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