Senior Portfolio Manager Jacques Simpson explores the recent trend of Chinese firms providing free releases of AI models into the market and asks what it might mean for the ‘Magnificent Seven’ stocks that represent roughly one-third of S&P 500 capitalisation…
Last week, oil prices edged lower as negotiations to reopen the Strait of Hormuz gained momentum. Locally, July producer price inflation eased, reflecting softer fuel costs, while broader price pressures across manufacturing remained contained….
Senior Portfolio Manager Jacques Simpson explores the macro drivers of the recent sell off in the US Treasury market and what the next 6 months might hold…
Last week, headlines were dominated by President Trump’s threat to bomb Oman amid the US–Iran dispute. Locally, July inflation and retail data pointed to easing price pressures and softer consumer demand.
Last week, tensions between the US and Iran remained elevated, with Tehran signalling that the conflict could continue until 2029 and Washington maintaining that it could enforce a naval blockade indefinitely. In South Africa, mining output contracted in the second quarter, while the unemployment rate rose to its highest level since 2022.
Markets remained unsettled by tensions in the Middle East last week, while early July activity data presented mixed signals…
Last week, global central banks faced a heavy policy agenda, with both the US Federal Reserve’s FOMC and the UK’s MPC ultimately choosing to keep rates unchanged. Locally, South Africa’s fiscal accounts showed a turnaround, with the government moving from deficit into surplus.
Last week, Andy Burnham became the UK’s seventh Prime Minister in ten years, while Brent crude surged as the US–Iran conflict intensified and Houthi attacks disrupted Red Sea shipping, briefly pushing prices above US$100/bbl. Locally, the South African Reserve Bank’s Monetary Policy Committee surprised markets by leaving the policy rate unchanged at 7% on 23 July, sending the rand sharply weaker.
The South African Reserve Bank’s Monetary Policy Committee left the policy rate unchanged at 7% on 23 July 2026, with four members supporting the hold and two preferring a 25 basis point increase. The prime lending rate remains at 10.50%. The decision follows May’s quarter-point hike and caught markets off guard, with the rand weakening sharply on the announcement after consensus had positioned for further tightening.
Last week US CPI eased to 3.5% year-on-year in June from a three year high of 4.2% recorded in May. Locally, May mining output fell 5.2% month-on-month and 5.4% year-on-year, leaving Q2 production tracking below Q1.
