PSG Cascades

28/10/2026

Wendy Myers is the Head of PSG Securities and has worked in the finance sector for over twenty years.

26/10/2026

Oil surge weighs on global markets as Middle East tensions intensify
26 October 2026

US equities ended Friday under pressure as rising oil prices heightened inflation concerns amid escalating Middle East tensions. The S&P 500 fell 0.50%, while the Dow lost 653 points and the Nasdaq closed broadly flat. Treasury yields rose following the previous session’s strongest performance in more than a year. Financial shares weakened, with Morgan Stanley down 2.40% and JPMorgan falling 1.50%. American Express shed 3.70% despite exceeding earnings expectations. Concerns about the debt required to finance artificial intelligence infrastructure continued to weigh on technology shares. For the week, the S&P 500 declined 1% and the Nasdaq lost 2.10%, while the Dow gained 296 points.

Oil prices were a key focus, with crude rising above US$103 a barrel on Friday as concerns grew that the US could resume strikes against Iran. Reports of potential further US and Israeli action, continued attacks by Iran-allied Houthi militants, and security concerns in Saudi Arabia added to supply worries. Crude gained more than 1.50% over the week. Higher energy prices also heightened inflation concerns ahead of the Federal Reserve’s interest rate decision. US year-ahead inflation expectations were confirmed at 4.70% in October 2026, up from 4.60% in September, while five-year expectations rose to 3.50% from 3.40%.

European equities extended their losses. The Stoxx 50 fell around 0.50% to a more than four-month low, ending the week down over 2%, while the Stoxx 600 also lost 0.50%. Germany’s DAX declined about 0.80% to 25 152, with weaker-than-expected growth momentum in the October private-sector data adding to concerns over inflation and geopolitical tensions. France’s CAC 40 fell 0.40% to 7 783, while the UK’s FTSE 100 lost around 0.50%. Energy shares outperformed as oil prices climbed. Moody’s maintained France’s long-term foreign-currency sovereign credit rating at Aa3 but retained a negative outlook, citing slower growth, a higher deficit and challenges to fiscal consolidation.

In the euro area, median expectations for price growth over the next 12 months edged up to 3.10% in September 2026 from 3% in August. Expectations for inflation three and five years ahead remained unchanged at 2.90% and 2.50%, respectively. Expectations for economic growth weakened, while the anticipated unemployment rate increased.

Asian markets were mixed. China’s Shanghai Composite advanced by 0.89% as state-backed ETF buying supported a rebound, although it remained down 0.69% for the week. Hong Kong’s Hang Seng gained 0.70% on Friday but remained on course for a weekly decline of around 5%. Japan’s Nikkei fell 0.34%, bringing its weekly loss to 4%, as technology shares remained under pressure.

South African equities closed lower on Friday. The JSE All Share fell 0.47% to 108 020.14, while the Top 40 declined 0.55%. Resources lost 1.26% and Metals and Mining fell 2.24%; Industrials and Financials slipped 0.18% and 0.20%, respectively. The rand weakened against the major currencies; the US dollar rose 0.66% against the rand to R16.60, while the pound gained 0.37% to R22.18 and the euro advanced 0.42% to R18.58.

In commodities, Brent crude moved 2.76% higher to US$116.29 a barrel at 19h09 SAST, while at 19h24 SAST, gold fell 0.76% to US$3 993.15 an ounce. Silver declined 1.18% to US$53.88 an ounce and platinum lost 1.12% to US$1 559.10 an ounce.

22/10/2026

Register for the next Think Big Series on the link below

Webinar: Lead-up to the Ballot: Predictions for the 2026 Municipal Elections

With major metros under pressure and political competition intensifying, the election results will shape not only municipal government but also the national political landscape heading toward 2029.

Gareth van Onselen
Political strategist, pollster and commentator

Justice Malala
Political commentator, journalist and best-selling author

Use the link below
https://digitalevents.psg.co.za/ep/page?event=PSG-Think-Big-Series-GVO-JM-2026

15/10/2026

Financial results for the period ended 31 August 2026

PSG Financial Services increased recurring headline earnings per share by 5% and generated a return on equity of 26.5%.

