Tue 28 Jul 2026 - 10:00 EDT / 15:00 BST / 16:00 CEST

• Geopolitical shocks are beginning to ebb as South Africa moves towards the local elections.

• Uncertainty remains around the pace and impact of structural reforms.

• Markets are digesting an inflation wobble on the path towards a lower inflation target, alongside forthcoming fiscal reforms.

• The broad arc of events through to the 2029 national elections, with a focus on expected changes through the remainder of the year.

• The key question is whether growth will emerge to underpin the improving outlook, or whether markets are simply witnessing a reassessment of risk.