Global stock markets had a testing week, with the largest decline for the S&P 500 since 2016. While several factors drove the decline, fears of a trade war driven by the U.S. was the principal factor. Facebook had a difficult week, down 10% (wiping $50 billion off its market cap) following the Cambridge Analytica scandal. Dropbox bucked the difficult trend for technology shares with a 36% share price rise on its IPO. Locally, Naspers announced intentions to reduce its stake in Tencent from 33% to 31%. Finally, Moody’s kept South Africa’s credit rating at investment grade, upgrading the outlook to stable.