OpenAI’s new $1.2 trillion funding round, and PetroSA faces liquidation

The rand was trading at R16.23 against the US dollar in early trade on the morning of Wednesday, 16 September 2026, strengthening slightly from the day before.

South African equities rebounded slightly, with the JSE All Share Index up 0.43% and the Top 40 Index gaining 0.40%.

US-South Africa relations remain tense after the United States introduced a new visa-restriction policy aimed at certain South African nationals.

On Wall Street, equities continued to decline with the S&P 500 down 0.45%, the Dow Jones down 0.63%, and the Nasdaq down 0.78%.

Treasury yields above 5% and high energy prices weigh on market sentiment, with expectations for a Fed rate hike now sitting at 94.5%.

European bourses ended yesterday lower under pressure from rising energy costs, with the STOXX 600 down 0.3% to its lowest close since 12 June.

UK job vacancies fell to a four-year low ahead of Thursday’s Bank of England meeting, where rates are expected to remain unchanged.

In Asia, the Hang Seng dropped 1.00%, and the Shanghai dropped 0.54%. China’s August industrial output rose 5.2%, beating expectations, but retail sales slowed 0.4%.

In the commodities market, Brent crude oil traded above $108 per barrel amid supply risks, while gold remained subdued at $4,293/oz.

On Wednesday morning, the rand was trading at R16.23 to the US dollar, R18.74 to the euro, and R21.89 to the British pound.

Important finance and investing news

OpenAI valued at $1.2 trillion: The ChatGPT-maker is considering a pre-IPO funding round which could value the company at more than $1.2 trillion ahead of its plans to list next year. The company was last valued at $852 billion in March after a funding round in which it raised $122 billion. [Wall Street Journal]

PetroSA’s R600 million bill: The state-owned Petroleum Oil and Gas Corporation of South Africa is facing potential liquidation over a R600 million unpaid fuel bill, with the creditor Nako Energy telling the courts that the national oil company may be commercially insolvent. [BusinessDay]

Iran war cost $38 billion: The cost for the first six months of the conflict between the United States and Iran has reached $38 billion, with this amount projected to rise by another $3 billion for every month that the war continues. The war is expected to raise US inflation by 0.5% in the first three months of 2027. [Reuters]

Markets brace for Fed rate hike: The Federal Reserve’s September policy meeting kicked off yesterday, with markets overwhelmingly expecting the Fed to raise US interest rates by 25 basis points later today. This will be the first rate hike for the United States in over 3 years. [Yahoo Finance]

SAA dashes India return hopes: South African Airways has said it is not currently considering a resumption of its direct flight routes from Johannesburg to Mumbai, despite a push from South African president Cyril Ramaphosa for direct flights between the two countries to be reopened. [The Citizen]