Global markets ended the week modestly higher as strong NVIDIA earnings renewed enthusiasm around artificial intelligence, while falling oil prices eased some inflation concerns. These gains were tempered by Federal Reserve Chair Kevin Warsh’s Jackson Hole address, which reaffirmed the Fed’s commitment to its inflation target and kept further tightening on the table.

South African assets also performed relatively well. Gains in financial, industrial and property shares offset weakness in resources, while the rand weakened against the dollar but remained stronger for the year.

US equities advanced, led by technology shares. The Nasdaq gained 0.85%, outperforming the Dow Jones at 0.53% and the S&P 500 at 0.49%. Year to date, the Nasdaq has returned 13.60%, compared with 12.65% for the S&P 500 and 11.44% for the Dow Jones.

NVIDIA again drove sentiment after reporting strong quarterly results and issuing better-than-expected guidance. Continued investment in artificial intelligence infrastructure supported its shares and the broader technology sector.

The positive corporate backdrop was balanced by a cautious message from the Federal Reserve. Warsh described the economy as resilient, reiterated the Fed’s 2% inflation objective and said further tightening could be required unless inflation moved convincingly towards target. He also advocated less explicit forward guidance to preserve policy flexibility.

Headline PCE inflation rose 3.7% year on year, while core inflation increased 3.3%, in line with expectations. Durable goods orders and employment data remained supportive, although consumer confidence weakened. The US 10-year Treasury yield declined two basis points to 4.72%, even as shorter-dated yields rose following Warsh’s speech, resulting in a flatter yield curve.

European markets delivered modest gains as improving economic sentiment and lower oil prices offset uneven inflation and consumer data. The Euro Stoxx 50 rose 0.36%, taking its year-to-date return to 11.99%, while the FTSE 100 gained 0.07% and is 8.99% higher in 2026.

Eurozone economic sentiment improved for a fourth consecutive month, while Germany’s growth data and business confidence exceeded expectations. This strengthened hopes that Europe’s largest economy may be emerging from its prolonged stagnation.

Conditions were weaker elsewhere. France’s economy stagnated while inflation accelerated, and Spain also reported a sharp rise in headline inflation. In the UK, retail-sector data pointed to continued weakness in consumer demand. The UK 10-year government bond yield was unchanged at 5.07%, while the German 10-year yield rose two basis points to 3.27%.

Asian markets diverged. The Nikkei 225 gained 0.58%, extending its year-to-date return to 31.90%, as lower oil prices and NVIDIA’s results supported Japanese technology and semiconductor shares.

Expectations of further Bank of Japan tightening remained elevated. The Japanese 10-year government bond yield rose five basis points to 2.93%, as inflation data strengthened the case for another rate increase.

Chinese markets were mixed. The Shanghai Composite rose 1.20%, although it remains 0.42% lower for the year, while the Hang Seng declined 1.64% and is down 0.87% year to date. Mainland technology shares benefited from enthusiasm around AI, while Hong Kong was pressured by Alibaba’s large equity placement and concerns about the returns companies may generate from heavy infrastructure spending. Industrial profit data continued to show an uneven recovery, with technology-related industries outperforming sectors more exposed to domestic demand.

Market Moves of the Week:

South African equities advanced, with the JSE All-Share Index rising 0.36% and moving 2.02% higher year to date.

The Financial 15 gained 0.83%, the Industrial 25 rose 0.78%, and listed property added 0.54%. Resources underperformed, with the Resource 10 declining 0.63%, although it remains the strongest domestic sector this year with a gain of 12.54%.

Commodity prices weakened. Gold fell 3.34% to approximately $4,454 per ounce, while Brent crude declined 6.60% to $88.16 per barrel. Despite the weekly fall, Brent remains 44.88% higher in 2026, keeping energy prices an important inflation risk.

The rand weakened over the week, with the US dollar rising 0.99% to R16.17. Nevertheless, the rand remains approximately 2.39% stronger against the dollar year to date. The pound fell 0.81% against the dollar, while the euro gained 0.19% against the rand.

Domestic bonds performed well, with the South African 10-year government bond yield declining seven basis points to 8.68%. Investors remained focused on National Treasury’s July budget figures for further indications of the country’s fiscal position.

Chart of the Week:

As always, we appreciate your support and value your trust in LNKD Investment Managers.

The information included above as well as individual companies and/or securities mentioned should not be construed as investment advice, a recommendation to buy or sell or an indication of trading intent on behalf of any LNKD Investment Managers product. This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. Information contained herein is based upon sources we consider to be reliable; we do not, however, guarantee its accuracy. All charts and tables are shown for illustrative purposes only.

LNKD Investment Managers is an authorised financial services provider (FSP 51257).

US equities closed the week on a firmer note, with Friday’s session pausing a run of losses after data showed business activity expanding at its fastest pace in more than four years. The S&P 500 added 0.4%, the Nasdaq 100 rose 0.3%, and the Dow gained 518 points on the day. That relief came too late to rescue the week, however, as elevated Treasury yields, renewed US-Iran tensions, higher oil prices and weakness in semiconductor and AI-related names weighed broadly on sentiment. Mixed retail earnings added to the cautious tone. Over the week the Nasdaq Composite shed 2.05% and the S&P 500 lost 1.43%, while the Dow held up comparatively well, down 0.85%.

Fixed income remained the dominant story. Long-term Treasury yields pushed higher early in the week, with the 30-year touching its highest level since 2007, as investors grappled with a deteriorating US fiscal outlook and heavy government and corporate issuance. Rising oil prices on the back of renewed US-Iran tensions added a further inflationary layer. The Treasury’s mid-week announcement that it would at least double the size of its planned long-term debt buybacks sparked a rally that pulled 30-year yields down by roughly 8 basis points and weighed on the dollar, but much of that move unwound later in the week as investors questioned whether the buyback programme goes far enough to offset the structural pressures on long-dated bonds.

Minutes from the Fed’s July meeting showed participants generally expecting inflation to moderate through the remainder of the year, though they flagged that the outlook remains highly uncertain with risks skewed to the upside, and that further policy tightening would likely be needed should inflation fail to decline.

On trade, the US imposed 50% tariffs on a tranche of Canadian goods just after midnight on Saturday, after the two countries failed to reach a deal. The measures cover around $20 billion of exports, including niche categories such as wooden ice hockey sticks which represents just over 5% of Canada’s exports to the US, and are unlikely to prove a material economic shock to either side.

