Visa edges past forecasts as U.S. spending and travel demand drive another solid quarter

South Africa
South African equities advanced on Tuesday, with the Top 40 index rising 1.06% to 102,437.8 points and the All Share index up 1.02% to 109,818.5 points, supported by positive corporate updates and improved market sentiment. Kumba Iron Ore gained after reporting a 12% rise in rail volumes to Saldanha and a 7% increase in quarterly sales, helped by stronger Transnet performance. Maersk strengthened logistics confidence with a R1.72 billion investment in a new Cape Town cold-storage facility. Meanwhile, Ninety One highlighted “huge” opportunities in Middle Eastern credit markets. Investors now await key domestic data, including credit, producer inflation, and trade balance figures.

European Union
European markets eased after record highs, with the STOXX 600 slipping 0.2% as investors rotated from trade optimism to corporate earnings. Nokia surged over 20% after Nvidia’s $1 billion AI-linked investment, lifting Finland’s OMXHPI to a three-year peak. HSBC climbed 4.6% on a stronger income outlook, while Novartis fell 4.2% despite meeting profit forecasts. Spain’s IBEX 35 hit an all-time high on banking gains, and London’s FTSE 100 broke above 9,700 points. The minor pullback followed a multi-session rally driven by hopes of a U.S.–China trade deal and easing eurozone inflation expectations.

United States
U.S. stocks notched fresh record highs as Nvidia surged 5% after announcing plans to build seven AI supercomputers for the U.S. Energy Department, with $500 billion in chip bookings secured. Microsoft rose 2% after taking a 27% stake in OpenAI’s new structure, fuelling AI enthusiasm. Apple briefly crossed $4 trillion in market value as investors awaited results from major tech peers, including Alphabet, Amazon, and Meta. Traders also monitored U.S.–China trade developments and a likely 25-bp Federal Reserve rate cut amid a prolonged government shutdown and delayed official data.

Asia
Asian markets rallied, led by Japan’s Nikkei 225, which climbed over 1% to a record above 51,000 points following a new U.S.–Japan rare-earth framework and expectations of further Fed easing. U.S. President Trump’s meeting with Prime Minister Sanae Takaichi and a trade-friendly tone bolstered confidence. In China, Bank of China reported a 5.1% year-on-year rise in Q3 profit, becoming the first of the “big five” state lenders to post results amid slowing economic growth. Regional optimism was underpinned by strong corporate earnings and the prospect of continued U.S. monetary support.

Currencies
The rand was steady on Tuesday, trading flat near R18.80/$, as investors awaited the Fed’s rate decision and potential progress on a U.S.–China trade framework. The dollar hovered close to a one-week low, losing ground to the yen after U.S. Treasury Secretary Bessent suggested Japan may allow rate hikes. Traders are focused on the upcoming Trump–Xi meeting in South Korea to discuss tariff and rare-earth measures. The U.S. dollar index was stable at 98.68, marking a second consecutive day of declines ahead of the Fed announcement.

Commodities
Gold prices edged higher on Wednesday ahead of the Fed’s anticipated rate cut, while improved U.S.–China trade sentiment capped gains. Oil prices rose after three sessions of losses, supported by lower U.S. inventories and Russian supply concerns. Indian refiners paused new Russian crude orders amid sanctions uncertainty, though state-run IOC pledged to continue compliant purchases. OPEC+ is considering a modest output increase of about 137,000 bpd in December. Saudi Aramco noted sustained global oil demand, especially from China, despite sanctions on Russian producers.

Valterra Platinum Limited (VAL) +3.17%

Valterra Platinum (formerly Anglo American Platinum) reported a 2% year-on-year decline in own-managed platinum group metals (PGM) production to 539,600 oz in Q3 2025, reflecting lower output at Mototolo, Amandelbult and Unki, partly offset by stronger performance at Mogalakwena. Refined PGM production fell 5% to 981,500 oz, with sales volumes down 9% to 936,800 oz due to timing effects. The Amandelbult Mine’s Tumela Lower section achieved steady-state output ahead of schedule following February flooding, keeping full-year guidance of 3.0–3.2 million oz intact. Management highlighted continued operational recovery and enhanced processing stability.

