SA’s fiscal outlook improved further, with the MTBPS confirming a third consecutive primary surplus and signalling that debt levels are beginning to stabilise. The adoption of a clearer 3% inflation target supported the Reserve Bank’s 25 bps rate cut, while S&P Global’s credit rating upgrade reflects growing confidence in the country’s fiscal trajectory.
Global conditions were mixed but generally supportive. Slightly stronger growth prospects in China, together with shifting expectations around US interest rates, shaped market sentiment throughout the month.
Markets were volatile. Global equities delivered modest gains, with mixed results across the US and weakness in Asia. Locally, the JSE posted its ninth consecutive monthly rise, led by a strong rebound in resource shares, while the rand firmed and gold prices advanced.