European markets were not spared the global bond sell-off, with the STOXX Europe 50 down 1.18% for the week as investors weighed inflationary pressure and uncertainty over a lasting US-Iran peace deal. The UK’s FTSE 100 bucked the trend, climbing 0.62%, even as labour market data disappointed: payrolled employment fell 13,000 in July, a sixth straight monthly decline, while unemployment held at 4.9%, slightly above the 4.8% expected.

Japan saw the sharpest regional drawdown, with the Nikkei 225 falling 3.93% as renewed Middle East risk, higher oil prices and rising yields drove a broad risk-off move, hitting technology and semiconductor names particularly hard. The yen stayed historically weak around JPY 159 to the dollar. Second-quarter GDP growth disappointed at an annualised 1.1%, well short of the 2.0% consensus and down from a revised 1.9% in Q1, with weak capital expenditure and softer consumer spending offsetting resilient exports. Inflation data added to the case for a near-term Bank of Japan hike, with core CPI up 1.8% year-on-year in July, in line with expectations and up from 1.6% in June.

Chinese equities were mixed, with Hong Kong outperforming the mainland. July activity data showed a broad-based slowdown: industrial output grew 4.5% year-on-year, down from 5.3% in June and below expectations despite continued strength in high-tech production, while retail sales growth slowed to 0.6% from 1%, underscoring persistently soft domestic demand. The Shanghai Composite ended the week 0.56% lower in local currency terms.

In commodities, Brent crude held little changed near $94 a barrel on Friday as markets weighed signs that Iran may be seeking a resolution to the conflict, even as this followed a more than 6% rise in oil prices for a second consecutive week. Iranian President Masoud Pezeshkian signalled a preference for ending the war from a position of strength, framing the existing memorandum with Washington as an Iranian win, comments that offered some relief after US Treasury Secretary Scott Bessent warned of the toughest sanctions yet on Tehran. Gold extended its rally to around 5% for the week, climbing above $4,600 an ounce, its highest level since mid-May, supported by renewed concern over US fiscal sustainability following the Treasury’s expanded long-dated debt purchases, which pushed both yields and the dollar lower.

In the week ahead, interest rate and the sovereign yield outlook will remain front and centre as markets weigh elevated energy prices, widening deficits and heavy corporate credit issuance. The Fed’s Jackson Hole Symposium will be the focal point, with FOMC speeches likely to set the tone on the path for monetary policy and balance sheet duration. Elsewhere, the ECB releases its meeting accounts, Germany publishes consumer and business confidence data, and Spain and France report CPI prints, while Japan releases consumer confidence and unemployment data.

Market Moves of the Week:

South African inflation surprised to the downside, easing to 4.3% year-on-year in July from 5.0% in June and below the 4.5% consensus in a Reuters poll. Statistics South Africa attributed the slowdown to softer food inflation, smaller municipal tariff increases and a sharp pullback in fuel costs, with food and non-alcoholic beverage inflation falling to its lowest level in more than 16 years at 0.9%, driven by cereals and meat, while petrol and diesel prices fell 7.1% and 11.7% respectively between June and July. The reading, still comfortably above the SARB’s 3% target, reinforces the case for the central bank to hold rates steady at its next MPC on 23 September, having already surprised the market by keeping rates unchanged in July on the view that policy is sufficiently restrictive to return inflation to target within two years. That said, analysts caution the relief may be short-lived, with renewed US-Iran hostilities having since pushed global oil prices back up; forward rate agreements are currently pricing a 70% probability of a 25 basis point hike at the September meeting rather than a cut.

Local markets had a strong week. The rand firmed through R16.00 to the dollar for the first time since February, trading at R15.99 intraday on Friday, its best level since before the outbreak of the Iran conflict, supported by a weaker dollar following the US Treasury’s expanded long-bond buyback programme, rising gold prices, an improving domestic fiscal backdrop and the currency’s continued appeal in the dollar-funded carry trade given low volatility.

The JSE All Share Index rallied over 3% for the week led by a strong showing from resource counters and precious metals miners in particular as gold extended its rally to a third consecutive weekly gain.

Chart of the Week:

The information included above as well as individual companies and/or securities mentioned should not be construed as investment advice, a recommendation to buy or sell or an indication of trading intent on behalf of any LNKD Investment Managers product. This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. Information contained herein is based upon sources we consider to be reliable; we do not, however, guarantee its accuracy. All charts and tables are shown for illustrative purposes only.

LNKD Investment Managers is an authorised financial services provider (FSP 51257).

After several data-heavy weeks, markets entered a quieter period, with investor sentiment remaining constructive and volatility falling back towards its 2026 lows despite ongoing geopolitical uncertainty in the Middle East. Inflation remained the key focus, with signs of renewed moderation helping to ease concerns around persistent price pressures and supporting fresh highs in parts of the US equity market. With the Federal Reserve’s next policy meeting only in September, attention now shifts to incoming labour market and inflation data.

US equities ended the week mixed as softer inflation and positive AI-related earnings were balanced against higher oil prices, uncertainty around the Strait of Hormuz and weaker consumer data. Smaller companies outperformed, while the S&P 500 posted a modest gain and the Dow Jones declined. Headline inflation rose 3.4% year on year in July, while core inflation eased to 2.5%, with producer prices also coming in softer than expected. This reduced expectations of another Fed rate increase in September, although policymakers continued to caution that inflation risks remain.

Consumer data was less supportive, with retail sales falling 0.6% in July and consumer sentiment weakening in August. While this points to some moderation in household demand, steady economic growth and supportive earnings expectations continue to underpin markets. Investors will be watching closely to see whether inflation can continue to ease while the US economy maintains its momentum.

European markets were mixed as higher energy prices and shifting sector leadership influenced sentiment. Rising gas and fuel costs added pressure to industrial activity, while extreme heat disrupted French nuclear generation and low water levels on the Rhine affected German logistics. Despite these challenges, eurozone investor confidence returned to positive territory in August. In the UK, second-quarter GDP grew by 0.4%, although industrial activity remained subdued, while persistent inflation concerns kept government bond yields elevated.

Looking ahead, UK labour market and inflation data will be important for the Bank of England. Wage growth is expected to moderate further, but higher energy costs could push headline inflation back towards 2.9%, reinforcing the case for a cautious approach to monetary policy.

