Elon Musk’s SpaceX wants $40 billion, and technically insolvent state-owned fund sitting on 422,000 claims

The rand was trading at R16.58 against the US dollar on the morning of Wednesday, 7 October 2026, continuing to steadily recover this week.

South African equities posted gains yesterday, with the JSE All Share Index rising 0.51% and the Top 40 Index rising 0.48%.

The South African Reserve Bank has warned of second-round inflation risks due to consistently high oil prices and an El Niño weather forecast.

The SARB expects inflation to return to its 3% target only in Q4 2027, with headline inflation sitting at 4.4% in August.

On Wall Street, indices closed higher with the S&P 500 and Nasdaq reaching record highs, gaining 0.58% and 0.45% respectively.

Easing Treasury yields reduced market pressure ahead of third-quarter earnings season, with the 10-year yield declining to 5.28% and the 30-year yield to 5.65%.

European stocks advanced as eurozone bond yields fell, reducing concerns around fiscal and inflationary pressures. The STOXX 600 rose 0.5%.

In Asia, markets faced mixed trading amid oil volatility and Middle East tensions, although the Nikkei 225 rose 1.05% and the Hang Seng rose 1.00%.

In commodities, Brent crude oil remained around $101 per barrel as markets balanced tightening global supply against rising Middle East exports.

Meanwhile, gold declined to $4,133.63 per ounce as investors waited on minutes from the Federal Reserve’s September meeting for guidance.

On Wednesday morning, the rand was trading at R16.58 to the US dollar, R18.63 to the euro, and R21.97 to the British pound.

Important finance and investing news

End of an era for Hollywood: The $110 billion merger deal between Paramount Skydance and Warner Bros. Discovery closed on Tuesday after months of legal battles, creating a new Hollywood giant under billionaire David Ellison called Skydance. This brings together the studios behind huge entertainment franchises such as DC Comics, Harry Potter, and Mission Impossible. [Wall Street Journal]

More interest rate pain coming for South Africa: The South African Reserve Bank has raised more alarms around rising inflation risks stemming from the Middle East war, which could see the Bank raise interest rates one more time next month after two hikes earlier in the year. The SARB defended its actions as a measured approach to containing inflation, likening it to firefighting. [BusinessDay]

Elon Musk eyes $40 billion: Elon Musk’s company SpaceX is looking to raise $40 billion in a financing effort led by Apollo Global Management to purchase Nvidia chips. About $10 billion of this will come from bank loans, and the remaining $30 billion will come from investment-grade debt to fund its chip order. [Yahoo Finance]

India’s first bullet train is complete after 10 years: India’s first ever bullet train is yet to transport a single passenger 10 years after the joint project with Japan was completed, which has caused tension between the two countries. The train is expected to open next year, albeit using slower trains that won’t cover the full 316-mile distance. [Semafor]

State-owned fund is five years behind schedule: The Road Accident Fund has 422,000 claims still open, with 59% of these found to be older than five years. This is up from 51% the previous year, with the fund saying that legal and other claims-related costs made up 16% of compensation costs in the past five years. [EWN]