Insights

Anticipation is building over three blockbuster listings in New York. In contrast, the JSE seems to be losing more of its listings. What does this tell us about the relative valuation of these two markets, where we are in the market cycle and how investors should think about risks.

Excitement around artificial intelligence has pushed equities higher but also increased concentration to the highest level in decades as a small handful of shares now dominate the market. While this doesn't tell us anything about what will happen in the short term, it does pose longer-term risks.

While equity markets have largely shrugged off the war in Iran, bond markets have not. Higher bond yields across the globe point to investor nerves around inflation and interest rate increases. In the background, it is also likely that rising debt levels are forcing a rethink of whether bondholders are getting enough compensation for the risk they are taking on.