Events that moved the market Q3 2022

Following the resignation of nearly 60 members of his government, Boris Johnson steps down as the prime minister of the UK.

Shinzo Abe, Japan's longest-serving prime minister, who stepped down in 2020, is fatally shot while giving a speech in Nara.

Twitter shares drop more than 7% in after-hours trading after Musk backs out of an agreement to buy the company.

The euro crosses a major threshold for the first time in more than two decades, reaching parity with the dollar.

The repo rate is raised by 75 basis points, the steepest hike since September 2002. Prime is increased to 9%.

The Fed raises interest rates by 75 basis points for the second straight month.

PMI for the euro area’s four largest members all indicate contraction. SA PMI falls to 47.6 points.

UK inflation accelerates to the highest in 40 years. The Consumer Prices Index rose 10.1% from a year earlier.

Tencent Holdings logs its first-ever revenue decline after its workforce shrank almost 5%, a prime example of how China’s worsening economy is hurting its corporations.

SA’s unemployment rate falls to 33.9%, led mainly by job gains in the community and social services, trade, finance and construction sectors.

At Jackson Hole, Fed chair Jerome Powell warns of restrictive monetary policy ‘for some time’, disappointing markets. The Nasdaq 100 tumbles 4.1% on the day.

Euro zone inflation hits a record high in August of 9.1%, with high energy prices the main driver.

GDP contracts 0.7 in the previous quarter.

SA’s current account balance dips to a deficit of 1.3 in the first quarter.

The ECB raises interest rates by a record margin - from 0.5 - to combat double-digit inflation in a number of member countries.

CPI prices are 8.3% higher compared with last year. Prices rose across a wide range of goods and services, triggering a sharp sell-off on Wall Street, the worst since June 2020.

German producer prices for industrial products rises 45.8.

President Putin orders Russia’s first wartime mobilisation since World War II. Putin also announces plans to annex four Ukrainian provinces.

Germany nationalises Uniper SE after Russia shelled the Zaporizhzhia nuclear power plant, to avert a collapse of their energy sector.

The Fed raises its target interest rate to 3-3.25 in 2023.

South Africa’s headline consumer inflation decelerates slightly to 7.6% year on year.

The MPC increases the repo rate by 75 basis points to 6.25.

The sterling sinks to an all-time low of $1.0350, as investors battle to digest new UK finance minister Kwasi Kwarteng's plans to cut the tax of high-income earners.

The Bank of England suspends its planned gilt selling and instead temporarily starts buying long-dated bonds to calm the market chaos unleashed by the mini-budget.