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 year, and the Nasdaq rose 5%. The gains reflected expectations that a second Trump administration might adopt policies which are friendly to US companies.
Emerging-market assets began November with optimism, driven by the US Federal Reserve’s widely anticipated quarter-point rate cut. However, this positive momentum quickly dissipated as geopolitical and economic uncertainties resurfaced, leading to broad-based market declines.
South African financial markets were volatile in November 2024, driven by global uncertainties. The All-Share Index shed 0.94% in rand terms weighed primarily by resources which declined 6.75%. Financials and industrial sectors were largely flat gaining 0.33% and 0.02%, respectively.