Key features
Recurring headline earnings per share up 5% to 60.9 cents
Recurring headline earnings per share (excluding intangible asset amortisation) up 4% to 63.8 cents
Recurring headline earnings per share (excluding performance fees) up 11% to 59.8 cents
Interim dividend per share up 10% to 22.0 cents
Assets under management increased by 15% to R594.1 bn
Group capital cover ratio of 292%

View our full set of results on our website
Click the following link for more detail on our interim financial results: https://www.psg.co.za/investor-relations.

We announced our Interim Results for the 6-month period ending 31 August 2026, reporting 5% growth in recurring headline earnings per share and a return on equity of 26.5% despite challenging market conditions. Total assets under management increased by 15% to R594.1 billion.

According to CEO Francois Gouws, “The performance was achieved against a challenging operating backdrop, with securities market conditions significantly less favourable than in the previous comparable period.” Read more: www.psg.co.za/investor-relations

15/10/2026

US inflation fuels rate-hike concerns as global equity markets diverge
15 October 2026

US equity markets came under pressure on Wednesday as investors assessed hotter-than-expected September 2026 inflation data and continued volatility in the artificial intelligence (AI) infrastructure sector. The S&P 500 fell 1.10%, the Nasdaq Composite declined 2% and the Dow Jones Industrial Average moved 49 points lower.

Technology stocks led the broader decline, with semiconductor shares extending this week’s losses amid concerns about the ability of equipment manufacturers to meet demand and growing competition from China. ASML said it could not meet the current demand for semiconductor fabrication equipment, while Chinese competitors released new products with similar capabilities as those of US and South Korean firms. Nvidia shed 3.20%, Broadcom declined by 3.10%, Micron fell 4.10% and Advanced Micro Devices lost 5.70%.

Beyond the technology sector, inflation data added to concerns about the interest-rate outlook. The US consumer price index (CPI) rose by 0.60% month on month in September 2026, taking annual inflation to 3.70%. The figures heightened concerns that persistent price pressures could prompt the Federal Reserve (Fed) to consider further monetary tightening. According to a CNBC report, the 10-year Treasury yield rose by more than 6 basis points (bps) to 5.28%, while the 30-year yield gained more than 2bps to 5.59%.

Bank shares also came under pressure as investors digested quarterly results. Bank of America fell 4.80% after both equity and fixed-income trading revenues missed estimates. Morgan Stanley closed 2.70% lower despite beating forecasts for equity-trading revenue, while BlackRock added 0.70% after stronger asset-management inflows boosted fee revenue.

In contrast, European equities closed higher, supported by positive corporate earnings and robust results from major tech companies. The Euro STOXX 50 and STOXX Europe 600 each gained 0.50%, reaching 6 195 and 638 points, respectively. ASML advanced 1.20% after exceeding earnings and revenue expectations and issuing a positive fourth-quarter sales outlook. However, technology-sector sentiment remained fragile amid higher interest rates and competition from China. Infineon fell 1.20%, while Siemens Energy lost 5.50%.

Asian markets remained sensitive to developments in the global technology sector, particularly concerns about competition in semiconductor manufacturing and the sustainability of AI-related investment. Investors continued to assess the potential implications for chipmakers and the wider technology supply chain. Japan’s Nikkei declined 0.05% to 67 744.29, while the Shanghai Composite slipped 0.88% and Hong Kong’s Hang Seng edged down 0.13%.

The South African markets ended lower on Wednesday, with the All Share Index declining 0.82% to 108 515.44. The Top 40 fell 0.85% to 100 698.08, while the Resource 10 dropped 2.29% to 116 473.74. The Industrial 25 declined 0.08% to 119 106.36, and the Financial 15 lost 0.22% to 24 842.00. The JSE Metals and Mining index was among the weakest performers, falling 2.75% to 119 706.54. The rand weakened 0.72% against the US dollar to R16.61, 0.19% against the British pound to R21.90 and 0.27% against the euro to R18.52.

