January 2023 Update
F&A Monthly Update | JANUARY 2023
“If January is the month of change, February is the month of lasting change. January is for dreamers… February is for doers.”
Somehow we find ourselves halfway through February already, and it's time for another monthly update! Grab a cuppa, and have a look at factors driving markets over the last month from Brendan and the rest of the PortfolioMetrix team, to give you an overview of where your investments are headed. Enjoy!
Sending love
Richard and the F&A team
January 2023 Update
This month's piece is compiled by Brendan de Jongh, SA Head of Research - PortfolioMetrix.
GLOBAL UPDATE
A new year brought better fortune to global markets. Inflation falling in-line or more than expected prompted hope that central bank interest rate hikes might soon end. Improving inflation figures were helped by lower energy costs, especially in Europe as demand fell helped by warmer weather. Market sentiment was also boosted by activity picking up quickly in China after they dropped their Covid restrictions late last year. During the month, bonds delivered strong returns as future interest rate expectations fell, and equities rallied on the back of improving economic data. Follow the link below for more detail on events that transpired in the month.
LOCAL UPDATE
A strong month for global markets broadly benefitted South African (SA) asset classes. However, under a continued cloud of loadshedding the rand weakened which benefitted offshore asset classes. Global property was the best performing asset class, up strongly after lagging last year. Local property had a difficult month, falling slightly and was the worst performing asset class.
Performance Links
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