Monthly market overviews.
Thoughtful analysis on what moved, what mattered and what it means. Each month, the team reviews the landscape and shares observations worth reading twice.
March 2026 Market Overview
March was shaped by a sharp escalation in geopolitical tensions, with the conflict in the Middle East driving significant moves across financial markets. Oil prices rose materially amid supply disruptions.
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February 2026 Market Overview
February saw renewed volatility as investors reassessed AI-driven valuations, growing disruption risks, and the pace at which heavy capital spending will translate into returns.
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January 2026 Market Overview
January was an eventful and chaotic month, with sharp daily moves, noisy headlines and shifting narratives across geopolitical and policy developments.
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December 2025 Market Overview
The Fed cut interest rates by 25bps in December, as widely expected, marking the third-rate reduction in 2025. Despite an eventful year, markets proved resilient and ended 2025 on a strong footing.
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November 2025 Market Overview
November delivered a more volatile and mixed performance across equity markets. The NASDAQ rebounded toward month-end after a heavy selloff, but still recorded its first monthly decline since March.
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October 2025 Market Overview
Most major indices remained resilient through October, despite a mid-month wobble in US regional banks after isolated loan-loss and fraud concerns briefly revived memories of 2023.
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September 2025 Market Overview
September delivered another strong month for global equities, with AI-driven names leading the way and further supported by expectations of Fed easing.
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August 2025 Market Overview
This earnings season has highlighted a widening gap between winners and losers. S&P 500 companies missing earnings expectations have suffered their steepest underperformance in years.
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July 2025 Market Overview
By mid-July, several major indices were at or near record highs and volatility remained subdued, but sentiment turned late in the month after a new round of US tariffs.
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June 2025 Market Overview
Financial markets ended June on a firmer footing, with equities up as near-term volatility eased. A pause in the Israel-Iran conflict pulled oil prices lower, easing some inflation pressure.
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May 2025 Market Overview
Global equity markets rebounded strongly in May, recovering much of the year's earlier weakness. The Fed and BoJ held interest rates steady, while the ECB, BoE and SARB delivered small cuts.
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April 2025 Market Overview
Equity markets sold off sharply after Trump's "Liberation Day" announcement reignited trade tensions, but a 90-day tariff pause and solid economic data helped fuel a swift rebound.
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March 2025 Market Overview
Global financial markets experienced sharp volatility, largely triggered by President Trump's announcement of sweeping "reciprocal" tariffs on April 2.
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February 2025 Market Overview
February saw mixed global market performance, with US equities retreating, European indices extending gains, and Asian markets diverging, as Hang Seng surged while the Nikkei 225 struggled.
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January 2025 Market Overview
In January, global financial markets experienced significant volatility, driven by geopolitical tensions and technological advancements. Despite these challenges, major indices ended the month with gains.
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December 2024 Market Overview
US equity markets delivered another strong year in 2024, with the NASDAQ leading the charge, achieving a remarkable 30% return.
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November 2024 Market Overview
November was characterised by robust U.S. equity performance, influenced by political developments and central bank policies, contrasting with European and Chinese market declines from trade policy concerns.
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October 2024 Market Overview
Global stock markets faced declines, with European indices particularly affected. Bond markets recorded one of their weakest performances in two years amid fiscal policy concerns and persistent inflation.
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September 2024 Market Overview
In September, global financial markets experienced a mixed yet overall positive performance. US equities reached new highs following a Federal Reserve rate cut, while China's stock market surged on government stimulus announcements.
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August 2024 Market Overview
In August, global financial markets experienced mixed performance. U.S. equities showed modest gains driven by tech sector strength, while European markets remained flat amid concerns over economic slowdowns.
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