As we approach the end of the year, we would like to take a moment to thank you for your trust, support, and loyalty in FC Wealth & Investments throughout 2025. Your confidence in our services is not only appreciated—it remains the foundation of our continued success.

IN THE NEWS:

• The JSE All Share Index is on 110 842 on 9 December 2025.
• 1 US Dollar will cost you R17.02; 1 Pound = R22.66 and 1 Euro = R19.81.
• SA inflation is 3.4% at the moment.
• The prime lending rate in SA currently is 10.25% per annum.
• The price of Oil is $62 per barrel.

Four themes will especially be important:

1. Fragmentation, politics and transition – multipolar tensions, conflicts, elections, the energy transition and re-shoring are reshaping supply chains, capital flows and sector leadership.
2. Global inflation and policy trade-offs – inflation has fallen from post-pandemic peaks towards targets, giving policymakers more scope to balance inflation, growth and financial-stability risks.
3. AI, digital infrastructure and market leadership – surging investment in AI and digital infrastructure puts a premium on selectivity and strong balance sheets and may broaden leadership beyond US mega-cap growth.
4. South Africa’s evolving risk narrative – South Africa’s risk profile is improving, supported by better fiscal dynamics, progress at key SOEs, foreign inflows, attractive real yields, rating-upgrade momentum and movement off the FATF grey list, with the 2026 local elections a key test of service-delivery reform.

Wealth regards,

Fanie Jansen Van Vuuren CA (SA), CFP®

Director: FC Wealth and Investments (Pty) Ltd

E: fanie@fcfin.co.za  |  T: 083 384 5868

W: www.fcfin.co.za