February 2025 In Review February was characterized by a risk-off sentiment, due to several bearish narratives. Concerns about growth and stagflation arose from softer economic readings and hotter inflation measures. Uncertainty around Trump’s trade, immigration, tax and Ukraine policies added [...]
January 2025 In Review In January, financial markets were driven by technological disruption from China and policy transitions out of Washington. A reported AI breakthrough by the Chinese company DeepSeek led to declines in some technology stocks, notably Nvidia. DeepSeek [...]
December 2024 In Review Global stocks fell in December, with broad-based weakness across all regions, as the US Federal Reserve unveiled hawkish-looking interest rate projections for 2025. The US Federal Reserve reduced its target rate to the 4.25-4.50% region and [...]
November 2024 In Review Global stocks briefly touched fresh highs in dollar terms following the US election, largely driven by the United States. Stocks in continental Europe and Asia suffered most visibly in the face of Trump’s tariff threats, [...]
October 2024 In Review Offshore cash provided the best return for South African investors during October. Markets were pared back in October amid the escalating conflict in the Middle East, the approach of the US election, and strong jobs data [...]
September 2024 In Review Global Equities rose by 2.3%, in US Dollars, during September. As expected, at the September 2024 Federal Open Market Committee (FOMC) meeting, the Federal Reserve (Fed) lowered interest rates by 0.50%, easing monetary policy for the [...]
August 2024 In Review Global equities experienced a rollercoaster month during August. Weaker economic data from the US, and a surprise interest rate hike in Japan, caused markets to decline by more than 6% during the first week of the [...]
July 2024 In Review A weaker-than-expected US inflation report early in the month, combined with weaker US employment data, reaffirmed investors' belief that the Federal Reserve will soon begin cutting interest rates. Against this backdrop, interest-rate sensitive asset classes, like [...]
June 2024 In Review Global equities advanced by 2.2% in U.S. Dollar terms during the month of June, led by a handful of large technology companies. Apple, Google, Microsoft and Nvidia are all up by more than 5% in US [...]
May 2024 In Review After the pullback in April, the global equity market posted a strong recovery in May. The market performance during May was driven by an increase in earnings expectations and higher valuations, although valuations did start to [...]
