MARKET WATCH- JULY 2023

GLOBAL PERSPECTIVES The third quarter of 2025 saw a broad-based rally across most asset classes, driven by easing trade tensions, AI optimism, and rising expectations for near-term rate cuts from the U.S. Federal Reserve. This year has tested investor resolve with a litany of concerns: tariffs and trade wars, inflation, geopolitical tensions, social unrest, soft

How Does a U.S. Government Shutdown Impact Markets? On Wednesday, the U.S. federal government officially entered a shutdown after Congressional Democrats and Republicans failed to agree on a funding package. Government shutdowns occur when Congress does not pass, or the President does not sign, the necessary appropriations bills or continuing resolutions for the new fiscal

Understanding the Divergence in Short- and Long-Term Interest Rates: Insights from the US and South Africa On Wednesday, 17 September 2025, the US Federal Reserve cut its benchmark interest rate by 25 basis points, lowering the federal funds rate to a range of 4.00% to 4.25%. This marks the Fed’s first rate cut since December

Global Perspectives Investor sentiment remained resilient in August, supported by data showing that global economic activity continues to hold up while inflation trends remain under control. Despite downbeat US labour market releases and concerns around the commercial impact of artificial intelligence (AI), equity and bond markets delivered broadly positive results. The MSCI All-Country World Index

For investors seeking exposure to the U.S. equity market, the S&P 500 index is often the first port of call. But beneath the surface of this familiar benchmark lies a critical decision: should one track the index using a market-cap weighted ETF or opt for an equal-weighted alternative? While both aim to mirror the performance