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The second quarter of 2022 was highlighted by a decrease in South African investor confidence due to ongoing loadshedding, labour strikes and increasing fuel prices.

Tight financial conditions, higher cost of living and production and increased policy uncertainty should weigh on valuations, earnings and the risk premium.

The earnings growth outlook has deteriorated. Rising bond yields, energy prices and supply disruptions will keep volatility elevated.

Economic conditions have tightened throughout the month of April.

The first quarter of 2022 was dominated by the ongoing war in Ukraine and the actions of central banks to curb the impact of inflation.

Economic conditions have tightened. The cost of living has risen and policy and geo-political risks are high.

Global macro and geo-political risks are high at a time when US equity valuations appear elevated.

Global macro and geo-political risks are high at a time when US equity valuations appear elevated.