Teneille Troskie, Investment Research Analyst at RisCura
- President Trump’s surprise tariff announcement triggered global market volatility, with the VIX spiking to 52.33 before easing to 24.70 by month-end.
- The S&P 500 fell 0.7%, the Dow declined 3.1%, and the Nasdaq gained 0.9% amid sectoral divergence; Energy and Health Care lagged, while Tech led gains.
- US Q1 GDP contracted 0.3% quarter-on-quarter (the first decline since 2022), weighed down by a 41.3% surge in imports and slowing consumer spending (1.8%).
- March US inflation eased (CPI at 2.4%, core CPI at 2.8%), but the core PCE rose to 3.5%. Consumer confidence dropped to 86.
- Eurozone inflation held at 2.2%, while core inflation rose to 2.7%. The ECB cut its deposit rate by 25bps to 2.25%.
- European equities declined: STOXX Europe 600 (-0.9%), CAC 40 (-1.3%), while Germany’s DAX rose (+1.5%).
- UK inflation eased to 2.6%, raising expectations of a rate cut, but the FTSE 100 fell 0.7% in April amid geopolitical tensions and economic uncertainty.
- China’s Q1 GDP grew by 1.2% QoQ. The Caixin Manufacturing PMI dipped to 50.4, while the MSCI China Index fell by 4.3%.
- Japan’s Composite PMI rose to 51.1, core inflation hit 3.2%, and the Nikkei 225 advanced 2.35%.
- The MSCI Emerging Markets Index rose by 1.3%, outperforming developed peers, led by strength in Brazil and Mexico.
- Gold rose 5.3% to $3,288.71/oz, while Brent crude dropped 15.5% to $61.01/bbl. Most base metals declined.
- The South African rand weakened 1.2% against the US dollar, ending April at R18.61/USD.
- Consumer price inflation (CPI) lowered to 2.7% year-on-year in March.
- GDP growth for 2025 is forecasted at 2.0%.
- The VAT rate was announced during April to remain at 15%, effective from 1 May 2025
- The Absa Purchasing Managers’ Index (PMI) dipped to 44.7 in April, down from 48.7 in March.
- In the latest Kearney’s Global Business Policy Council’s 2025 Foreign Direct Investment (FDI) Confidence Index, South Africa rose to seventh position, up from eleventh.
- Employment statistics showed a welcomed slight increase of 12 000 jobs in the non-agricultural sector in Q4 2024, reflecting a 0.1% increase.
- April saw an uptick of +4.2% in the Capped SWIX, +4.3% in the SWIX, and +0.76% in the ALBI.
- In its interim results (six months to December 2024), Remgro reported a strong increase of 39% in its headline earnings and a 20% increase in its dividends per share (96 cents).
- STANLIB announced expansion plans for its Kenyan and Ugandan business units.
You can read Riscura’s full April 2025 report here.
ENDS
