Trump slams AI hoax, and Godongwana sends a warning

The rand was trading at R16.29 against the US dollar on the morning of Tuesday, 15 September 2026, continuing to weaken.

Equities on the JSE posted sharp declines yesterday, with the All Share Index down 1.41% and the Top 40 Index down 1.57%.

Sectors such as retail, banking, and mining posted losses, while beverages, chemicals, and industrial transportation closed stronger.

Domestic sentiment remained under pressure from global energy prices, inflation, and interest rates.

Wall Street indices closed lower yesterday, with the Nasdaq down 0.56%, the S&P 500 down 0.48%, and the Dow Jones down 0.29%.

10-year US Treasury yields briefly surpassed 5% for the first time since 2023, while Fed rate hike expectations reached 90%.

In Europe, higher bond yields and renewed energy inflation concerns pushed equities lower, with the STOXX 600 losing 0.5%.

Asian markets were more mixed amidst rising Middle East risks, with the Nikkei 225 down 0.81% while the Hang Seng rose 0.45%.

In commodities, Brent crude oil stayed above $106 per barrel following attacks on Saudi Arabia’s East-West pipeline, disrupting 4 million daily barrels of global supply.

Gold also rose slightly to $4,305.61 per ounce on heightened safe-haven demand and geopolitical uncertainty.

On Tuesday morning, the rand was trading at R16.29 against the US dollar, R18.79 against the euro, and R21.96 against the British pound.

Important finance and investing news

Africa’s largest IPO: Dangote Refinery will raise over $4 billion next month when it lists on the Nigerian Stock Exchange, valuing the company at $50 billion. This is the largest initial public offering for an African company, and will likely account for 40% of the Lagos exchange’s capitalisation when its shares start trading in November. [Semafor]

EU bank breaks four-decade taboo: The European Investment Bank has invested €40 billion in a Finnish small modular reactor start-up, more than forty years after the last nuclear investment on the continent. This comes as Europe races to develop cleaner energy technologies. [Bloomberg]

Global oil supply warning: Despite the Trump administration saying oil market disruptions are temporary, American oil executives are warning that the prolonged closure of the Strait of Hormuz is bound to cause a fuel supply crisis as commercial stocks and strategic reserves continue to deplete. [Wall Street Journal]

South Africa has no plan: Finance Minister Enoch Godongwana says South Africa has no plan to address its infrastructure backlog, with the National Treasury set to play a greater role in national projects and intervene in Johannesburg. [BusinessDay]

Trump calls out AI hoax: US President Trump pushed back on the need for tighter federal regulations on artificial intelligence and dismissed safety concerns as a hoax that would leave the industry in financial ruin and hand China a competitive edge. [Wall Street Journal]