Last month we saw the budget update on SA’s government finances deliver some very good news, though the market reaction was lost in the sea of negative sentiment prevailing in global financial markets at the time.

The severe ramp-up in market concerns on the global economic outlook since April this year has seen investors’ risk aversion grow as fears of global recession increased. The persistence of the Russian/Ukraine war, and its economic effects, such as sanctions against Russia and higher energy prices, has added to uncertainty for financial markets, as well as for the economic outlook. So too has rapid interest rate hiking cycles and persistently high inflation...

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