Events that move the market Q1 – 2024

As expected, the South African Reserve Bank left interest rates unchanged – a unanimous decision from the MPC. Reserve Bank governor Lesetja Kganyago said SA’s inflation expectations remained risky.

Emerging market assets rallied after the US Fed said higher inflation forecasts would not derail plans for interest rate cuts this year.

CPI rose for the second consecutive month, reaching 5.6 in January, moving closer to the Reserve Bank’s upper target.

Consumer prices in the US picked up, putting pressure on the Federal Reserve to postpone cutting interest rates.

Pick n Pay, South Africa's second largest grocery chain, faces challenges with surging costs and competition. Shares dropped after announcing a share sale and plans to unbundle its Boxer chain.

Markets and analysts cautiously welcomed SA’s 2024 National Budget Speech, which showed no signs of extravagant spending.

SA’s Consumer Price Index rose to 5.3 in December 2023, the first increase after two consecutive months of moderation.

UK GDP shrank by 0.3% in Q4 2023, marking the second consecutive quarterly decline. All major sectors – services, production, and construction – registered negative growth.

Japan's GDP shrank by 0.4 decline in Q3 2023, below the expected 1.4% growth.

The US Federal Reserve hinted it’s done raising rates but was not ready to cut yet, citing persistent inflation above target.

A court in Hong Kong ordered the liquidation of Chinese property giant Evergrande, emblematic of China's real estate crisis.

China's central bank announced a 0.5% cut in banks' reserve requirements to stimulate lending, aiming to support economic recovery. Approximately 1 trillion yuan will be freed for new loans.