Japan was the standout major equity market, with the Nikkei 225 gaining 4.74% and the TOPIX rising 3.00%. Strong technology earnings, semiconductor demand and a weaker yen supported equities, although persistent inflation and currency weakness increased speculation that the Bank of Japan could raise rates again. Producer inflation remained elevated at 7.2% year on year, while the 10-year government bond yield rose to 2.87%.

Chinese markets lost momentum as the week progressed, with the Hang Seng declining 2.15% amid weakness in large technology shares and mixed earnings. Inflationary pressures continued to ease, with consumer inflation slowing to 0.5% and producer inflation to 3.5%. Policy support remained focused on the property sector, with Beijing relaxing homebuying restrictions, while Hong Kong announced plans to broaden the Hang Seng Tech Index to include more AI and robotics companies.

Overall, global markets delivered a mixed performance. The S&P 500 and Nasdaq gained 0.36% and 0.14% respectively, while the Dow Jones fell 0.56%. The Euro Stoxx 50 rose 0.24% and the FTSE 100 declined 1.38%, while Japan significantly outperformed other Asian markets. Government bond yields moved higher across major developed markets. Brent crude oil gained 7.72% for the week and is now 45.42% higher year to date, while gold rose 0.80%. Bitcoin declined 3.02% and remains 28.17% lower in 2026.

Market Moves of the Week:

Turning to South Africa, the labour market weakened in the second quarter, with the official unemployment rate rising to 33.6% from 32.7%, while the number of unemployed people increased to 8.5 million. Employment declined across seven of the ten sectors tracked, highlighting continued pressure on households and the broader economy.

There were, however, some tentative signs of improvement in industrial activity. Manufacturing production increased 0.9% month on month in June, while mining output rose 0.3%. On an annual basis, both sectors remained in contraction, although the pace of decline moderated, with manufacturing down 1.7% and mining down 4.0%.

Elsewhere, the Constitutional Court blocked Shell-led offshore exploration along the Wild Coast, overturning an earlier ruling that had allowed the project to proceed. The decision follows years of legal challenges and again highlights the importance of regulatory certainty and policy execution in attracting long-term investment into South Africa’s energy sector.

Against this backdrop, South African markets had a difficult week. The JSE All Share Index fell by 2.94%, led by a 6.00% decline in industrial shares, taking the sector’s year-to-date loss to 10.32%. Financials and resources also moved lower, declining by 1.64% and 1.36% respectively, while listed property fell by 1.62%. The rand weakened slightly against major currencies, with the US dollar closing the week at R16.17, while the South African 10-year government bond yield increased to 8.60%.

Chart of the Week:

As always, we appreciate your support and value your trust in LNKD Investment Managers.

Important Information

The information included above as well as individual companies and/or securities mentioned should not be construed as investment advice, a recommendation to buy or sell or an indication of trading intent on behalf of any LNKD Investment Managers product. This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. Information contained herein is based upon sources we consider to be reliable; we do not, however, guarantee its accuracy. All charts and tables are shown for illustrative purposes only.

LNKD Investment Managers is an authorised financial services provider (FSP 51257).

Global equities extended their advance this week, with the S&P 500 up 3.6% and the Nasdaq surging 5.2% on a chip stock rebound, both indices posting their best weekly performance since April. The catalyst was a surprisingly weak July US jobs report: nonfarm payrolls fell by 23,000 against expectations of an 83,000 gain, while unemployment ticked down to 4.1% as participation dropped to a five-year low. Markets read the print as a green light for the Fed to stay on hold, with futures now pricing a clear majority for no move at the September meeting, a sharp reversal from the 55% hike probability priced just a day earlier. The 10-year Treasury yield fell nine basis points to 4.65% on the back of it.

Beneath the headline numbers, US small-cap earnings are quietly having their best season since 2001, with Russell 2000 sales growth running at 9%, up from 7.5% pre-season and broadening out from energy, materials and industrials rather than staying concentrated in mega-cap tech.

In Europe, the STOXX 50 added 2.6% on firmer risk appetite, even as the geopolitical backdrop stayed unsettled. Services PMIs in France and Germany improved meaningfully with France gaining to 49.8 from 46.8, its best reading in seven months, while Germany increased to 49.8 from 48.6, though both remain in contraction territory below 50.

A less-discussed but increasingly relevant theme is water: record-low levels on the Rhine and Danube are pushing up barge freight costs and forcing production cuts at Hungarian auto and battery plants, with knock-on pressure on Romanian power generation.

The UK saw services and broader private-sector headcount contract for a 22nd straight month, matching the length of the 2008–09 downturn, while government reluctance to rule out higher bank taxes in the upcoming budget is adding a layer of uncertainty for financials. The FTSE 100 still managed a 0.3% gain for the week.

In Asia, the yen firmed early in the week on intervention speculation before the persistent US-Japan rate differential reasserted itself. The Bank of Japan remains caught between rising inflation pressure from the oil shock and a weak currency on one side, and soft domestic demand on the other. The Nikkei still added 2.1%.

In China, accelerated fiscal spending and a reaffirmed “moderately loose” policy stance from the PBoC supported the Shanghai Composite’s 2.8% gain, with Beijing’s chip self-sufficiency drive gaining traction. Domestic manufacturers are now expected to supply 46% of Chinese firms’ AI accelerator budgets over the next year, up from 30% currently.

Gold had a standout week, up 7.43% to $4,341.52/oz and briefly topping $4,350 on Friday, a two-month high, as falling energy prices and softening labour data reinforced the lower-for-longer rate narrative. Brent, meanwhile, fell over 8% for the week on hopes of a US-Iran deal to keep the Strait of Hormuz open.

Looking ahead: Strait of Hormuz negotiations remain the key swing factor for energy prices and the broader rate outlook. US CPI data lands this week with the Fed and markets still split on the September decision, and AI-trade volatility bears watching after last week’s chip-driven bounce.

Market Moves of the Week:

South African assets had a strong week on the back of encouraging policy signals from National Treasury, which noted that domestic bond spreads have tightened to levels now comparable with investment-grade emerging-market peers. Treasury also outlined plans for a principles-based fiscal rule, a structural shift worth watching for its longer-term implications for fiscal credibility and sovereign risk pricing. Separately, government confirmed plans to list its first US$500 million credit-guarantee vehicle, aimed at drawing private capital into infrastructure, with electricity transmission flagged as a priority area.

