Monthly Report | February ’24
Introduction
Tight financial conditions and slow growth will weigh on valuations, profit margins and earnings. US valuations and earnings estimates remain elevated. We prefer South Africa and emerging market equities with better valuations, less exposure to inflation risks and more exposure to a China recovery and the potential to cut rates. Local bond yields are attractive. Local core inflation remains contained but upside risks are high. Headline inflation has peaked, and we expect the SARB to cut rates this year. The sovereign credit premium remains elevated. Global developed market bonds remain attractive given the outlook for softer growth.
Previous Reports
Quarterly Report | Q1 ’25
The South African Reserve Bank (SARB) decreased interest rates by 25 basis points at the January Monetary Policy Committee (MPC) meeting.
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