Events that moved the market: Q1 2025 recap
The first quarter of 2025 – along with this month – has proven to be tumultuous for global markets. Below are the key developments that have shaped the current market position:
US President Donald Trump signed an executive order titled “Addressing Egregious Actions of The Republic of South Africa”, resulting in aid cuts to South Africa. Policy changes escalated thereafter.
South Africa’s revised 2025/2026 Budget introduced VAT increases, promised infrastructure investment and updated growth forecasts. The VAT increase has since been withdrawn.
US stocks dropped, and Nvidia lost nearly US$600 billion in market value, after a surprise advancement by China’s DeepSeek AI, which threatened America’s tech dominance.