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Global equities experienced a 1% loss, while the US market gained 0.6%, outperforming non-US markets.

Global equities rose 1.8% over the month, with the US underperforming non-US markets.

The South African economy remained under severe pressure from persisting loadshedding during the first quarter of 2023.

Global equities rose 2.8% over the month, with the US outperforming non-US and emerging markets.

Global equities dropped by 2.3% during February, with European equity markets outperforming those in the US.

Tighter financial conditions, slow growth and high policy uncertainty should weigh on valuations, profit margins and earnings.

The South African medium-term budget during October received a positive reaction from markets. This was mainly due to expected strong revenue over runs along with fiscal discipline.

The last quarter of the year saw global equity markets fall in December, but still managed to end the quarter in positive territory.

Last month, global equities jumped 6.8%, with US equities underperforming ex-US equities.

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

During the third quarter of 2022, South Africa experienced a record length of consecutive loadshedding.

Global equities were down -9.5% for September, with US equities down -9.4% and ex-US equities down -9.6%.