South Africa makes Olympics push, and Google kisses $500 billion goodbye

The rand was trading at R16.62 against the US dollar on the morning of Friday, 30 October 2026, unchanged from where it opened a day prior.

South African shares finished yesterday higher, with the JSE All Share Index gaining 0.25% and the Top 40 Index gaining 0.30%.

September producer inflation rose to 6.2% annually from 5.0%, driven by petroleum products, while private sector credit growth slowed to 6.23%.

The producer price index rose 1.0% month-on-month, with investor attention now turning to Friday’s trade and budget balances.

On Wall Street, markets retreated as concerns about AI investment returns outweighed economic resilience. The Nasdaq fell the most at 1.38%.

Annualised US third-quarter GDP growth hit 3.4%, above the 3.2% forecast, while jobless claims reached 194,000 against expectations of 199,000.

European indices pushed higher amid strong corporate earnings, driving the STOXX 600 up by 0.77% to its highest close since 8 September.

The European Central Bank kept rates unchanged but warned that rising energy prices could drive up inflation pressures.

In Asia, market performance showed mixed results, with the Nikkei 225 rising 1.10% while the Shanghai Composite and Hang Seng dropped 0.82% and 0.59%, respectively.

Attention shifted to the Bank of Japan’s upcoming rate decision, after Tokyo core inflation reached 2.6% in October.

In the commodities market, Brent crude oil fell to around $112 per barrel, while gold dropped to $3,999.55 per ounce as higher US inflation undermined demand.

On Friday morning, the rand was trading at R16.62 to the US dollar, R18.59 to the euro, and R22.24 to the British pound.

Important finance and investing news

Google kisses $500 billion goodbye: Google’s stock suffered its worst day on record on Thursday following the release of its results the day before. The slide saw roughly $500 billion disappear from Alphabet’s market value, with the 13% drop fuelling a decline on the Nasdaq composite. [Wall Street Journal]

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South Africa hits R8 trillion: The latest rebasing of South Africa’s GDP has lifted the size of the economy 5.3% to R8.044 trillion in 2025, compared to the previously stated R7.642 trillion for that year. The mining industry rose by 12.5% due to the inclusion of illegal mining activity. [BusinessDay]

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BP board members favour breakup: Some members of the BP board have said they are in support of a breakup of the global oil-and-gas giant. The possibility has not been formally discussed, and no decision has been made. Meg O’Neill, CEO of the $129 billion company, is reportedly opposed to the move. [Semafor]

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Fried chicken chain closes all stores: BreWingz Sports Bar & Grill, which started in the Houston area in 2013, has suddenly closed all of its locations at once. The restaurant hit a peak of 22 stores a few years ago before it began closing underperforming locations, having just six left by 2026. [Yahoo Finance]

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South Africa makes Olympics push: The South African Sports Confederation and Olympic Committee has officially named Durban its preferred host city for the first-ever Olympic and Paralympic Games in Africa. The proposal targets either the 2036 or 2040 Games and is backed by government and cabinet support. [EWN]

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