to ongoing loadshedding

Global Market Themes: Narrative of global slowing in place of interest rate hikes buoys risk assets Third quarter company earnings in line or better than expected, supporting equities Appointment of new prime minister provides stability for UK markets Xi Jinping secures third term. No end to zero-Covid policies SA Market Themes: Domestic markets post strong recovery Inflation slows marginally to 7.5% in September Tax collection benefits from higher global commodity prices Debt-to-GDP estimated to peak at 71.4%

Global Market Themes: Equity and fixed-income markets experience more pain in September Bank of England abruptly reverses course on Quantitative Tightening Japanese Yen sees first currency intervention in 24 years US Federal Reserve remains resolute in raising rates SA Market Themes: Local markets follow global peers lower Loadshedding continues to take its toll on economic activity The Reserve Bank adds a further 75 basis points