Two-pot chaos and Curro's nonprofit pivot

Overnight global mood

US markets closed mixed on Thursday as Wall Street digested some softer economic signals and held its breath ahead of the July jobs report. European markets are flat this morning, and Asia's overnight close was equally uninspired. For the JSE, it means another Friday of investors waiting to see if global risk appetite is genuinely cooling or just taking a breather before the summer rush.

Today's big stories

• Two-pot system reshaping SA retirement savings. Old Mutual's data shows the new withdrawal rules are changing how South Africans access their pension savings. Early withdrawal patterns suggest financial pressure is real; the question now is whether regulation can keep pace with behaviour change. Read more.
• Curro delisted: private education goes nonprofit. The JSE loses another listed gem as the private school giant shifts to nonprofit status under a billionaire trust. It's better for reinvestment in schools and bursaries; worse for the retail investor hoping to own a slice of SA education. Read more.
• Shoprite's R1 deal that changed retail forever. A nostalgic look at the 1997 OK Bazaars acquisition that turned Whitey Basson into a retail empire builder overnight. History repeats; legends fade. Read more.

Sector watch

Financial services and insurance stocks will likely track the two-pot story closely; any sign of accelerated early withdrawals could pressure savings rates and claim payouts. Retail and education plays are in the spotlight after Curro's delisting, reminding investors that JSE liquidity in niche sectors can vanish faster than load shedding credits. Watch for any earnings guidance updates as we head into July.

One thing to watch

The behaviour shift in retirement savings. If the two-pot system is genuinely unlocking cash that was previously locked away, it could ripple through everything from household spending to financial sector margins. Keep an eye on Old Mutual (OML) for earnings commentary on this trend.