Domestic data was more mixed. The S&P Global South Africa PMI eased slightly to 50.3 in July from 50.5, holding just above the expansion threshold, while new vehicle sales rose a healthy 11.9% year-on-year, a reasonable proxy for consumer resilience given the interest rate environment.

Markets responded positively across the board. The 10-year government bond yield fell 27 basis points to 8.47%, and the rand strengthened 2.51% to R16.13 against the US dollar. The JSE All Share Index gained a strong 5.40% on the week, led by resources with the Resource 10 Index surging 16.86%. Financials and industrials also advanced, up 1.59% and 1.14% respectively, while listed property was the lone laggard, down 0.30%.

Chart of the Week:

As always, we appreciate your support and value your trust in LNKD Investment Managers.

Important Information

The information included above as well as individual companies and/or securities mentioned should not be construed as investment advice, a recommendation to buy or sell or an indication of trading intent on behalf of any LNKD Investment Managers product. This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. Information contained herein is based upon sources we consider to be reliable; we do not, however, guarantee its accuracy. All charts and tables are shown for illustrative purposes only.

LNKD Investment Managers is an authorised financial services provider (FSP 51257).

The Federal Reserve left its benchmark interest rate unchanged at 3.50%–3.75% for a fifth consecutive meeting, a decision widely expected by markets. While nine members of the Federal Open Market Committee voted to keep rates unchanged, three favoured a further increase, highlighting continued concerns over inflation.

The Federal Reserve’s preferred inflation measure provided some relief, with the Bureau of Economic Analysis (BEA) reporting that the core Personal Consumption Expenditures (PCE) price index, which excludes food and energy, rose 0.1% in June, down from 0.3% in May. Annual core inflation eased to 3.3% from 3.4%, while headline PCE inflation remained elevated at 3.7% despite a 0.1% monthly decline. The BEA also reported that the US economy expanded at an annualised rate of 1.5% in the second quarter, below consensus expectations and down from 2.1% in the first quarter, reflecting weaker government spending and slower investment and export growth.

Eurozone GDP expanded 0.4% in the second quarter, exceeding market expectations. Growth was supported by AI-related investment and government spending, which helped offset the drag from the U.S.-Iran conflict and higher energy prices. Spain recorded the strongest growth among the region’s largest economies, with GDP expanding 0.7%. Annual inflation increased to 2.9% in July from 2.8% in June, in line with expectations, while services inflation rose to 3.3% and non-energy industrial goods inflation increased to 0.9% from 0.7%.

The Bank of England left Bank Rate unchanged at 3.75%. The Monetary Policy Committee voted 6–3 in favour of maintaining the policy rate, with three members preferring a 25 basis point increase. Policymakers cited persistent inflationary pressures and heightened uncertainty, warning that a renewed escalation of the conflict in the Middle East could prolong energy price volatility and increase upside risks to inflation.

The Bank of Japan (BoJ) left its policy rate unchanged at 1.00%, following June’s increase to its highest level since 1995. One policy board member favoured a 25 basis point increase to 1.25%. The BoJ indicated that underlying inflation is approaching its 2% target and reiterated that future policy adjustments will depend on developments in economic activity, inflation and financial conditions.

China’s manufacturing Purchasing Managers’ Index (PMI) unexpectedly fell to 49.2 in July from 50.3 in June, below market expectations and marking its first contraction since February. The decline reflected weaker domestic demand, weather-related production disruptions and slower export activity, while new orders fell to 48.5, their lowest level in more than three years.

Investor demand for China’s semiconductor sector remained strong, with memory-chip manufacturer ChangXin Memory Technologies (CXMT) surging 466% on its market debut following Asia’s largest IPO of 2026. However, the broader semiconductor sector weakened later in the week as concerns over elevated valuations and AI-related capital expenditure weighed on sentiment.

Global equity markets were mixed over the week, with investors navigating the Federal Reserve’s policy decision, ongoing geopolitical tensions in the Middle East and continued volatility in AI-related stocks. In the US, major indices closed higher, with the Nasdaq Composite (+1.59%), S&P 500 (+1.05%) and Dow Jones Industrial Average (+1.04%) advancing.

European equities also ended the week higher, with the pan-European STOXX Europe 50 Index rising 1.23% in local currency terms. Gains were supported by better-than-expected corporate earnings and a recovery in sentiment towards AI-related stocks later in the week, while Brent crude oil remaining below USD 100 per barrel provided an additional tailwind. The UK’s FTSE 100 Index also advanced 1.23%.

Asian equity markets delivered mixed performance over the week. Japan’s Nikkei 225 Index declined 0.47%. In China, the Shanghai Composite Index gained 0.47%. Mainland technology shares came under pressure as semiconductor and other AI-related stocks weakened, although sentiment improved later in the week following stronger-than-expected US technology earnings. Meanwhile, Hong Kong’s Hang Seng Index advanced 3.78%, supported by gains in large internet companies, including Tencent and Alibaba.

Brent crude oil declined 8.54% over the week to USD 89.86 per barrel. Despite the weekly decline, Brent remained more than 22% higher for July, marking its strongest monthly gain since March, as escalating tensions in the Middle East fuelled concerns over global oil supplies.

Market Moves of the Week:

Statistics South Africa reported that producer inflation slowed to 7.5% year-on-year in June from 7.8% in May, below market expectations of 7.9%. The softer-than-expected reading was largely driven by lower fuel and food prices, indicating some moderation in upstream price pressures despite elevated consumer inflation. Separately, National Treasury recorded a budget surplus of R80.13 billion in June, indicating that government revenue exceeded expenditure during the month.

South African equities advanced over the week, with the JSE All Share Index rising 1.92%. Gains were led by the industrial (+2.89%), financial (+2.93%) and listed property (+3.60%) sectors, while resource shares (-0.24%) underperformed amid softer commodity prices. The rand also strengthened against the US dollar, appreciating 1.67% to close the week at R16.54/USD.

Chart of the Week:

As always, we appreciate your support and value your trust in LNKD Investment Managers.

Important Information

The information included above as well as individual companies and/or securities mentioned should not be construed as investment advice, a recommendation to buy or sell or an indication of trading intent on behalf of any LNKD Investment Managers product. This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. Information contained herein is based upon sources we consider to be reliable; we do not, however, guarantee its accuracy. All charts and tables are shown for illustrative purposes only.

