The third quarter carried a risk-on tone in equities, supported by easing trade risk, dovish Fed signals and strong U.S. earnings, while fixed income reflected debt concerns as yields stayed elevated.
Domestic financial markets extended their rally into the third quarter of 2025, showing resilience despite global volatility spillovers. The quarter opened with the Trump administration imposing 30% tariffs on South African goods. In July, President Cyril Ramaphosa attended the BRICS Summit in Brazil, where discussions focused on key global and regional priorities. The summit outcomes included commitments to strengthen climate finance, enhance governance around artificial intelligence, address socially determined diseases, increase BRICS nations’ voting power within the IMF and World Bank, and promote trade and investment among member states. The energy crisis has largely become a thing of the past, while the water crisis has eased in most areas, though intermittent reductions persisted in some regions.
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