Top South African landlord on a five-year high, and Disney to cut thousands of jobs
The rand was trading at R16.62 against the US dollar on the morning of Tuesday, 3 November 2026, strengthening slightly from the day before.
Local equities surged on Monday, with the JSE All Share Index gaining 1.77% and the Top 40 Index gaining 2.04%.
The Absa PMI ticked up to 49.6 in October from September’s revised 48.7, still below the expansion threshold as weak demand persisted.
Vehicle sales grew 10.4% year-on-year despite financial pressures on households, while President Ramaphosa emphasised infrastructure spending.
On Wall Street, market performance was mixed. The Dow Jones rose 0.41% while the Nasdaq and S&P 500 fell 1.07% and 0.51%, respectively.
Longer-dated Treasury yields declined amid hopes that negotiations could ease Middle East tensions, while the ISM PMI reached 55.5 in October.
Falling oil prices boosted European shares as investors weighed negotiation progress in Iran, with the STOXX 600 gaining 0.42%.
Eurozone PMI slipped to 52.7 from 52.9, while Germany improved to 54.2 from 53.9. France contracted to 49.5 from 50.6.
In Asia, early trade reflected investor caution on Tuesday morning. The Nikkei 225 was down 0.33%, while the Shanghai Composite and Hang Seng rose 1.08% and 0.42%, respectively.
Chinese announcements focused on capital markets and financial oversight, while concerns rose over technology investment after US corporate updates.
In commodities, Brent crude oil fell to around $105 per barrel, while gold reached $3,923.37 per ounce to recover from a one-year low.
On Tuesday morning, the rand was trading at R16.62 to the US dollar, R18.60 to the euro, and R22.29 to the British pound.
Important finance and investing news
Apple is slowing down: Apple’s growth is beginning to waver, with the boost from higher prices potentially not enough to keep it going. New chief executive John Ternus warned that Apple’s margins may weaken in future quarters, leading the company’s share price to drop. [Wall Street Journal]
Redefine on a five-year high: South Africa’s second-largest real estate investment trust Redefine has turned around after years of lacklustre performance, with its domestic portfolio reaching its strongest levels in five years. Its share price closed 1.74% higher on Monday at R6.42, valuing Redefine at R45 billion. [BusinessDay]
Disney to cut thousands of jobs: Disney is moving to lay off thousands of employees, asking some managers to target 20% in annual savings. Some of its operations, including theme parks, TV networks, and movie studios, will be affected disproportionately. [Yahoo Finance]
Australia rates hit 18-year high: Australia’s central bank raised its cash rate by 25 basis points to 4.85%, its highest level in 18 years. The decision was split 6-3, with markets pricing in a high chance that the RBA will pause in December after it removed an explicit reference to raising rates further. [Reuters]
Heineken reviews wine business: Heineken is reviewing its South African wine business, including Distell brands such as JC Le Roux, Nederburg, and Durbanville Hills. The brands have struggled in recent years amid a wine industry under increased pressure, leading to falling sales. [EWN]
