Investec

The war in the Middle East continues to weigh on markets and the economy, with second round effects showing up in US inflation numbers, notes Investment Strategist at Investec Investment Management Osagyefo Mazwai. The tech sector was the biggest loser in the days following the US inflation print. Investec Focus Radio SA

The global economy is proving resilient, and company earnings remain healthy. Even so, Investec’s Global Investment Strategy Group has maintained a risk score of zero, reflecting a measured approach to portfolio positioning. The findings are published in the quarterly Global Investment View.

On No Ordinary Wednesday, Chris Holdsworth, Investec Investment Management’s Global Chief Investment Officer, joins Jeremy Maggs to explain the thinking behind the decision. Investec Focus Radio SA

Trump’s announced deal to import Russian diesel offers limited relief, with the proposed 3.7 million barrels small relative to global demand and delivery uncertain amid damage to Russian refineries.

Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

The AI story has been great for investors so far, but it may be making the Fed feel uncomfortable. AI investment is helping to fuel growth and inflation, potentially forcing the Fed to maintain a tighter policy stance – even though, says Global Chief Investment Officer Chris Holdsworth, the sectors most likely to bear the burden of higher rates are those contributing the least to inflationary pressures. Investec Focus Radio SA

Stronger revenue offers an opportunity to reduce borrowing. Will spending pressures limit the gains?

Ahead of the 2026 Medium-Term Budget Policy Statement (MTBPS), Investec’s Annabel Bishop and Tertia Jacobs to examine the choices facing National Treasury.

Higher precious metals prices offer the prospect of better-than-budgeted tax revenue. But weaker growth, inflation pressure and higher borrowing costs complicate the outlook. How Treasury uses any additional revenue will matter for debt sustainability and investor confidence.

In this episode of No Ordinary Wednesday, our economists discuss spending discipline, the proposed fiscal anchor and why rising bond yields do not necessarily signal weaker confidence in South Africa. Investec Focus Radio SA

There’s been an almost universal rise in bond yields around the world over the past few months. According to Global Chief Investment Officer Chris Holdsworth, developed markets have seen the biggest rises, with France one of the hardest hit, as it grapples with a worsening fiscal situation. Investec Focus Radio SA

The G7’s 100 million barrel reserve release could ease diesel costs for UK businesses and motorists, following Trump’s confirmation that US diesel exports will continue. However, uncertainty over diesel volumes means relief may be temporary.

Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

The US economy is running hot, with the latest indicators pointing to 5% GDP growth, ahead of market forecasts for third-quarter growth of 2.8%. This comes despite high oil prices and rising inflation and has implications for the US dollar and the prospects of the US being able to grow out of its debt problem. Investec Focus Radio SA

Brent’s sharp swings, from $97 to above $108 a barrel, reflecting the uncertainty over renewed US-Iran talks and the future of the Strait of Hormuz.

Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

South Africa’s digital infrastructure is expanding rapidly, from data centres and fibre networks to satellites. But can the country provide the power, capital and regulatory certainty needed to turn digital investment into lasting growth?

On No Ordinary Wednesday, Jeremy Maggs speaks to Investec CIB’s Louise Pillay, a telecoms and media analyst, and David Abbey, a leveraged finance specialist, about what is driving demand, where the risk of overbuilding lies and what it will take to connect more of the country.

Chapters:

00:00 - Digital infrastructure as a growth engine

01:58 - How digital infrastructure has evolved

03:17 - Coverage versus digital inclusion

04:54 - What is driving demand for data centres and AI infrastructure?

06:08 - Is there a risk of overbuilding?

07:34 - Is grid access the bigger constraint for data centres?

08:45 - Power, water and social licence

10:53 - What makes a digital infrastructure project financeable?

12:04 - Can new rules speed up fibre rollout?

13:34 - Satellite versus fibre and mobile

14:47 - Does satellite change the economics of rural connectivity?

15:42 - How should policymakers regulate competing technologies?

16:38 - Who will fund the next phase of broadband build-out?

17:30 - What could change the outlook for the sector? Investec Focus Radio SA