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

Global Market Themes: Developed Market equities fall; Emerging Markets post modest gains The Federal Reserve doubles down on interest rate policy stance Eurozone inflation accelerates, exacerbated by soaring energy prices Chinese economic activity continues to slow, despite marginal policy easing SA Market Themes: Equities lose ground while bonds flat-to-positive Inflation accelerates to an annualised 7.8% in July GDP contracts in the second quarter SA faces potential grey listing by global money monitoring watchdog

Here are this month’s highlights: The MSCI China and MSCI China A Onshore indices were down 9.4% and 6.0% respectively for the month. Value-style managers are starting to show improved results. More than two-thirds of the bottom quartile managers have outperformed the median since January 2021. Operational setup can be as important as investment acumen when evaluating a manager.

Global Market Themes: Global equities bounce back with the MSCI World gaining just short of 8% United States (US) equities lead the charge (+9.2%), closely followed by European counterparts (+7.9%) Emerging Markets were modestly lower (MSCI EM -0.3%), but widely divergent within EM performances – MSCI BRIC 3.6% lower, as MSCI China dips nearly 10% Politics at play in the United Kingdom (UK) as beleaguered (ex) Prime Minister Boris Johnson leaves office Oil price softens modestly, industrial metals gain ground SA Market Themes: Unprotected strike action leads to unprecedented levels of loadshedding Efforts s to alleviate pressure on existing grid ramped up Shifting political landscape under the spotlight as President Cyril Ramaphosa’s farm robbery continues to make headlines Some respite for motorists at the petrol pump South African inflation continues to tick higher, further rate hikes on the cards Financials consequently continue strong year-to-date (YTD), performance, but Industrials deliver the strongest sectoral performance.

Here are this month’s highlights: Chinese equities are behaving very differently to developed markets. Mortgage defaults have become the latest focus for investors in China.

Global Market Themes: Global markets experience their worst first half in decades Global recession fears rise Central Banks remain steadfast in their resolve to tame inflation Sovereign debt and fragmentation risks flare up in Europe Japanese Yen weakens to multi-decade lows SA Market Themes: Resources bleed as global commodity prices fall Eskom implements Stage 6 loadshedding Inflation breaches the 6% level