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GinsGlobal Tech Megatrend Jul 2026

July delivered mixed returns across global markets, with South African equities outperforming while emerging markets came under pressure from a stronger US dollar and weaker commodity prices. Inflation continued to moderate, particularly in the United States, reinforcing the view that recent inflationary pressures remain cyclical rather than structural. Although bond markets experienced short-term weakness, higher yields have improved long-term value, supporting our constructive outlook across both equities and fixed income.

The SpaceX IPO captured headlines and investors alike, but it also highlighted an enduring investment lesson: stories create excitement, while fundamentals drive long-term returns.

Successful investing isn't about predicting every headline, but about remaining committed to a disciplined investment process.

Money supply growth has sometimes preceded inflation surges (like the 1970s–80s and post-pandemic period) but at other times, notably after the Global Financial Crisis, remained decoupled from it, suggesting it's a useful contextual indicator rather than a reliable standalone predictor of inflation.

Strong markets persist as inflation concerns begin to ease.

While oil continues to react to every geopolitical headline, the stock market has largely stopped reading them.