Events that moved the market 2023

The second quarter of 2023 was characterised by South Africa’s struggle with severe power cuts as well as significant global financial shifts. In April, concerns escalated as Electricity Minister Kgosientsho Ramokgopa warned of a challenging winter due to ongoing stage six power cuts. May saw the collapse of First Republic Bank, the Federal Reserve’s persistent efforts to counter inflation through interest rate hikes and the UK defying recession expectations with a series of interest rate hikes. Additionally, the South African Reserve Bank implemented a substantial interest rate increase. June brought a US debt ceiling standoff and observations of emerging de-dollarisation trends. Throughout this quarter, the intricate interplay between domestic power challenges and impactful global financial events took center stage.