Insights

Global markets entered 2026 with increased volatility but ultimately delivered solid gains, as investors navigated a rapid succession of geopolitical shocks, shifting tariff threats, and sharp moves in commodities and interest rates. Locally, South African assets extended their strong run.

Global markets were relatively flat in November as investors worried about high technology valuations. The MSCI World Index rose just 0.3% but remains up 20.6% for the year. In contrast, the JSE continued its winning streak with a ninth consecutive monthly gain of 1.7%, pushing the All-Share Index past 115,000 points for the first time and bringing year-to-date returns to 31.9%.

Global and local markets extended their positive run in August, supported by resilient corporate earnings, firm commodity prices, and growing expectations of monetary easing in the United States. The MSCI World Index gained 2.6% for the month, while South Africa’s equity market continued its strong momentum, advancing for the sixth consecutive month, with gold miners once again driving the performance. Although political risks in Europe and renewed trade tensions created some volatility, sentiment remained constructive as investors focused on interest rate policy and the global growth outlook.

July marked a pivotal month for financial markets, both domestically and globally. Locally, the FTSE/JSE All Share Index broke through the 100,000-point milestone for the first time, driven by robust commodity prices, resilient corporate earnings, and a supportive interest rate cut by the South African Reserve Bank. Globally, investor sentiment was supported by easing inflation pressures, a solid United States earnings season, and more accommodative monetary signals from major central banks. Equity markets across developed and emerging regions posted healthy gains. Together, these factors created a broad risk-on environment, lifting both local and global asset classes.