Events that moved the market Q2 2024
2023 had a massive impact on the global and local markets. It started off with the change made for the Energy Department to oversee Eskom, followed by multiple changes in regulations throughout the year. What other events moved the market in 2023?
July 2024 Economic Review
China continued to experience economic hardship in the first half of 2024, but the economy is still growing. GDP rose in Q2 2024, although not at the targeted pace. The South African Reserve Bank (SARB) held interest rates unchanged in July. A rate cut is anticipated if inflation remains steady.
Monthly Market Highlights – July 2024
South Africa’s inflation rate fell slightly in June, reaching a six-month low. In the US, inflation also dropped slightly, slowing the annual rate of inflation to 3% from 3.3% in May. In the UK, inflation held steady at the Bank of England’s 2% target.
Two-pot system: The role of financial advisers
South Africans are struggling to save for retirement, prompting a shift to a two-pot system for retirement funds starting 1 September 2024. This system splits contributions into a savings pot and a retirement pot, with financial advisers playing a crucial role to secure their long-term financial well-being.