News

April saw a reversal of developed market dominance with local equities and bonds outperforming, driven by risk-on sentiment towards emerging markets, including South Africa. Sticky inflation in developed markets, particularly the US, led to expectations of higher rates persisting throughout 2024, weighing on offshore assets. Looking ahead, rates may only start declining in early 2025; however, underlying fundamentals such as economic figures and earnings are still strong, providing tailwinds in the high interest rate environment.