Navigating portfolio strategy in a volatile tariff environment

The first few months of President Trump’s second term have been a whirlwind of aggressive policymaking, with sweeping executive actions reshaping both the U.S. economic outlook and global investor sentiment. Key pillars of this new agenda include tightened immigration enforcement, national security, reducing trade deficits and ambitious tax reform proposals. While immigration changes may have […]

Monthly financial markets outlook | March 2025

Developed markets faced a downturn in February amid tariff concerns, persistent inflation, and soft economic data. The MSCI World Index declined 0.81% in dollar terms, largely driven by US loss of 1.69% as policy uncertainty and weak economic data weighed on sentiment. In contrast, European equities outperformed, with the MSCI Europe ex-UK rising 3.66%, supported […]

Monthly financial markets outlook | February 2025

Despite some volatility driven by trade concerns at the start of Trump’s presidency, and the launch of DeepSeek, January marked a strong start to the year for both domestic and global financial markets. A strong start to U.S. corporate earnings, combined with upbeat leading economic data and the continued easing of financial conditions amid the […]

Monthly financial markets outlook | January 2025

As we step into a new year, we are taking a broader perspective in this edition of our newsletter. Rather than focusing solely on the past month (December 2024) as we typically do, we’ll reflect on market performance for the full calendar year and the key themes that shaped investor sentiment. We will also highlight […]

Reminder To Utilise Annual Offshore Allowances

A reminder to investors looking to diversify their portfolios by maximising their offshore allowances afforded by the South African Reserve Bank (SARB): These allowances will expire at the end of each calendar year on 31 December. Under the Exchange Control Regulations, the SARB provides South African resident individuals with a R1 million Single Discretionary Allowance […]

Monthly financial markets outlook | December 2024

Global markets were mixed in November amidst heightened geopolitical uncertainties following Trump’s re-election for a second term as US president. The MSCI World Index gained 4.47% in dollar terms, with US markets leading the way. The S&P 500 climbed 5.7%, its best month since February, while the Dow Jones surged 7.5%, its strongest performance this […]

Monthly financial markets outlook | September 2024

Developed markets were volatile in August driven by concerns on the continued tightness in the US monetary policy settings, recession fears and rising geopolitical risks. Nonetheless most major indices ended in the green thanks to the dovish speech by the US Fed Chair, Jerome Powell at Jackson Hole. Sentiment was also bolstered by the upward […]

Monthly financial markets outlook | June 2024

May was eventful but closed on a positive note. Domestic equities, as well as offshore bonds and equities, generated healthy returns for investors. Domestic equities could have performed even better without the month-end sell-off, likely triggered by election uncertainty. The most significant event in the domestic space was the general election, in which the African […]

Monthly financial markets outlook | May 2024

April saw a reversal of the trends which dominated the first quarter of 2024. Emerging markets, including, South Africa, outperformed their developed counterparts as concerns about stagflation dampened sentiment. Weaker-than-expected economic data from the US, coupled with hot inflation prints, fuelled these anxieties. An advance estimate of US GDP showed the economy expanded at an […]

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