Airbnb Q3 beats on strong emerging market demand, guides above expectations for Q4

South Africa

The JSE Top 40 rose 1.26% to 102,681.2 points, while the All Share gained 1.20% to 110,100.5 points, led by retailers. Truworths reported flat group sales of R7.2 billion for the first 18 weeks of FY2026, with weaker African trading offset by a stronger UK performance. The CSIR posted a R40.6 million profit versus a R67.6 million loss last year, supported by commercialised innovations like biodegradable packaging. Several Western Cape municipalities requested exemption from the Aarto Act, while government investigates 17 citizens allegedly recruited into Ukraine’s conflict under false employment pretences.

Europe

European equities declined as the STOXX 600 fell 0.7% to 567.9 points, pressured by tech weakness and soft eurozone retail data. Technology stocks lost 1.9% while healthcare added 0.4%. AstraZeneca gained 3.1% after beating forecasts, and Novonesis rose 6.9% on robust sales. Legrand slumped 12.2% after tariff-related headwinds. Both the Bank of England and Norges Bank held rates steady. Data indicated Germany may stagnate this year following two years of contraction, reinforcing concerns about Europe’s uneven post-pandemic recovery and the region’s dependence on consumer resilience.

United States

Wall Street retreated as renewed selling in technology shares weighed on sentiment amid valuation and economic concerns. All major indices closed lower, with the ongoing U.S. government shutdown delaying key data. Private reports showed corporate layoffs surged 183% in October, the worst in two decades. Despite macro uncertainty, Q3 earnings remained solid: 83% of S&P 500 companies beat expectations, delivering 16.8% year-on-year growth, well above initial forecasts. Analysts view resilient profits as supporting equity fundamentals, though stretched valuations and policy uncertainty continue to limit near-term risk appetite and market momentum.

Asia

Asian equities tracked Wall Street lower as technology valuations and weak Chinese data weighed on sentiment. China’s exports unexpectedly fell 1.1% in October after an 8.3% rise previously, signalling softer external demand. Japan’s household spending rose 1.8% year-on-year but declined 0.7% month-on-month, undershooting forecasts. The data reinforced concerns over fragile consumption momentum. Investors are watching the Bank of Japan for guidance on rate normalisation amid mixed wage and spending trends. Regional caution persisted as geopolitical tensions and slowing trade flows continued to pressure risk appetite across key Asian export markets.

Currencies

The rand strengthened as global risk appetite recovered and the U.S. dollar retreated. The dollar index fell 0.5% to 99.67 as markets priced a potential Federal Reserve rate cut on 10 December. The U.S. government shutdown delayed official data, shifting focus to private surveys showing job losses in government and retail. Broader cost-cutting and AI-related layoffs added pressure. Emerging-market currencies benefited from the softer greenback and renewed capital inflows. Despite short-term volatility, traders expect the rand to remain range-bound, supported by steady yields and improved investor sentiment.

Commodities

Gold climbed above US $4,000 per ounce as a weaker dollar and the prolonged U.S. government shutdown spurred haven demand. Oil steadied after three days of losses but remained on track for a second weekly decline amid oversupply concerns. OPEC+ confirmed a modest December output increase but paused further hikes for early 2026. Saudi Arabia cut Asian crude prices, citing ample supply. Sanctions on Russia and Iran continued to disrupt global trade. U.S. crude inventories rose above forecasts, while declines in gasoline and distillates offered limited price support.

Vodacom Group Limited (VOD) +1.49%

Vodacom issued an updated trading statement for the six months ended 30 September 2025, reflecting stronger interim earnings despite a one-off cost. The Group now expects earnings per share (EPS) to rise between 30% and 40% from 354 cents to between 460 and 496 cents, while headline earnings per share (HEPS) are forecast to increase 30%–40% from 353 cents to between 459 and 494 cents. The update follows a previous 31 October announcement, and full interim results are scheduled for release on or about 10 November 2025. The financials remain unaudited at this stage.

Lesaka Technologies Inc. (LSK) -0.01%

Lesaka delivered solid Q1 FY2026 results, achieving guidance and reaffirming its full-year outlook. Net revenue rose 45% in rand terms to ZAR 1.5 billion, with adjusted EBITDA up 61% to ZAR 270.6 million. Adjusted earnings surged 150% to ZAR 87.3 million, while adjusted EPS nearly doubled to ZAR 1.07. Performance improved across all segments, particularly in Consumer and Enterprise. For FY2026, Lesaka expects net revenue of ZAR 6.4–6.9 billion, adjusted EBITDA of ZAR 1.25–1.45 billion, and positive net income, excluding the pending Bank Zero acquisition.