Commodity prices were broadly weaker. However, at 21h05 SAST, Brent crude rose by 0.32% to trade at $106.03 per barrel. Precious metals declined as stronger-than-expected US inflation data lifted the US dollar and reinforced expectations of further Fed interest rate hikes. Gold fell by 1.28% to $4 103.29 an ounce, while silver dropped by more than 6% and platinum declined by over 3%.

23/09/2026

AI chip rally lifts Nasdaq to record high as banks retreat
23 September 2026

US President Donald Trump’s comments on Iran at the United Nations General Assembly added to market uncertainty on Tuesday, tempering hopes of a near-term diplomatic resolution and pushing Treasury yields higher. US equities were mixed as the rebound in borrowing costs offset continued strength in artificial intelligence (AI) names. The S&P 500 was flat, while the Dow Jones Industrial Average moved 185 points lower, and the Nasdaq 100 rose 0.50% to a record high. The US 10-year Treasury yield settled slightly higher at 4.97%.

Leading semiconductor names powered the Nasdaq higher. Nvidia edged up 0.70%, Micron climbed 5% and SanDisk surged 6.80% after Rosenblatt upgraded the memory-chip sector. Among manufacturers, Applied Materials advanced 1.80%. In contrast, a pullback in bank shares weighed on the Dow, with JPMorgan down 3.40% and Bank of America falling 3%.

European equities closed marginally higher, supported by technology and consumer staple shares, while higher sovereign yields weighed on banks and insurers. The Euro STOXX 50 rose 0.20% to 6 332 and the STOXX Europe 600 gained 0.30% to 643.6. Germany’s DAX 40 was unchanged at 25 579, France’s CAC 40 added 0.20% to 8 155, while the FTSE 100 fell after a volatile session. Technology shares led gains, although financials weakened as yields and energy prices rebounded.

Asian markets were mixed. The Shanghai Composite rose 0.10% closing at 3 953.72, while the Hang Seng Index gained 0.20% to 25 088. Japanese markets remained closed on Tuesday as part of national holidays and will remain closed through Wednesday, with trading scheduled to resume on Thursday.

South African markets were broadly steady, with the JSE All Share Index gaining 0.21% to 113 349.31. The Industrial 25 rose 1.42%, while financials fell 0.07% and resources declined 0.60%. The rand strengthened against the dollar, pound and euro, trading at around R16.17, R21.58 and R18.52, respectively.

While crude oil fell to $91.80 a barrel on Tuesday, extending its decline into a fifth session, Brent crude fell 1.24% to $99.10 a barrel, as markets assessed diplomatic efforts to end the conflict with Iran. President Donald Trump said he expected the US to reach a deal with Iran after the November mid-term elections, while reports indicated that Iran had proposed reopening the Strait of Hormuz within seven days if the US lifted its blockade.

Precious metals moved higher. At 21h35 SAST gold gained 0.63% to $4 370.57 an ounce, silver rose 2.27% to $67.53, and platinum increased 2.48% to $1 845.70.

16/09/2026

US Fed raised interest rates today by 25bpts

Federal Reserve raises interest rates for the first time in three years, a move by Chairman Kevin Warsh that could put him at odds with Trump. Follow live updates. https://cnn.it/4gXKlz8

16/09/2026

Oil and bond yields pressure markets as rate risks intensify
16 September 2026

Global markets remained under pressure on Wednesday as rising energy prices and higher bond yields reinforced concerns around inflation and interest rates. Brent crude rose 3.62% to $101.46 per barrel at 21h04 as escalating US-Iran tensions increased concerns over supply disruptions, particularly around the Strait of Hormuz.

US equities traded lower, with the S&P 500 and Dow falling around 0.50%, while the Nasdaq 100 lost almost 1% as technology stocks weakened. Higher oil prices added to inflationary pressures ahead of the Federal Reserve’s meeting next week.

