March 2019 economic and market update

News from home and abroad.

Global stock markets have continued to recover after performing poorly during the last quarter of 2018.

US stocks ended on a good note for the first quarter of 2019. This was driven by hopes on a trade deal between the US and China as constructive and positive discussion continue between both parties.
China had better-than-expected manufacturing data which calmed some lingering concerns about the growth of the world’s second-biggest economy.
There is still a bit of anxiety with this never-ending Brexit saga, as they have now agreed and decided to extend the exit deal.
Chinese shares posted the biggest gains and equities climbed more than 1.5% in Japan, Hong Kong and South Korea, building on the biggest quarterly upswing for Asian stocks since 2012.
The JSE recorded its best first-quarter performance since 2007. This was boosted by Naspers which gained 15.2% over the quarter. The JSE All Share index rose by 7.1% in the first quarter, erasing most of the losses incurred in 2018.
The SA Reserve Bank has kept interest rates unchanged at 6.75% and prime at 10.25%.
South Africa was relieved to escape a ratings downgrade by Moody’s on Friday, March 29. Moody’s retained its current grade rating with a stable outlook.
National Treasury and the Sars officials on March 6 2019 confirmed that it is going ahead with its plans to implement an ‘expat tax’ amendment to the South African Income Tax Act by March 1 2020.