Global Economic Trends and Local Insights

As we move into the second half of 2026, global markets are navigating a mix of easing inflation, slower economic growth, and ongoing uncertainty. Some areas of the market are still performing well, while others remain under pressure from interest rates, energy prices, and geopolitical events. Understanding these trends can help you make more informed financial decisions and stay focused on your long-term plan.

Source: Graviton News

Macro Overview

Global overview

Global shares ended the month higher overall, helped by strength in technology-related companies, especially semiconductor businesses. However, emerging market shares came under pressure, while global bonds remained weak. Global property investments performed well during the month.

Local overview

South African shares ended July higher, with the FTSE/JSE All Share Index gaining ground in rand terms. Local market performance was supported by:

• Industrial shares
• Property shares
• Financial shares

A recovery in resource shares after a difficult June.

Local bonds were mixed. Shorter-term bonds delivered positive returns, while longer-term bonds came under pressure. The rand weakened against the US dollar, euro, and pound sterling during the month.