Trump’s tariff refunds rolling in, and protestors vow to shut down Durban

The coming week will be busy with company results, as several local companies are expected to release results. 

This will be coupled with the vital information provided by American banking giants Goldman Sachs, JPMorgan, and Morgan Stanley. 

These banks will give insight into how they are financing the AI boom in the United States and abroad, while providing a health check for the world’s largest economy. 

All of these banks are expected to post strong results according to analysts, with JPMorgan leading the way with forecasted earnings growth of 16.8%. 

Goldman Sachs, driven by its global markets business and wealth management, is expected to grow earnings by 9.2%. 

Perhaps the most important results, however, will come from Europe, where LVMH will post its third-quarter performance along with BP and ASML. 

BP, in particular, is expected to give data about the international oil market and whether supply from the Middle East is recovering. 

It will also reveal whether refining capacity remains constrained, which is putting pressure on refined product prices, such as petrol and diesel. 

ASML’s earnings are expected to surge 93% on the back of continued demand for its lithography machines used to manufacture computer chips. 

Along with TSMC, the largest supplier of high-end chips, ASML will give an indication about continued demand as a result of the AI infrastructure boom. 

TSMC’s earnings are expected to increase by 62% year-on-year, with the company’s monthly sales tracking strongly. 

On the local front, Boxer will release its interim results for the first half of the 2027 financial year, with it expected to grow earnings per share by 5.3%. 

The discount retailer remains one of the fastest-growing formal retail chains in South Africa, with it rapidly opening new stores to reach new parts of the country. 

It has also recently secured a deal with FNB eBucks to offer rewards to consumers who bank with South Africa’s oldest. 

PSG Financial Services is the other big company reporting results this week, with it being one of the standout performers on the JSE. 

It continues to show strong growth as its asset management business surges and PSG Insure continues to grow above 20% year-on-year. 

Important finance and investing news

Tariff refunds rolling in: The US Customs and Border Protection has received approximately $136 billion in refund requests and sent $126 billion to the Treasury Department for payment. Much of this money appears to be going towards marketing as the holiday spending season ramps up. [Wall Street Journal]

CFO appointed after being linked to stolen R4 million: The uMshwati Local Municipality appointed a new CFO at the same meeting where it was revealed she was linked to the theft of R4 million from the council’s treasury. [Business Day]

Big banks are making it rain: Big American banks are benefitting from volatile markets. These markets boost trading activity, earning them lucrative fees and commission income. This led to a record six-month performance earlier this year. [Yahoo Finance] 

SpaceX sends telecoms stocks plunging: T-Mobile, AT&T and Verizon Communications all saw their shares fall at least 8% on Friday, leading decliners in the S&P 500. The move followed news that Elon Musk’s SpaceX was buying spectrum licenses to help build a mobile network and compete with the telecom giants. [Wall Street Journal] 

Make Durban ungovernable: Anti-illegal immigration protesters have vowed to continue making Durban ungovernable if their demands for the deportation of undocumented foreign nationals are not met. [EWN]