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📈 SA Markets Hit Record Highs
A 25 basis point cut by the U.S. Federal Reserve has added momentum to South African markets this week, pushing the JSE all share index to a record high.
The index reached 105K points on Thursday, bringing its gains to about 25% so far this year.
Why it matters: Lower U.S. rates make precious metals more attractive compared to bonds and other interest-bearing assets.
This encourages investors to move money out of the U.S. and into economies with deep roots in metals and mining, like South Africa.
By the Numbers 📊
🥇 Gold: Prices are up nearly 40% this year.
💎 Platinum: Prices are up 55% this year
🇿🇦 The Rand: It is now on track for its best year since the pandemic, having strengthened nearly 8% since December.
⛏️ JSE Mining: The value of the JSE precious metals & mining index has more than doubled this year.
The big picture: The ongoing precious metal rally is powerful enough to offset the SA Reserve Bank's cautious stance.
What's next 👀: All eyes are on Finance Minister Enoch Godongwana's medium-term budget policy statement on November 12, which should provide more clues to SA's economic future.
The bottom line: With experts forecasting more price gains for platinum, SA is on track to continue its record-breaking rally into the fourth quarter.
The West Is Splitting Apart 💥
The 80-year-old idea of "the West" as a unified political force is collapsing, and Donald Trump's second term could be the final blow.
Why it matters: This isn't just about China's rise; the West is unraveling from within. The result is a more dangerous world, with the liberal order adrift without its anchor.
Flashback ⏪ For decades, a club of advanced democracies—the U.S., Europe, Japan—anchored the world order.
This group was united against the Soviet Union and built on shared values like democracy and free markets.
U.S. leadership was once consensual, an empire by invitation.
"We Americans know and we observe the difference between world leadership and imperialism."
The Reality: 🚨 Trump’s “America first” vision is unilateralist and protectionist, and it has “shattered” the trust of U.S. partners.
In Europe, polls show confidence in the U.S. as a reliable ally has cratered—down from 75% to 28% in a year.
The G-7, once a symbol of Western unity, is now often called the "G-6 plus one".
"The West as we knew it no longer exists."
The Big Shift 🧠 The very meaning of "the West" is changing.
From: A geopolitical concept based on liberal values and democracy.
To: A vaguer, nationalist civilizational identity.
What's Next: 🌍 The collapse of Western solidarity will likely lead to a world with more suspicion, hostility, and conflict.
The silver lining? This creates an opening for middle powers—like South Africa, Brazil, India, Indonesia, Japan —to team up and build new partnerships.
PwC's Post-Pandemic Hangover 📉
PwC is hitting the brakes after a pandemic-era boom, with revenue growth slowing dramatically and job cuts rolling out in the UK and Middle East.
Why it matters: The slowdown at one of the "Big Four" accounting firms signals a broader cooling in the professional services sector, squeezed by a tough market and a major conflict with a key client in Saudi Arabia.
By the Numbers 📊
UK & ME Revenue Growth: Stalled at just 0.4% to £6.35bn for the year ending June 2025. A stark drop from the 9% to 16% growth seen in the previous three years.
Headcount: Total staff dropped from 36,000 to ~33,700.
Partner Pay: UK partners saw average pay that was broadly flat at £865,000. That's down from a record high of £920,000 in 2022.
The Big Picture: 🗺️
Professional services firms are grappling with a prolonged market slowdown that's hitting consulting projects the hardest.
They also face pressure from technological shifts and a growing number of challenger boutique firms.
Middle East Slowdown: The region's revenue growth plummeted to 0.4%, a massive fall from the 26% rise the previous year.
"Against a challenging macro backdrop, we've shown resilience and taken decisive steps to position our business for sustainable growth..."
The Bottom Line: Under new senior partner Marco Amitrano, PwC is focused on "considered cost management" and "operational transformation" to protect profitability.