LNKD Investment Managers is an authorised financial services provider (FSP 51257).

Global markets took a more cautious tone this week as investors navigated renewed geopolitical tensions in the Middle East, rising oil prices, and growing scrutiny over the enormous levels of investment flowing into artificial intelligence. While the long-term outlook for AI remains compelling, investors began questioning how quickly companies will be able to generate meaningful returns from the billions being committed to new infrastructure. This weighed heavily on technology stocks and pushed the Nasdaq down 2.13% for the week, while the S&P 500 declined 0.61% and the Dow Jones Industrial Average slipped 0.38%. Despite the softer week, U.S. equities continue to deliver solid gains for the year, with the S&P 500 up 8.28% and the Nasdaq 7.46% year-to-date. Economic data from the United States remained encouraging. Business activity strengthened during July as the services sector accelerated, while manufacturing continued to expand despite moderating slightly. Labour market conditions also remained exceptionally resilient, with unemployment claims falling to their lowest level in decades. However, the escalation in Middle East tensions has begun feeding into the global inflation picture through higher energy prices and supply chain disruptions. Brent crude oil surged 11.52% over the week to $98.25 per barrel, helping push U.S. Treasury yields higher as investors reassessed the likelihood that the Federal Reserve may need to keep interest rates elevated for longer. Gold also continued to benefit from increased demand for defensive assets, rising 0.74% during the week.

European markets proved more resilient. The Euro Stoxx 50 advanced 0.80%, while the FTSE 100 gained 1.28%, supported by generally constructive corporate earnings and improving economic activity. Manufacturing and services surveys both indicated that business activity across the eurozone continues to recover gradually. The European Central Bank left interest rates unchanged as expected but acknowledged that rising energy prices present renewed inflation risks, leaving the possibility of further policy tightening should inflation remain persistent. In the United Kingdom, stronger-than-expected retail sales and a return to expansion in the services sector suggested that economic momentum has stabilised after a softer start to the year.

Asian markets also delivered positive returns despite heightened global uncertainty. Japan’s Nikkei 225 gained 0.72% as investors continued to price in the prospect of further monetary policy normalisation from the Bank of Japan, supported by gradually strengthening inflation. In China, the Shanghai Composite rose 1.33% while Hong Kong’s Hang Seng Index gained 1.54%. Investor confidence was supported by continued policy measures aimed at stabilising financial markets, including increased state-backed investment into domestic equities and additional liquidity support from the People’s Bank of China. Although technology shares experienced some volatility alongside global AI-related concerns, authorities continue to favour targeted fiscal support rather than broad-based stimulus.

Market Moves of the Week:

South African markets faced another challenging week. The JSE All Share Index edged 0.16% lower, masking significant divergence beneath the surface. Resource shares rallied 5.48%, benefiting from stronger commodity prices and higher oil prices, while Industrials declined 3.23% and listed property fell 2.67%. The rand weakened 1.96% against the U.S. dollar, while South African 10-year government bond yields rose to 8.89% as investors continued to price in inflation risks.

The week’s key domestic event was the South African Reserve Bank’s decision to leave the repo rate unchanged at 7.00%. The Monetary Policy Committee acknowledged that the economy entered the year with encouraging momentum, but noted that recent developments have significantly clouded the outlook. Although first-quarter growth surprised positively, this was largely driven by exports rather than stronger domestic demand. Since then, consumer confidence has weakened, business sentiment has softened, and higher fuel prices following the renewed Middle East conflict have added further pressure to households and businesses.

Inflation remains above the Bank’s preferred target, with higher fuel costs expected to keep headline inflation above 4% into next year. Encouragingly, food inflation has continued to moderate, helped by favourable harvests and easing supply disruptions, while the rand has remained relatively resilient against the euro, limiting imported inflation. However, services inflation remains elevated across categories such as transport, housing and insurance, and inflation expectations have begun drifting higher among households, businesses and trade unions. These developments reinforce the importance of preventing temporary price shocks from becoming embedded in broader inflation.

Against this backdrop, the MPC voted to keep policy unchanged, with four members favouring a hold and two supporting a further 25 basis point increase. The Bank reiterated that policy remains appropriately restrictive for now and that future decisions will remain entirely data dependent. While its baseline forecast still anticipates interest rate cuts later in the forecast period as inflation gradually returns towards the 3% target, policymakers made it clear that a sustained rise in oil prices or further increases in inflation expectations could require additional tightening. Equally, a more favourable energy environment could allow interest rates to begin easing sooner than currently expected. Ultimately, the SARB emphasised that while monetary policy can anchor inflation, South Africa’s longer-term growth prospects will depend far more on structural reforms, particularly improvements in electricity, logistics, transport infrastructure and local government efficiency.

This week’s market performance served as another reminder that while long-term structural themes such as artificial intelligence continue to underpin global equity markets, shorter-term macroeconomic forces can quickly dominate investor sentiment. For now, oil prices have become the market’s primary focus. Whether the recent spike proves temporary or develops into a more prolonged inflation shock will likely shape both central bank policy and market direction over the coming months.

Chart of the Week:

As always, we appreciate your support and value your trust in LNKD Investment Manager.

Important Information

The information included above as well as individual companies and/or securities mentioned should not be construed as investment advice, a recommendation to buy or sell or an indication of trading intent on behalf of any LNKD Investment Managers product. This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. Information contained herein is based upon sources we consider to be reliable; we do not, however, guarantee its accuracy. All charts and tables are shown for illustrative purposes only.

LNKD Investment Managers is an authorised financial services provider (FSP 51257).

US equities gave back ground this week, reversing the prior week’s large-cap technology leadership. The S&P 500 and Nasdaq Composite bore the brunt of the selling, both down 1.6% and 2.9% respectively over the week while the Dow held up comparatively better, off 0.9%.

Within the S&P 500, information technology and communication services led the decline, as a fresh selloff in semiconductor names weighed on sentiment amid concerns that AI hyperscalers may begin trimming infrastructure capital expenditure, these concerns were further sharpened by recent progress in lower-cost Chinese AI models.Energy was the standout sector, tracking the sharp rise in oil prices as tensions between the US and Iran escalated further.

Earnings season got underway in the US, with several major banks including JPMorgan Chase and Goldman Sachs reporting results ahead of consensus expectations, offering a constructive counterpoint to the broader market weakness.

