Disney and YouTube TV strike new deal restoring channels and adding ESPN Unlimited by 2026

South Africa

South African equities ended the session sharply lower, with the Top 40 down 1.90% to 104,557.9 and the All Share index falling 1.82% to 111,973.2. Sentiment was dominated by S&P Global Ratings’ upgrade of both the foreign- and local-currency sovereign ratings following improved fiscal signals in the Medium-Term Budget Policy Statement. While the outlook remains positive, political tensions resurfaced as President Ramaphosa criticised the absence of U.S. participation at the upcoming G20 Summit. Energy policy remained a focal point, with government confirming plans to advance new nuclear capacity and revive modular reactor development to strengthen long-term energy security.

Europe

European equities softened on Friday, with the STOXX 600 slipping 1% as hawkish commentary from U.S. policymakers tempered expectations of near-term monetary easing. Banks underperformed amid rising gilt yields after reports that the UK scrapped planned income-tax increases, raising concerns around fiscal sustainability. Eurostat data showed the Eurozone economy expanding 0.2% in Q3, with France and Spain offsetting persistent stagnation in Germany. Although the region has shown resilience to global headwinds, its growth profile remains subdued, with few catalysts for acceleration. Trade data was more encouraging, with September’s surplus boosted by firm U.S. demand for European exports.

United States

U.S. equity markets closed mixed on Friday as investors weighed the likelihood of the Federal Reserve delaying a December rate cut. The Nasdaq outperformed while the S&P 500 ended marginally lower after an early sell-off across major indices. Rate-cut expectations have softened, with the implied probability of a 25 bps move falling below 50% amid persistent inflation pressures linked partly to President Trump’s global tariff regime. Kansas City Fed President Jeffrey Schmid warned of broader inflation risks, signalling potential dissent at the December meeting. Attention now shifts to Nvidia’s results and the release of delayed macro data after the government’s prolonged shutdown.

Asia

Asia-Pacific markets opened mixed on Monday as geopolitical tensions between China and Japan weighed on sentiment. Japan’s Q3 GDP contracted by an annualised 1.8%, slightly better than expected but still signalling pressure on domestic demand. Tourism-exposed stocks slumped after Beijing warned citizens against travelling to Japan following escalating rhetoric over Taiwan. China issued a strong warning of “crushing” retaliation should Japan intervene militarily over Taiwan, adding to regional uncertainty and overshadowing otherwise stable financial conditions.

Commodities

Gold edged higher on Monday as investors positioned ahead of key U.S. economic releases that will help clarify the Federal Reserve’s policy path. Oil prices retreated in early Asian trade, reversing last week’s gains as crude loadings resumed at Russia’s Novorossiysk port following a two-day suspension. Supply risks remain elevated, with Ukraine intensifying strikes on Russian refining infrastructure and the U.S. expanding sanctions on Russian oil firms. Additional geopolitical pressure came from President Trump’s call for legislation sanctioning any country conducting business with Russia. Meanwhile, OPEC+ maintains its plan to lift December output targets, and U.S. rig activity increased modestly.

Currencies

The rand weakened after touching its strongest level in over two years as traders booked profits ahead of S&P Global’s rating decision. The U.S. dollar firmed moderately as markets prepared for key economic data releases following the end of the government shutdown, with clarity on the Fed’s December decision still elusive. Sterling remained under pressure amid uncertainty surrounding the UK’s upcoming 26 November budget. Safe-haven demand supported the Swiss franc, which hovered near a one-month high after recent equity-market volatility. This week’s focus turns to U.S. nonfarm payrolls and inflation-related indicators to gauge the trajectory of monetary policy.The focus this week will be on various U.S. data releases for clues on the health of the world's largest economy, with the closely watched September's nonfarm payrolls report due on Thursday.

