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Market Commentary | The week that was

Updated: Jul 13, 2022

Headlines from the previous week have once again been dominated by the potentially imminent conflict between Russia and the Ukraine. Western officials maintain that a Russian attack could occur at any time.

US President Joe Biden and Russian President Vladimir Putin have accepted in principle a proposal by French President Emmanuel Macron for a diplomatic summit. The meeting would occur only if Russia did not invade Ukraine, US officials said on Sunday. The discussion would focus on security and strategic stability in Europe, followed by a second summit with relevant stakeholders.

The latest news on the movement of Russian troops is that they have extended their military exercises in Belarus.

Looking at the week ahead, the focus will be on Finance Minister Enoch Godongwana’s National Budget Speech on Wednesday. This will be Godongwana maiden budget speech, as he faces a tricky task to navigate past many economic potholes. Key focusses will be on the need to fast-track structural reforms, as emphasised by President Cyril Ramaphosa in the State of the Nation Address earlier this month, as well as rising unemployment figures and an economy still in recovery from the Covid-19 pandemic.

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