The US 10-year Treasury yield rose towards 4.85%, its highest level since October 2023, after the Treasury Department increased its planned buyback of off-the-run securities to $6 billion. Long-term yields have also been influenced by higher oil prices, record corporate debt issuance and Japanese sales of US Treasury securities amid pressure on the yen. Technology shares remained under pressure, with Alphabet falling 3% and Amazon down 2%, while Meta gained 4.50% after announcing a new artificial intelligence agent.

European equities fell sharply as higher energy prices increased inflation concerns and reinforced expectations of further interest rate increases by the European Central Bank. The Euro STOXX 50 declined 1.70% to 6 304, while the STOXX Europe 600 fell 1.50% to 640. The DAX 40 and CAC 40 dropped 1.70% and 1.90%, respectively, while the FTSE 100 fell more than 1%. Energy and industrial stocks provided some resilience, but weakness was broad-based across banks, technology, luxury, and consumer stocks.

Asian markets were mixed, with Chinese equities edging higher despite renewed inflationary pressures. The Shanghai Composite rose 0.28%, while Hong Kong’s Hang Seng Index was little changed, down to 0.20%, to close at 25 275, as investors remained cautious. Japan’s Nikkei 225 fell 0.19%, with the stronger yen weighing on export-focused companies, while continued gains in oil prices kept inflation and interest rate concerns in focus.

South African equities also declined, with the FTSE/JSE All Share Index falling 0.80% to 116 520.01. Financials fell 1.76%, while Industrials declined 0.68% and Resources slipped 0.18%. At 21h44, the rand weakened 0.25% against the dollar to R16.05, and 0.26% against both the pound and the euro to R21.74 and R18.67, respectively.

Gold rose 1.05% to $4 399.93 per ounce, while silver gained 2.39% and platinum advanced 2.89%.

10/09/2026

Oil and bond yields pressure markets as rate risks intensify
10 September 2026

Global markets remained under pressure on Wednesday as rising energy prices and higher bond yields reinforced concerns around inflation and interest rates. Brent crude rose 3.62% to $101.46 per barrel at 21h04 as escalating US-Iran tensions increased concerns over supply disruptions, particularly around the Strait of Hormuz.

US equities traded lower, with the S&P 500 and Dow falling around 0.50%, while the Nasdaq 100 lost almost 1% as technology stocks weakened. Higher oil prices added to inflationary pressures ahead of the Federal Reserve’s meeting next week.

The US 10-year Treasury yield rose towards 4.85%, its highest level since October 2023, after the Treasury Department increased its planned buyback of off-the-run securities to $6 billion. Long-term yields have also been influenced by higher oil prices, record corporate debt issuance and Japanese sales of US Treasury securities amid pressure on the yen. Technology shares remained under pressure, with Alphabet falling 3% and Amazon down 2%, while Meta gained 4.50% after announcing a new artificial intelligence agent.

European equities fell sharply as higher energy prices increased inflation concerns and reinforced expectations of further interest rate increases by the European Central Bank. The Euro STOXX 50 declined 1.70% to 6 304, while the STOXX Europe 600 fell 1.50% to 640. The DAX 40 and CAC 40 dropped 1.70% and 1.90%, respectively, while the FTSE 100 fell more than 1%. Energy and industrial stocks provided some resilience, but weakness was broad-based across banks, technology, luxury, and consumer stocks.

Asian markets were mixed, with Chinese equities edging higher despite renewed inflationary pressures. The Shanghai Composite rose 0.28%, while Hong Kong’s Hang Seng Index was little changed, down to 0.20%, to close at 25 275, as investors remained cautious. Japan’s Nikkei 225 fell 0.19%, with the stronger yen weighing on export-focused companies, while continued gains in oil prices kept inflation and interest rate concerns in focus.

South African equities also declined, with the FTSE/JSE All Share Index falling 0.80% to 116 520.01. Financials fell 1.76%, while Industrials declined 0.68% and Resources slipped 0.18%. At 21h44, the rand weakened 0.25% against the dollar to R16.05, and 0.26% against both the pound and the euro to R21.74 and R18.67, respectively.