On inflation, the picture was more encouraging than the market’s price action might suggest. June headline CPI came in well below expectations, falling 0.4% month-on-month against a forecast decline of just 0.1%, driven primarily by a sharp drop in energy prices as oil fell from above $90 to roughly $73 a barrel over the course of the month. On an annual basis, headline inflation eased to 3.5% from 4.2%, with core inflation (ex-food and energy) slowing to 2.6% from 2.9%. That relief, however, looks increasingly fragile: fresh US strikes on Iran mid-week sent Brent surging and by Friday crude had extended gains to above $82, its highest level in a month, following reports of Iranian strikes against US-linked targets across Bahrain, Jordan, Kuwait, Oman, Qatar and Syria, and confirmation from US Central Command of a sixth consecutive night of strikes on Iranian military sites.

Consumer inflation expectations have already begun to reflect this with the University of Michigan’s preliminary July survey showed one-year inflation expectations easing to 4.2% from 4.6%, though economists caution the June CPI print may prove short-lived given the renewed conflict.

European markets were similarly unsettled. The STOXX Europe 50 slipped 0.62% as US and Asian technology weakness spread into Friday’s session, with investors weighing corporate earnings against the deteriorating Middle East backdrop and higher oil prices. Eurozone inflation continued to moderate, falling to 2.8% in June from 3.2% in May, the lowest reading since the Iran conflict began though still above the ECB’s 2% target. The UK stood out for different reasons: the FTSE 100, with its comparatively low technology exposure, gained 0.98% on the week, while on the political front Andy Burnham was confirmed as Labour Party leader on Friday and is set to become prime minister on Monday, 20 July.

Asian markets bore the heaviest losses for the week. Japan’s Nikkei 225 fell 6.3% on the week, driven by bearish technology sentiment and mounting doubts over the sustainability of AI-related valuations, compounded by the unfavourable geopolitical backdrop. The yen weakened to around JPY 162.3 against the dollar as rising oil prices stoked concerns over Japan’s terms of trade given its heavy reliance on Middle Eastern energy imports. Chinese equities diverged sharply with the Shanghai Composite off 5.81% on renewed AI and semiconductor-sector selling, while the Hang Seng bucked the trend to gain 1.6% despite sharp Friday losses in technology names. China’s second-quarter GDP growth of 4.3% year-on-year came in below both the 4.5% consensus estimate and the prior quarter’s 5.0% pace, landing below the lower end of Beijing’s 4.5%-5.0% full-year target range, though first-half growth of 4.7% remained within range.

Looking ahead, developments between the US and Iran will remain the dominant swing factor for global risk sentiment and central bank interest rate outlooks following this week’s escalation. The AI trade faces a further test as hyperscalers, chip producers and infrastructure operators report earnings, while the ECB delivers its rate decision and the UK releases inflation, unemployment and retail sales data.

Market Moves of the Week:

The rand came under sustained pressure this week, weakening on Friday as attention turned to next week’s inflation print and monetary policy decision, where the rate call is shaping up to be a genuinely close one. Currency weakness was a theme for most of the week, with escalating Middle East tensions weighing on broader risk sentiment and pushing the rand to its weakest level of the month. The rand ending the week at R16.50/$.

Markets now shift their focus to June consumer inflation data, due Wednesday, for clearer signals on the SARB’s next move. May’s headline inflation print offers a useful reference point: at 4.5% year-on-year, it came in below the 4.7% consensus forecast but still marked a step-up from April’s 4.0% reading. That mixed signal with inflation surprising to the downside relative to expectations yet still trending higher on an annual basis is part of what makes next week’s decision difficult to call, particularly following the SARB’s first rate hike in three years at its previous meeting.

The JSE had a soft week overall, with the JSE All Share Index down 0.7%. Resources bore the brunt of the selling, falling 3.2% on the week and extending their year-to-date decline to 18%. Financials were broadly flat, while industrials and listed property provided the relative bright spots, gaining 0.6% and 0.3% respectively. Bond markets reflected the same cautious tone, with the ten-year government bond yield rising to 8.68% as investors priced in both the uncertain rate outlook and elevated global risk premia.

Chart of the Week:

As always, we appreciate your support and value your trust in LNKD Investment Managers.

Important Information

The information included above as well as individual companies and/or securities mentioned should not be construed as investment advice, a recommendation to buy or sell or an indication of trading intent on behalf of any LNKD Investment Managers product. This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. Information contained herein is based upon sources we consider to be reliable; we do not, however, guarantee its accuracy. All charts and tables are shown for illustrative purposes only.

LNKD Investment Managers is an authorised financial services provider (FSP 51257).

If investors needed a reminder that geopolitics and artificial intelligence remain two of the year’s dominant market drivers, the start of the third quarter provided one. Renewed hostilities between the United States and Iran pushed oil prices higher and briefly unsettled markets, but the equity market reaction was contained. Investors largely treated the escalation as a source of near-term headline risk, while renewed strength in semiconductor and AI shares helped the S&P 500 and Nasdaq recover from earlier weakness.

In the United States, minutes from the Federal Reserve’s June meeting showed that policymakers remain divided over the path for interest rates. A few officials saw a case for raising rates, although they ultimately supported leaving borrowing costs unchanged. Most also favoured removing language that implied an easing bias, reflecting uncertainty around persistent inflation, AI related demand and geopolitical risks.

Economic data remained broadly resilient. The ISM services index eased slightly to 54.0 in June but remained in expansion territory for a 24^th consecutive month, while its employment component returned to growth. Initial jobless claims declined to 215,000 and continuing claims rose only modestly, suggesting that the labour market is cooling gradually rather than weakening sharply. Housing remained softer, with existing home sales falling by 2.4% as high prices and borrowing costs continued to constrain affordability.

In Europe, the renewed conflict between the United States and Iran raised concerns that higher energy prices could keep inflation and interest rates elevated. Germany offered some relief as annual inflation slowed to 2.3% in June from 2.6% in May. Other data were generally encouraging, with Dutch household consumption growing at its fastest pace in more than a year, German exports rising unexpectedly and Sweden recording a third consecutive month of economic growth while inflation eased slightly.

