Events that moved the market 2017

Trump promises details around his proposed tax cuts. The Dow Jones Industrial Average, the S&P 500 and Nasdaq Composite Index reach new highs for the fifth consecutive day.

The Fed hikes the target range for the federal funds rate by 0.25% to 0.75-1.0%, as widely anticipated. US CPI is up 2.7%, the most in four years.

The European Central Bank (ECB) allots the final round of Targeted Longer-Term Refinancing Operations - four-year loans at an interest rate that starts at zero and could go lower.

Prime Minister Theresa May launches the Brexit process with a six-page letter hand-delivered in Brussels by the UK ambassador to the EU.

President Jacob Zuma orchestrates a Cabinet reshuffle, which leaves Pravin Gordhan without a portfolio and Malusi Gigaba in charge of the finance ministry.

Standard & Poor’s downgrades SA local currency debt to one notch above non-investment grade (junk) and foreign currency debt to junk.

Macron’s victory has little impact on European stocks, which have already rallied 9% year-to-date.

SA unemployment increases to 27.7% - the highest figure since September 2003.

Eurozone manufacturing and services are expanding at the fastest pace in six years, powered by growth in Germany and France.

SA officially enters a recession as GDP contracts by 0.7% in Q1 2017, after shrinking by 0.3% in Q4 2016.

The Fed raises the federal funds target rate to 1-1.25%, making it the fourth hike in the past 18 months.

Chinese second-quarter GDP growth of 6.9% surprises on the upside.

The SA Reserve Bank’s MPC cuts interest rates by 25 basis points, the first cut in five years. That brings the repo rate to 6.75% p.a.

The MSCI Asia Pacific Index rises to the highest level since December 2007 on strong earnings from some of the region’s key companies and the Fed’s dovish comments.

US GDP grows by 2.6% in Q2, spurred by consumer spending, the biggest part of the economy.

SA GDP rises 1.1% on an unadjusted year-on-year basis in the second quarter of 2017. Quarter-on-quarter growth was 2.5% after the first quarter’s 0.6% contraction.

US stocks rally as President Trump reveals plans to cut corporate tax from 35% to 20%.

Minister Gigaba announces that Treasury will increase its borrowings in the international market. Offshore investors offload R5.13bn of SA bonds, the most in six years.

The Bank of England raises the benchmark rate to 0.5% from 0.25%. It also raises concerns that the economy is fragile as the 2019 split from the EU nears.

S&P downgrades SA's local currency rating to 'BB+' from 'BBB-' and lowers the foreign currency debt to 'BB', the second rung of non-investment grade (junk).

Markus Jooste, the CEO of Steinhoff International, resigns amid the company’s admission of accounting irregularities. The share price plunges by more than 80% within days.

Cyril Ramaphosa is elected the new president of the African National Congress.

The $1.5 trillion US tax bill, which will make deep cuts to corporate taxes, is approved by the Senate.

The Dow Jones Industrial Average finishes at 24 837.51, a new record.