Taahir Ramchandra

Global markets remain shaped by policy uncertainty, shifting inflation dynamics and persistent geopolitical tension. Growth is proving resilient but uneven, with the US still leading while Europe slows and China’s recovery struggles for momentum. Valuations are elevated and risk appetite remains sensitive to changes in monetary direction, trade policy and security developments. In this environment, balance and flexibility are essential. Exposure to quality assets, regional diversification and strategies that combine income with real-asset resilience can help navigate volatility. For South Africa, structural reforms and stable energy supply are encouraging, but fiscal challenges and political risks mean portfolios must remain prepared fora range of outcomes.

Against this backdrop, volatility is likely to persist as markets recalibrate expectations around earnings and liquidity. For long-term investors, the message is clear: diversification across regions and asset classes and disciplined risk management remain essential to weather shifting macro currents and capture opportunities in a world defined by transition rather than extremes.

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