In the United Kingdom, politics took centre stage after Andy Burnham secured the support of 322 of Labour’s 403 Members of Parliament in the contest to replace Keir Starmer. Investors will be watching for clarity on his economic priorities, fiscal approach and cabinet appointments. The housing market remained subdued, with both new buyer enquiries and agreed sales still firmly negative as elevated mortgage costs continued to weigh on demand.

In Japan, the ten-year government bond yield ended the week near 2.78%, despite briefly reaching its highest level since 1996. Yields later eased after Finance Minister Satsuki Katayama called on pension funds to increase allocations to domestic assets. Economic data continued to show persistent inflationary pressures, with wholesale prices rising by 7.1% year on year in June. Nominal wages increased by 3.2% in May, but real wage growth slowed to 1.4%, while household spending declined by a smaller than expected 0.4%, suggesting that consumer demand remained relatively resilient.

In China, AI and semiconductor developments supported technology shares early in the week, although some gains were later reversed as investors took profits. Inflation data highlighted the divide between weak consumer demand and rising producer costs, with consumer inflation slowing to 1.0% in June while producer prices rose by 4.1%, the fastest pace in nearly four years. The People’s Bank of China maintained its supportive policy stance and pledged further assistance for domestic demand, technology investment and smaller businesses, but stopped short of announcing broad stimulus.

Overall, global markets ended the week on a mixed note. United States equities were broadly positive, with the S&P 500 gaining 1.23% and the Nasdaq rising by 1.74%, while the Dow Jones declined by 0.50%. European markets came under pressure, with the Euro Stoxx 50 and FTSE 100 falling by 2.23% and 1.70% respectively. Asian markets were mixed, as the Hang Seng gained 3.58%, while the Nikkei 225 and Shanghai Composite declined. Government bond yields rose across the United States, United Kingdom and Germany, while Japanese yields edged lower. In commodities, gold fell by 1.29%, while Brent crude oil rose by 5.59% and remains sharply higher year to date. Bitcoin gained 2.59% for the week but remains down by 26.78% in 2026.

Market Moves of the Week:

The outlook for South African interest rates became slightly more supportive after South African Reserve Bank Governor Lesetja Kganyago suggested that the inflationary impact of the Iran conflict may prove temporary, particularly if oil prices remain contained. This marked a softer tone than his comments a week earlier, when he focused more heavily on rising inflation expectations. The July Monetary Policy Committee meeting is therefore now more likely to leave interest rates unchanged rather than increase them by 0.25%, although the decision remains finely balanced.

The inflation outlook has also improved modestly, supported by lower oil prices and a firmer rand. Forecasts point to average inflation of around 3.9% in 2026 and 3.0% in 2027, with inflation potentially falling below 4% in the final quarter of this year. Should these trends continue, the Reserve Bank may be able to resume interest rate cuts in the first quarter of 2027, offering gradual support to household finances, bonds, listed property and other interest rate sensitive assets.

The broader economy remains under pressure. Manufacturing production fell by 4.3% in the year to May, after declining by 2.9% in April, although monthly output improved by 1.1%. Producers continue to face high operating, infrastructure and fuel costs, as well as pressure from United States tariffs. South Africa’s net foreign exchange reserves also declined to $71.34 billion in June from $73.47 billion in May. The improving inflation outlook is encouraging, but weak industrial activity reinforces the need for faster reform and better infrastructure.

Against this backdrop, South African markets ended the week weaker. The JSE All Share Index declined by 1.03%, with the sharpest pressure coming from resource shares, which fell by 4.39% and are now down by 15.27% year to date. Financials declined by 0.41%, while industrials and listed property were the relative bright spots, gaining 1.05% and 0.86% respectively. The rand weakened against major currencies, with the United States dollar ending the week at R16.35, while the South African ten-year government bond yield rose to 8.44%.

Chart of the Week:

As always, we appreciate your support and value your trust in LNKD Investment Managers.

Important Information

The information included above as well as individual companies and/or securities mentioned should not be construed as investment advice, a recommendation to buy or sell or an indication of trading intent on behalf of any LNKD Investment Managers product. This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. Information contained herein is based upon sources we consider to be reliable; we do not, however, guarantee its accuracy. All charts and tables are shown for illustrative purposes only.

LNKD Investment Managers is an authorised financial services provider (FSP 51257).

US job growth slowed sharply in June, with nonfarm payrolls increasing by 57,000, well below expectations of 110,000. Payroll figures for April and May were also revised down by a combined 74,000, reinforcing signs of a cooling labour market. Although the unemployment rate edged down to 4.2%, the decline was largely driven by lower labour force participation rather than stronger hiring. The softer labour market led markets to scale back expectations for a September interest rate hike while continuing to price in no change at the Federal Reserve’s July meeting.

Separately, the Institute for Supply Management (ISM) reported that its Manufacturing Purchasing Managers’ Index (PMI) eased to 53.3 in June from 54.0 in May, below market expectations. Despite the decline, the index remained above the 50-point mark for a sixth consecutive month, signalling continued expansion in manufacturing activity. While new orders and production moderated, the sharp decline in the prices paid index pointed to easing cost pressures.

According to Eurostat, annual eurozone inflation eased to 2.8% in June from 3.2% in May, below market expectations. Lower oil prices helped moderate inflationary pressures, while core inflation, which excludes volatile food and energy prices, slowed to 2.4%. Services inflation, a closely watched gauge of underlying inflationary pressures, also eased to 3.2% from 3.5%. Although inflation remains above the ECB’s 2% target, ECB President Christine Lagarde said the central bank no longer needs to respond to inflation with the same force as during the 2022–23 inflation shock.

Meanwhile, the Office for National Statistics (ONS) confirmed that the UK economy expanded by 0.6% in the first quarter of 2026, in line with previous estimates. Growth was driven by the services sector, although real household disposable income declined by 0.8%, highlighting continued pressure on household finances.

The Japanese yen remained volatile, weakening to around JPY 162.5 per U.S. dollar, its weakest level in nearly 40 years, before rebounding on speculation that Japanese authorities could intervene in the foreign exchange market. The yen continues to face pressure from the wide U.S.-Japan interest rate differential, alongside concerns over Japan’s fiscal position and higher energy prices.

China’s June PMI data pointed to continued resilience in the manufacturing sector despite broader economic headwinds. The official Manufacturing PMI rose to 50.3 from 50.0 in May, supported by stronger production, new orders and high-tech manufacturing, while the Non-Manufacturing PMI edged up to 50.2. The private RatingDog Manufacturing PMI eased marginally to 51.7 from 51.8, remaining in expansionary territory. Overall, the data highlighted an uneven recovery, with high-tech manufacturing continuing to outperform more domestic demand-sensitive sectors.