Gold rose 1.05% to $4 399.93 per ounce, while silver gained 2.39% and platinum advanced 2.89%.

04/09/2026

Markets rebound as yields ease and Fed signals pause
4 September 2026

US equities rebounded on Thursday as a pause in the recent rise in Treasury yields helped lift sentiment, particularly towards more economically sensitive sectors. The S&P 500 and Nasdaq 100 both gained more than 1%, while the Dow Jones rose 624 points, despite weakness among semiconductor stocks. Sentiment was further supported by comments from Federal Reserve (Fed) Governor Christopher Waller, who indicated that further rate hikes may not be necessary if underlying inflation continues to moderate, marking a more dovish tone than his earlier warnings about inflation risks.

Treasury yields subsequently eased, even as markets remained alert to signs that Japanese authorities could intervene again to support the yen. Among individual stocks, Microsoft rose 2.70%, Meta gained 3% and Oracle and Palantir jumped 5.70% and 7.70%, respectively. Chipmakers were mixed, with Nvidia and Intel each gaining 1.80%, while Broadcom fell 2.70% despite reporting 221% year-on-year revenue growth in its latest fiscal quarter. Hewlett Packard Enterprise added 5% despite reporting results below expectations. Gains among financial heavyweights also supported the Dow, with JPMorgan rising 1.60%, Goldman Sachs gaining 3.30% and Morgan Stanley adding 2.50%.

Asian markets ended mixed and largely flat on Thursday, after a volatile session driven by concerns over potential US technology and semiconductor tariffs. Japan's Nikkei 225 slipped 0.17% to 64 214.48 points, while China's Shanghai Composite was almost flat and Hong Kong's Hang Seng fell 0.54%. Markets saw sharp swings during the day as investors assessed the potential impact of further US tariffs on the technology sector, but sentiment steadied towards the close as the initial uncertainty eased.

European equity markets recovered, ending a three-session run of losses as easing bond yields helped improve investor sentiment. The Stoxx Europe 600 rose 0.49% to close at 649.10, while the EURO STOXX 50 gained 0.32% to finish at 6 382.59. The FTSE 100 advanced 0.70% to close at a near one-week high of 10 832, while Germany's DAX 40 rose 0.60% and France's CAC 40 edged 0.10% higher. The recovery was supported by a stabilisation in bond markets, with government bond yields easing from recent multi-year highs and taking some pressure off equities. Investors also considered steady eurozone composite PMI data ahead of further economic indicators from the US.

The South African rand strengthened modestly on Thursday, helped by a softer US dollar and firmer gold prices, as investors looked ahead to the US jobs report for clues on the Fed's next policy move. The rand's gains came alongside a broader improvement in local markets, with the JSE All Share Index and FTSE/JSE Top 40 rising 1.40% and 1.44%, respectively. Mining and other large-cap shares were among the stronger performers, supported by positive company updates and generally improved investor sentiment. Several major South African companies reported solid earnings and operational performances, helping to underpin the broader equity market.

Local government bonds also benefitted from the more supportive global backdrop, with the yield on the benchmark 2035 bond falling 7 basis points to 8.58%. A weaker US dollar and firmer gold prices provided additional support for local assets, particularly given South Africa's significant role in global gold production. The latest PMI survey showed that private-sector activity expanded slightly in August.

Commodity markets were broadly steadier as oil and gold prices consolidated after a volatile start to the week. Crude oil paused following a sharp three-session rally driven by renewed US–Iran tensions around the Strait of Hormuz. Brent crude traded around $96.11 per barrel, while WTI held near $91.40, with prices easing slightly after comments from US President Donald Trump reduced concerns about a prolonged military campaign. Gold recovered strongly, rising to around $4 492 an ounce after falling to more than three-week lows. The rebound was supported by a softer US dollar and lower Treasury yields, while more dovish signals from Fed officials reduced expectations of further aggressive interest-rate increases.