Events that move the market Q3 – 2023

The SARB’s repo rate remained at 8.25, as inflation is now within the SARB’s target range.

The Fed held rates steady but indicated it sees one more rate hike before the end of the year and fewer cuts than previously indicated next year.

Oil surged to a 10-month high as OPEC+ supply cuts caused market tightness. The latest rally has prompted predictions it could surge above $100/barrel again, which would stoke global inflation.

Naspers and Prosus shares fell 3% after the boards announced that CEO Bob van Dijk would leave by “mutual” agreement. Van Dijk has been CEO of Naspers since 2014 and CEO of Prosus since its listing in 2019.

Putin accepts Kim’s invite to visit North Korea, which the US said could lead to North Korea sending arms to Russia to help it attack Ukraine.

BRICS bloc expands, adding Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. South African President Ramaphosa announced the move at the 15th annual BRICS Summit in Johannesburg.

China’s central bank cuts key rates for the second time in three months, signalling increased efforts to boost a sputtering economic recovery.

Country Garden, one of China’s biggest private property developers, missed payments on two dollar-denominated bonds and the share plunged 16% in Hong Kong.

Higher spending on wages and lower tax receipts is likely to see South Africa’s budget deficit between 0.5 above the 4% target for 2023/24, two economists have warned.

The ECB lifted rates by a quarter percentage point but hinted it could pause at its next meeting as data indicated a deepening economic downturn in the euro area

The Federal Reserve hiked rates by 25 bps, taking them to their highest level in more than 22 years. Policymakers indicated two more rate hikes this year.

Annual CPI slowed dramatically to 5.4 in May. The last time inflation was below the SARB’s maximum target of 6% was more than a year ago.