Events that moved the market 2022
30 Dec 2022 Source: Reuters Wall Street ends 2022 with biggest annual drop since 2008 US stocks ended 2022 lower, with sharp losses driven by aggressive interest rate hikes to curb inflation, recession fears, the Russia-Ukraine conflict and rising concerns over Covid cases in China. 23 Dec 2022 Source: SABC News Eskom reports net loss of R12.3 billion Eskom releases its delayed 2021/22 financial results reporting a net loss of R12.3 billion for the year ended 31 March 2022. 19 Dec 2022 Source: Business Day Ramaphosa wins second term as ANC president President Cyril Ramaphosa is re-elected ANC leader during the party’s national conference, beating close rival Zweli Mkhize. 14 Dec 2022 Source: Al Jazeera Ghana inflation soared to 21-year high above 50% in November Ghana’s annual consumer inflation accelerates to a new 21-year high of 50.3 the previous month, driven by utilities, food and fuel. 14 Dec 2022 Source: EWN André de Ruyter resigns as Eskom CEO André de Ruyter marks the eleventh Eskom boss to have left the company in just over a decade. De Ruyter’s resignation comes at a time when South Africans moved between Stage 5 and Stage 6 power cuts. 24 Nov 2022 Source: SA Reserve Bank | EWN SARB hikes interest rates to above pre-Covid levels SA Reserve Bank Governor Lesetja Kganyago announces the MPC’s decision to increase the repurchase rate by 75 bps to 7%, with effect from 25 November 2022. 18 Nov 2022 Source: CNBC Elizabeth Holmes sentenced to more than 11 years in prison A California judge sentences Theranos founder Elizabeth Holmes to 11 years and three months in prison for defrauding investors in her now-defunct blood-testing startup. 30 Oct 2022 Source: Financial Times | Al Jazeera Lula wins Brazil presidential election Luiz Inácio Lula da Silva wins Brazil’s presidential election, but with incumbent Jair Bolsonaro still not conceding defeat there were concerns the far-right contender might challenge the result. 20 Oct 2022 Source: Washington Post UK PM Liz Truss resigns after six weeks in office UK Prime Minister Liz Truss resigns, brought down just six weeks into the job by an economic programme that shattered investor confidence and enraged much of her Conservative Party. 29 Sept 2022 Source: EWN Treasury bans Bain & Company from tendering for public sector contracts for 10 years Global consultancy firm Bain & Company is banned by Treasury for 10 years from tendering for public sector contracts. 26 Sept 2022 Source: Business Insider SA Pound at all-time low The sterling sinks to an all-time low of US$1.0350, as investors battle to digest new UK Finance Minister Kwasi Kwarteng's plans to cut the tax of high-income earners. 22 Sept 2022 Source: SA Reserve Bank SA rates up by 0.75% The Monetary Policy Committee increases the repo rate by 75 bps to 6.25. 21 Sept 2022 Source: Reuters Fed again hikes by 0.75% The Fed raises its target interest rate to a range of 3.00 and signals more large increases to come in new projections showing its policy rate to peak at 4.6% in 2023. 13 Sept 2022 Source: The Guardian US inflation at 8.3% CPI prices are 8.3% higher compared with last year. Prices rise across a wide range of goods and services, triggering a sharp sell-off on Wall Street, the worst since June 2020. 8 Sept 2022 Source: The Guardian EU rates spike The European Central Bank raises interest rates by a record margin ‒ from 0.50 ‒ to combat double-digit inflation in a number of member countries. 6 Sept 2022 Source: Stats SA SA GDP shrinks 0.7% SA GDP contracts 0.7 in the previous quarter. 31 Aug 2022 Source: CNBC | Eurostat EU inflation hits 9.1% Eurozone inflation hits a record high in August of 9.1%, with high energy prices the main driver. 17 Aug 2022 Source: Bloomberg Trouble at Tencent Tencent logs its first-ever revenue decline after its workforce shrank almost 5%, a prime example of how China’s worsening economy is hurting its corporations. 17 Aug 2022 Source: Bloomberg UK inflation tops 10% UK inflation accelerates to the highest in 40 years. The Consumer Price Index rises 10.1% from a year earlier. 27 July 2022 Source: Bloomberg Fed hikes rates again The US Federal Reserve raises interest rates by 75 bps for the second straight month. 22 July 2022 Source: SA Reserve Bank SA repo rate at 5.5% The repo rate is raised by 75 bps, the steepest hike since September 2002. Prime is increased to 9%. 13 July 2022 Source: Bloomberg Euro reaches dollar parity The euro crosses a major threshold for the first time in more than two decades, reaching parity with the US dollar. 