Truworths International Limited (TRU) +1.81%

Truworths reported stable Group retail sales of R7.2 billion for the first 18 weeks of FY2026, maintaining margins despite softer domestic trading. Truworths Africa’s sales fell 4%, reflecting tighter credit extension and reduced promotional activity, though online sales grew 23.3% and gross profit margins improved. Office UK delivered a 6% rise in sterling sales and remains a strong retail partner for leading footwear brands. The Group’s balance sheet and cash generation remain robust, supporting a resumed share buyback. Interim results for the 26 weeks to 28 December 2025 are due 26 February 2026.

Sibanye Stillwater Limited (SSW) +7.76%

Sibanye Stillwater delivered a robust operational update for Q3 2025, driven by higher precious metal prices and improved output across segments. Group adjusted EBITDA surged 198% year-on-year to R9.9 billion (US $560 million), with gains across South African gold and PGM operations. SA PGMs posted a 213% EBITDA rise to R5 billion, while gold operations climbed 177% to R3.7 billion. US operations and recycling contributed positively following restructuring. All assets remain on track to meet annual guidance, supported by cost discipline and renewable projects reducing emissions and energy costs.

Sappi Limited (SAP) +4.26%

Sappi reported FY2025 revenue of US $5.42 billion (-1%) and Adjusted EBITDA of US $501 million (-27%), reflecting a weaker global paper environment, lower prices, and a softer US Dollar. The Group posted a net loss of US $177 million and headline EPS of –15 US cents. DWP and packaging sales rose 2% and 8% respectively, supported by the Somerset Mill PM2 expansion in North America. Net debt climbed 35% to US $1.92 billion. FY2026 will prioritise debt reduction, cost efficiency, and lower capex (< US $300 million), with modest near-term trading expected amid subdued market demand.

Purple Group Limited (PPE) +4.50%

Purple Group issued a trading statement indicating a sharp rise in profitability for the year ended 31 August 2025. The company expects basic and headline earnings per share of between 4.12 and 4.47 cents, a year-on-year increase of 133% to 153% from 1.77 cents in FY2024. The strong performance underscores improved operating efficiency and business momentum across the Group’s digital investment platforms. Results for the twelve-month period will be released on or about 12 November 2025, with figures yet to be reviewed by external auditors.

Airbnb Inc. (ABNB) -1.97%

Airbnb delivered strong Q3 2025 results, supported by robust growth in Latin America and Asia Pacific. Revenue rose 9.7% year-on-year to US $4.10 billion, with gross bookings up 14% to US $22.9 billion and EPS improving to US $2.21. Expansion markets outpaced core regions, aided by localised payment options and marketing efforts, including an interest-free plan in Brazil and surging demand in Japan and India. North America bookings grew moderately, boosted by a “Reserve Now, Pay Later” feature. Management guided Q4 revenue of US $2.66–2.72 billion, ahead of market expectations, signalling sustained travel momentum into 2026.

AstraZeneca plc (AZN) +3.08%

AstraZeneca exceeded Q3 2025 expectations, driven by strong oncology and cardiovascular drug sales. Revenue rose 10% year-on-year to US $15.19 billion, while core earnings grew 12% to US $2.38 per share, topping forecasts. U.S. sales climbed 9% to US $6.55 billion, and China rose 5% to US $1.76 billion despite regulatory scrutiny. Management maintained full-year guidance for high single-digit revenue and low double-digit core earnings growth, citing generic pressure and rising costs. AstraZeneca remains focused on new drug launches, U.S. expansion, and its US $80 billion annual revenue goal by 2030, supported by a planned NYSE listing.

Monster Beverage Corporation (MNST) -2.30%

Monster Beverage outperformed expectations for Q3 2025, supported by sustained global demand for its sugar-free and new-flavour energy drinks. Net sales rose 16.8% year-on-year to US $2.20 billion, beating forecasts of US $2.11 billion, while adjusted EPS climbed to 56 US cents, ahead of 48 US cents expected. Gross margin improved to 55.7% from 53.2% on effective price increases and mix optimisation. The company continues to benefit from health-conscious consumer trends, with its Monster Energy Ultra line leading growth, and plans to launch FLRT, a female-focused brand, in early 2026 to further diversify its customer base.

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