South Africa missing out on R88 billion, and US deals major blow to tech companies

The rand was trading at R16.51 against the US dollar on the morning of Friday, 9 October 2026, recovering somewhat after declining the day before.

South African equities remained largely unchanged, with the JSE Top 40 Index posting growth of just 0.1% while the All Share Index remained flat.

Manufacturing production contracted 4.3% in August, missing expectations for 0.6% growth and reversing the 1.1% growth seen in July.

On Wall Street, markets were mixed with the Dow Jones posting a 10% increase, while the Nasdaq and S&P 500 declined by 1.25% and 0.47%, respectively.

Rising oil prices have heightened inflation concerns, raising expectations of further Federal Reserve rate tightening.

European indices retreated over higher borrowing costs and inflation concerns, with the STOXX 600 declining to a four-month low of 1.18%.

French equities reached six-month lows amid concerns of a budget deficit exceeding 5% of GDP.

In Asia, markets weakened overall, with the Nikkei 225 down 1.42%, the Hang Seng down 1.43%, and the Shanghai Composite down 0.79%.

Stocks headed towards a second consecutive week of decline, with elevated energy prices and concerns around AI investment weighing on sentiment.

In commodities, Brent crude oil hovered around $103 per barrel as Hurricane Isaias shut down production of 1.3 million barrels per day in the Gulf of Mexico.

Gold advanced to $4,181.71 per ounce as declining US Treasury yields heightened demand for the safe-haven metal.

On Friday morning, the rand was trading at R16.51 to the US dollar, R18.55 to the euro, and R21.88 to the British pound.

Important finance and investing news

American oil refiners are printing money: Independent fuel makers Valero Energy, Marathon Petroleum, and Phillips 66 are expected to surpass their near-record earnings results from the second quarter ending June, as the ongoing conflicts in Ukraine and the Middle East have shrunk supply and heightened demand for fuel. [Wall Street Journal]

South Africa missing out on R88 billion: A new study found that South Africa’s underperforming bus industry could contribute as much as R88 billion to the country’s GDP and be a net contributor to employment, if the right investments and policy decisions are made. [BusinessDay]

US deals major blow to tech companies: The Trump administration has barred Microsoft, Adobe, and half a dozen other tech companies from a US worker visa programme, after accusing the companies of abusing the system. Shares of Microsoft fell 1.3% in a single day following the announcement. [Bloomberg]

Major American bank fined $350 million: American Express has been fined $350 million over widespread failures in its anti-money laundering controls, which reportedly left $13 billion in suspected laundering activity unmonitored and unreported for nearly 11 years. [Yahoo Finance]

South Africa’s gold revival: PwC’s SA Mine 2026 report says South Africa has the chance to reestablish itself as a global player in the gold industry, provided it can tap into the millions of ounces believed to be trapped in old mines and mine dumps. The US Geological Survey estimates South Africa’s gold reserves at 5,000 tonnes, or 161 million ounces. [The Citizen]