Events that moved the market Q2 2017

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

Moody's defers its decision on SA’s sovereign credit rating, giving the rand a slight reprieve.

Fitch downgrades SA long-term local and foreign currency debt to non-investment grade (junk).

SA consumer inflation slides to 6.1% year-on-year in March from 6.3% in February.

France’s PMI unexpectedly hits a six-year high, placing it ahead of Germany’s for the first time since 2012.

The Nasdaq climbs above 6 000 for the first time and the Dow surges on news of mostly strong earnings from several blue-chip companies.

The Western Cape High Court rules that government’s nuclear procurement processes to date have been declared unlawful and set aside.

SA posts an R11.44 billion trade surplus in March following a revised R4.78 billion surplus in February. Exports rose by 16% on a month-on-month basis.

Good quarterly results reported by Alphabet and Amazon send the Nasdaq Composite to a new high.

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

SA’s foreign exchange reserves decline to $39.1bn.

Naspers, the largest SA-listed stock, hits a new high of R2,689.70, buoyed by its Chinese subsidiary Tencent.

US jobless-benefit rolls decline to a 28-year low.

The FTSE 100 and Frankfurt’s Dax 30 touch new highs as markets eye rising oil prices and China’s vast infrastructure plans.

SA Inflation in April drops to 5.3% year-on-year, from 6.1% in March.

Moody's downgrades China's credit rating to A1 from Aa3, with a stable outlook, citing its concerns around possible debt expansion following attempts to spur growth.

Oil drops below $50 a barrel after OPEC’s production-cut underwhelms.

Barclays plc announces that it’s selling 50% more of Barclays Africa than planned.

The SA unemployment in Q1 2017 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. In calendar year 2016, the economy grew by a mere 0.3%.

The Governing Council of the ECB drops its guidance that rates might fall further, stating that it now expects borrowing costs to stay at present levels for an extended period.

GDP in the Euro area rises 0.6% in three months through March, upwardly revised from the previously published 0.5%.

The result of Theresa May’s snap election shows that British voters reject her vision of a hard Brexit, potentially paving the way for a less abrasive breakup with the EU.

Moody’s downgrades SA's local and foreign currency rating to Baa3 from Baa2 and maintains a negative outlook.

Moody’s downgrades five South African banks

An increase in prices for computer games, laptops and package holidays - partly due to a weaker pound - lifts UK inflation to 2.9%, the highest since June 2013.

The RMB business confidence index falls to 29 points in Q2 2017 – a level last seen in 2009 – and down from 40 points in Q1 2017.

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