September defied its reputation as a weaker month, ending the quarter strongly. A long-awaited US rate cut, resilient economic data, and easing inflation fears lifted global sentiment, with the MSCI World Index up 3.3%.
In the US, equities rallied on the Fed’s policy shift: the S&P 500 gained 3.5%, the Nasdaq rose 5.6%, and the Dow added 1.9%. The FTSE 100 advanced 1.8% as UK inflation steadied. Asian markets also surprised on the upside. The Hang Seng gained 7.1% on tech strength, the Shanghai Composite rose 0.6%, and Japan’s Nikkei climbed 5.2% on strong earnings.
In South Africa, the JSE All Share recorded a seventh monthly gain, up 6.0%. Resources led with the Resi-10 up 27.4%, while the Fini-15 fell 2.8% and Indi-25 rose 1.3%. The rand strengthened 2.2% against a weaker dollar. Oil slipped 0.6% to US$67.02 after briefly topping US$70, while gold surged 11.9% to US$3,858.51.