Anglo American plc (AGL) +1.39%

Anglo American delivered a broadly resilient Q3 2025, supported by solid copper and iron ore operations. Copper output rose 1% year-on-year to 184 kt, aided by higher grades at Quellaveco and Los Bronces, while iron ore production declined 9% to 14.3 Mt due to planned maintenance at Minas-Rio, where guidance was raised to 23–25 Mt. Manganese output surged 140% following cyclone-related disruptions in 2024, and diamond production rose 38% to 7.7 Mct on higher Jwaneng grades. Portfolio simplification advanced with the US$2.5 billion sale of Valterra Platinum and progress on divestments in nickel, De Beers, and steelmaking coal.

Kumba Iron Ore Limited (KIO) +4.82%

Kumba Iron Ore delivered a solid Q3 2025 performance, underpinned by improved logistics and operational discipline. Total production fell 2% year-on-year to 9.2 Mt due to planned maintenance at Sishen, while sales rose 7% to 9.6 Mt on better rail stability and port throughput. The group maintained an average realised export price of US$94/wmt — a 12% premium to the US$84 benchmark — supported by resilient Chinese steel margins. Safety remained robust, with no fatalities and a TRIFR of 0.97. Kumba reaffirmed 2025 guidance of 35–37 Mt production and sales, targeting continued cost discipline and premium-grade growth through its UHDMS project.

WeBuyCars Holdings Limited (WBC) -13.57%

WeBuyCars expects a strong set of full-year results for FY2025, reflecting robust trading momentum following its April 2024 JSE listing. Core headline earnings are forecast to rise 12–17% year-on-year to between R917 million and R958 million, while basic and headline earnings are both expected to more than double due to the absence of prior-year listing and derivative-related costs. Despite share issuance dilution, core headline earnings per share are set to increase up to 6%. The results highlight continued business expansion, improved profitability, and a solid operational platform post-listing.

Renergen Limited (REN) +2.89%

Renergen issued an updated trading statement ahead of its interim results for the six months ended 31 August 2025, guiding for a significantly wider loss per share of between ZAR 0.866 and ZAR 0.957 — an increase of 89–109% year-on-year. The higher loss reflects once-off transaction costs linked to the ASP Isotopes combination, full depreciation of the commissioned Phase 1 plant, the expensing of costs previously capitalised, and higher interest charges. Despite short-term pressure on earnings, these developments mark the transition to full operational status as Renergen progresses its helium and LNG production expansion strategy.

Visa Inc. (V) -0.26%

Visa posted another resilient quarter, slightly beating analysts’ expectations for the three months ended 30 September 2025, as robust U.S. consumer spending lifted transaction volumes. Adjusted net income rose 7% year-on-year to $5.8 billion ($2.98 per share), marginally above forecasts, while revenue grew 12% to $10.72 billion, supported by a 9% increase in global payments volume. Cross-border volumes rose 12%, though growth slowed versus prior quarters. Management guided for low double-digit FY 2026 net-revenue growth, underscoring confidence in resilient card usage and travel demand. Visa shares gained about 1% post-announcement and are up roughly 10% year-to-date, outpacing Mastercard but trailing American Express.

Booking Holdings Inc. (BKNG) -2.55%

Booking Holdings exceeded Wall Street expectations for Q3 2025, supported by resilient global travel demand and greater customer adoption of bundled bookings across its platforms. Gross bookings rose 14% year-on-year to $49.7 billion, while total revenue climbed 15% to $9.01 billion, ahead of analyst forecasts of $8.72 billion. Adjusted earnings reached $99.50 per share, surpassing estimates of $95.66 per share. The company noted steady travel momentum into Q4 despite macroeconomic and geopolitical uncertainties. Shares gained nearly 5% in after-hours trading, reflecting investor confidence in sustained demand and platform-driven growth.

Nvidia Corporation (NVDA) +4.98%

Nvidia will acquire a 2.9% stake in Nokia for $1 billion, marking a strategic partnership to develop AI-driven networking and data-centre solutions. Under the agreement, the companies will integrate Nokia’s communications hardware into Nvidia’s future AI infrastructure, targeting commercial deployment from 2027, starting with 5G and evolving into 6G. The deal positions Nvidia as Nokia’s second-largest shareholder, subscribing to 166.4 million new shares at $6.01 each. Nokia’s stock surged nearly 21% to its highest level since 2016. Analysts view the collaboration as a major endorsement of Nokia’s AI and data-centre ambitions, while reinforcing Nvidia’s dominance in accelerated computing.

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