This website uses cookies. Read more. Okay

BACK TO NEWSLETTER >

Markets in a Nutshell — September 2025

World

South Africa

Equities

World

Global equities rose sharply to new highs as trade tensions eased and the AI frenzy continued — developed markets gained in mid-single-digits, but emerging markets outperformed after the MSCI China Index jumped 20%

South Africa

The FTSE/JSE All Share surged by double- digit gains to an all-time high as gold and platinum miners rallied on record bullion prices — industrials and financials also advanced, with Naspers and Prosus rebounding alongside Chinese tech stocks

Bonds

World

Global bonds were subdued as the US Federal Reserve delivered its first rate cut of the year —government bond yields declined modestly, but corporate bond credit spreads tightened to paper-thin levels in the risk-on environment

South Africa

Local bonds rallied as inflation moderated and foreign demand strengthened — while the SA Reserve Bank came out strongly in favour of lowering the inflation target to a fixed 3% from its current 3–6% range

Currencies

World

The US dollar dipped after the Fed’s dovish pivot, now down 12% against the euro this year — the other majors also firmed, while emerging-market currencies recovered on renewed risk appetite

South Africa

The rand gained against the weaker dollar, supported by broad emerging market strength, high carry yields and improved terms of trade as precious metals prices jumped — despite persistent political and fiscal uncertainty

Commodities

World

Metals dominated the quarter after gold surged to fresh highs near $4 000/oz and platinum rallied on tightening supply — copper traded higher after the collapse of Freeport McMoRan’s key Indonesian mine

South Africa

Metals dominated the quarter after gold surged to fresh highs near $4 000/oz and platinum rallied on tightening supply — copper traded higher after the collapse of Freeport McMoRan’s key Indonesian mine

Economy

World

Global growth stayed resilient as US economic activity was sustained on continued massive investment into AI infrastructure — the Chinese economy is stabilising on targeted stimulus, but Europe is stagnating  

South Africa

SA GDP grew weakly, buoyed by better mining and manufacturing output — consumption improved slightly, but fixed investment and employment remained weak

Monetary and fiscal policy

World

The US Federal Reserve cut rates 0.25% in September, its first rate cut this year, while the EC and BoE paused — meanwhile the US government faced a shutdown from October after budget negotiations faltered

South Africa

The SARB cut the repo rate by 0.25% in July, but held rates steady thereafter, even as inflation moderated to below 3% — citing uncertainties relating to US reciprocal tariffs 

BACK TO NEWSLETTER >

newsletter subscription