Events that moved the market Q3 2023
Looking back on the third quarter of 2023, notable market dynamics unfolded:
In July, South Africans were pleased to see inflation drop below 6%, while the Federal Reserve took US interest rates to their highest in over 22 years. August revealed challenges for SA’s budget deficit due to rising wages, and China’s property crisis intensified with a major developer at risk of default. China’s central bank responded with an unexpected rate cut to support its economy.
August also marked the expansion of the BRICS bloc, welcoming Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. In September, geopolitical considerations arose as Putin contemplated a visit to North Korea, and Naspers and Prosus bid farewell to CEO Bob van Dijk. Meanwhile, the oil market surged, exceeding $95 a barrel, and the South African Reserve Bank maintained repo rates unchanged.
Click below for more insights into the important events that shaped Q3 2023.
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