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December in review

After a volatile end to the previous month following the emergence of the Omicron variant, markets quickly recovered as data from South Africa and the UK indicated a lessened risk of severe disease. With higher vaccination rates, particularly in Asia, the global economy is expected to be less vulnerable with the prospect of potential earnings growth in 2022 outweighing rising hospitalisations. The S&P 500 crossed an all-time high and finished 4.5% up from the previous months' close. The Euro STOXX 50 and FTSE 100 finished the month up by 5.8% and 4.8% respectively. UK inflation rose to 5.1% along with increasing labour market tightness and accordingly the Bank of England raised the base rate to 0.25%. In fixed income markets, the yields on US, UK and German 10-year bonds increased by 7, 16 and 17 basis points respectively. With disruptions to oil production, Brent Crude oil rose by 12.9% over the month. The pound was up against the US dollar and euro by 1.8% and 1.4% respectively.

Click below for the latest factsheets.

Financial Mail

View from the Thames

Over the past few weeks, UK Prime Minister Boris Johnson has been fighting for his political life after a number of cover-ups under his watch had come to light.

In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo Wealth) compares the dishonesty of some politicians to scandals in the business world and questions the value of interviewing management as part of the investment process.

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