Global equity markets ended the week higher as easing geopolitical tensions, lower oil prices and resilient economic data supported investor sentiment. U.S. equity markets ended the holiday-shortened week higher, with the Nasdaq Composite gaining 2.12%, the Dow Jones Industrial Average rising 1.97%, and the S&P 500 advancing 1.76%.

European equities also posted solid gains, with the STOXX Europe 50 Index rising 3.07% as lower oil prices and easing inflationary pressures supported investor sentiment, while the UK’s FTSE 100 added 1.63%.

In Japan, the Nikkei 225 rose 0.55% over the week, rebounding sharply on Friday after earlier losses driven by profit-taking in technology and semiconductor stocks.

In China, the Shanghai Composite Index gained 0.41%, while Hong Kong’s Hang Seng Index rose 2.85%, supported by better-than-expected manufacturing data and improved short-term liquidity conditions.

Market Moves of the Week:

South Africa’s manufacturing sector lost momentum in June, with the Absa Manufacturing PMI falling to 47.3 from 50.8 in May, signalling a return to contraction. Weaker demand weighed on new orders, although some businesses reported customers delaying purchases in anticipation of lower prices following recent fuel price cuts. In contrast, the S&P Global PMI rose to 50.5 from 49.6, suggesting broader private sector activity remained resilient.

Local equity markets strengthened over the week, mirroring global market trends. The JSE All Share Index rose 1.16%, driven by a strong recovery in resource stocks, which gained 3.63%. Industrials (+0.16%) and financials (+0.15%) were broadly flat, while listed property was the only sector to decline, falling 0.95%. The rand strengthened against the U.S. dollar, ending the week at R16.22/$.

Chart of the Week:

As always, we appreciate your support and value your trust in LNKD Investment Managers. 

Important Information

The information included above as well as individual companies and/or securities mentioned should not be construed as investment advice, a recommendation to buy or sell or an indication of trading intent on behalf of any LNKD Investment Managers product. This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. Information contained herein is based upon sources we consider to be reliable; we do not, however, guarantee its accuracy. All charts and tables are shown for illustrative purposes only.

LNKD Investment Managers is an authorised financial services provider (FSP 51257).

Global markets were volatile over the week as attention shifted from oil relief to renewed pressure in technology and AI-linked shares. The sell-off began in U.S. megacap technology before spreading into semiconductors, with Korea’s KOSPI falling sharply and the SOX chip index declining around 8% as investors questioned how far the AI trade had already run.

Micron Technology’s strong earnings update briefly steadied sentiment, but the rebound faded quickly. That left investors debating whether the pullback was normal quarter-end volatility or a sign that positioning in AI-linked shares had become stretched.

Monetary policy uncertainty added to the pressure. U.S. PCE inflation rose to 4.1% year-on-year in May, while core PCE increased to 3.4%, keeping attention on whether the Federal Reserve may need to keep policy restrictive for longer.

U.S. equities were mixed over the week. The Nasdaq fell 4.60% and the S&P 500 declined 1.96%, weighed down by renewed pressure in large-cap technology and AI-linked shares. The Dow Jones, however, gained 0.60%, showing that the sell-off was concentrated in large-cap growth and technology shares. On the data front, first-quarter U.S. GDP was revised higher to an annualised 2.1% from 1.6%, helped by lower imports, while consumer spending was revised down. Business activity also improved in June, with the composite PMI rising to 52.2, its highest level in five months, while manufacturing activity reached its strongest level since May 2022.

In Europe, inflation expectations eased, with the ECB’s latest consumer survey showing that 12-month inflation expectations declined to 3.5% in May, the lowest level in three months. With oil prices also moving back toward pre-conflict levels, this helped ease some of the inflation pressure facing the ECB. In the UK, Prime Minister Keir Starmer announced his resignation on 22 June 2026. Domestic data was weaker, with retail sales volumes falling sharply in June and the CBI balance declining to -54 from -46 in May, while manufacturing order books fell to -45, their weakest level since 2020.

In Japan, inflation and Bank of Japan policy remained in focus. Tokyo core CPI rose to 1.6% year-on-year in June from 1.3% in May, the first pickup in eight months, keeping investors focused on whether the BoJ may need to tighten policy further.

Japanese equities weakened over the week, with the Nikkei 225 falling 2.65%. Local AI and semiconductor-linked names remained sensitive to the broader global technology sell-off, which weighed on the index into the end of the week.

In China, investor sentiment remained weak, with technology shares under pressure. Investors had favoured other Asian technology markets earlier in the week, but the broader semiconductor sell-off later weighed on the sector. The softer tone was reinforced by weaker recent activity data, with Goldman Sachs lowering its second-quarter GDP forecast to 3.5% quarter-on-quarter annualised from 4.0%, although it kept its full-year growth forecast unchanged at 4.7%.

Market Moves of the Week:

In South Africa, producer inflation was the main local data point, accelerating to 7.8% year-on-year in May from 4.8% in April. The increase pointed to renewed pipeline cost pressure in the economy, reinforcing the risk that higher input costs could still feed through into consumer inflation.

The growth backdrop also remained under pressure, with S&P lowering its South African growth forecasts for 2026 and 2027 to 1.3% and 1.5%, respectively, while raising its 2026 inflation forecast to 4.3%. This points to a less comfortable mix of softer growth and higher inflation.

South African markets ended the week weaker, with the JSE All Share Index lower. Financials were the weakest major sector, falling 3.06%, while Resources declined 2.18% and Industrials lost 1.30%. Listed property was the standout performer, rising 1.29%. The rand was broadly stable against the U.S. dollar at R16.41, while the South African 10-year government bond yield moved lower to 8.34%.

Chart of the Week:

As always, we appreciate your support and value your trust in LNKD Investment Managers.

Important Information

The information included above as well as individual companies and/or securities mentioned should not be construed as investment advice, a recommendation to buy or sell or an indication of trading intent on behalf of any LNKD Investment Managers product. This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. Information contained herein is based upon sources we consider to be reliable; we do not, however, guarantee its accuracy. All charts and tables are shown for illustrative purposes only.

LNKD Investment Managers is an authorised financial services provider (FSP 51257).