Compagnie Financiere Richemont SA (CFR) +4.52%

Richemont delivered a resilient set of results for the six months to 30 September 2025, supported by a sharp acceleration in second-quarter trading. Group sales rose to EUR 10.6 billion, up 10% at constant exchange rates, with Q2 growth of 14% underscoring improving demand across regions. Operating profit increased to EUR 2.4 billion, reflecting disciplined cost control despite margin pressures earlier in the period. Jewellery Maisons remained the standout performer with sustained double-digit growth and a robust 32.8% operating margin. Specialist Watchmakers showed signs of stabilisation, while other businesses delivered broadly steady sales. A EUR 6.5 billion net cash position and stronger cash generation reinforce the Group’s long-term investment capacity.

BHP Group Limited (BHG) -2.57%

BHP announced that the English High Court has found the company liable under Brazilian law for the 2015 Fundão dam failure, marking the conclusion of the first stage of the UK group action brought by over 600,000 claimants. BHP intends to appeal the decision, with subsequent causation and damages trials scheduled through 2029. The Court upheld the validity of waivers signed by roughly 240,000 claimants already compensated in Brazil, reducing potential exposure. Extensive remediation efforts continue under the US$32 billion Brazil Agreement, with more than 610,000 people compensated and major resettlement projects largely completed. BHP expects related provisions and Samarco cash outflows to remain broadly aligned with existing guidance.

Old Mutual Limited (OMU) -1.61%

Old Mutual has introduced a new CEO Outperformance Plan (OPP) aimed at tightly aligning leadership incentives with long-term shareholder value. The Board approved the open-market acquisition of 13,799,448 Old Mutual shares, to be held in escrow to support the plan for Group CEO Jurie Strydom. The OPP combines capped Share Appreciation Rights and Forfeitable Shares with performance hurdles requiring a minimum 40% share-price appreciation before any vesting occurs, with full vesting only at 80% appreciation. Dividend Shares will accumulate alongside performance-linked vesting. In addition, the CEO’s minimum shareholding requirement has been raised from 200% to 300% of guaranteed remuneration, supported by his personal purchase of R10 million in Old Mutual shares. The structure underscores the Board’s intent to unlock sustained value and reinforces its confidence in the CEO’s mandate.

Hyundai Motor Group (005380) -2.15%

Hyundai Motor Group will invest 125.2 trillion won (US$86.5bn) in South Korea from 2026–2030, significantly higher than the 89.1 trillion won invested between 2021–2025. The plan follows a new U.S.–Korea trade deal cutting U.S. auto tariffs to 15% from 25%. Chairman Euisun Chung said Hyundai will diversify export markets, expand domestic production and more than double EV exports by 2030. Investments include 50.5 trillion won for AI and future mobility, 38.5 trillion won for R&D, and 36.2 trillion won for production upgrades.

Walt Disney Company (DIS) -1.68% & Alphabet Inc. (GOOGL) -0.78%

Disney and YouTube TV reached a deal to restore all Disney-owned channels—including ABC, ESPN, FX and National Geographic—after a blackout that disrupted live sports and U.S. election coverage. The dispute centred on carriage fees, with Disney seeking parity with other distributors. Terms were undisclosed, but ESPN’s full offering, including ESPN Unlimited, will be added to base plans at no extra cost by end-2026. The agreement reduces investor concerns over Disney’s declining linear-TV revenues and demonstrates YouTube TV’s growing negotiating power in the pay-TV ecosystem.

Berkshire Hathaway Inc. (BRK.A) -0.82%

Berkshire Hathaway revealed a US$4.3bn stake in Alphabet, owning 17.85 million shares as of 30 September—its first major investment in Google’s parent. It further reduced its Apple holding to 238.2 million shares, though Apple remains its largest position at US$60.7bn. Berkshire was a net seller for a twelfth consecutive quarter, lifting cash to a record US$381.7bn, while trimming Bank of America and exiting DR Horton. The Alphabet stake surprised investors given Berkshire’s historical caution on tech, with Alphabet shares rising on the disclosure.

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