8 July 2022 Source: BBC Former PM of Japan killed Shinzo Abe, Japan's longest-serving prime minister, who stepped down in 2020, is assassinated while giving a speech in Nara. 7 July 2022 Source: CNN Boris Johnson resigns Following the resignation of nearly 60 members of his government, Boris Johnson steps down as prime minister of the UK. 28 Jun 2022 Source: SARB Quarterly Bulletin SA attracts R27bn in foreign investment South Africa records FDI inflows of R27.2 billion in the first quarter of 2022, due to foreign entities increasing equity investments and granting loans to domestic subsidiaries. 22 Jun 2022 Source: Bloomberg News Covid regulations scrapped South Africa’s Health Minister Dr Joe Phaahla repeals the country’s last remaining coronavirus-related restrictions, such as the wearing of masks, curbs on gathering sizes and border checks for Covid. 13 Jun 2022 Source: Bloomberg Yen at 24-year low The yen falls to a 24-year low as Japan’s easy monetary policy increasingly contrasts with developed peers hiking rates. 13 Jun 2022 Source: Bloomberg S&P 500 down 20% The S&P 500 falls nearly 9 below its January highs. Also, the yield on 10-year Treasuries touches the highest level since 2011, and two-year rates the highest since the financial crisis. 31 May 2022 Source: Bloomberg Eurozone at inflation high Eurozone inflation accelerates to an all-time high of 8.1% year-on-year, intensifying the debate at the European Central Bank about how rapidly to raise interest rates. 19 May 2022 Source: SA Reserve Bank SA hikes rates by 50 bps The SA Reserve Bank hikes the repo rate by 50 bps, taking the bank’s key rate to 4.75. 11 May 2022 Source: The Guardian US inflation at four-decade high US data show that over the year, the CPI food index increased 9.4 later this year. 5 May 2022 Source: Bloomberg US rates up 50 bps The Fed delivers the biggest interest rate increase since 2000 – 50 bps ‒ unleashing the most aggressive policy action in decades to combat soaring inflation. 18 Apr 2022 Source: IOL KZN flooding declared disaster President Ramaphosa declares a national state of disaster following the floods in KZN, which destroyed 4 000 homes, killed over 400 people and disrupted fuel lines and food supplies. 12 Apr 2022 Source: Bloomberg Tencent back in the game Tencent shares surge, joining the rest of China’s gaming industry in a rally after regulators approved the country’s first batch of new titles in more than eight months. 8 Apr 2022 Source: Bloomberg EU bans Russian coal EU countries agree to ban coal imports from Russia. The UN General Assembly votes to suspend Russia from the Human Rights Council, the first suspension since Libya in 2011. 14 Mar 2022 Source: Bloomberg Tencent fined, Naspers halted Tencent faces a record fine after China’s central bank discovered its WeChat Pay service had violated anti-money laundering rules. Tencent’s shares extends losses to trade as much as 10% lower in afternoon trading. 10 Mar 2022 Source: Bloomberg Biggest surplus for SA ever SA reports its largest current-account surplus on record as last year imports were suppressed by the impact of the pandemic, while gold exports rose. The surplus on the current account widens to 3.7% of GDP. 7 Mar 2022 Source: CNET US oil sanctions against Russia President Biden announces the US prohibiting the import of Russian oil, coal and natural gas on the day the European Commission planned to reduce demand for Russian gas by 75%. 2 Mar 2022 Source: Reuters SWIFT ban on Russia The European Union says it’s excluding seven Russian banks from the SWIFT messaging system, following similarly drastic steps by the US, Britain and Canada. 2 Mar 2022 Source: IOL Record fuel price for SA March sees a petrol price hike of R1.46/litre for petrol and up to R1.48/litre for diesel. These continued increases will have an immediate effect on the poor, as well as long-term inflation. 2 Mar 2022 Source: Bloomberg Record inflation for EU Eurozone inflation rises to an all-time high, as Russia’s invasion of Ukraine threatens to send energy costs soaring at an even faster pace. Consumer prices jumped 5.8% from a year ago. 24 Feb 2022 Source: Bloomberg Russia invades Ukraine Russian forces invade cities across Ukraine after Putin ordered an operation aimed at demilitarising the country. 27 Jan 2022 Source: SA Reserve Bank SA repo rate hiked to 4% The SA Reserve Bank announces an increase in the repo rate to 4. 21 Jan 2022 Source: Moneyweb World Bank approves loan to SA The World Bank approves South Africa’s US$750 million (around R11.4 billion) loan request as part of efforts to address the socio-economic impact of Covid and bolster economic recovery.
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