Porsche posts deeper-than-expected €966m Q3 loss amid EV overhaul and weak China demand

South Africa

South Africa’s JSE All Share index slipped 0.27% to 110,443.7 points, while the Top 40 fell 0.22% to 103,114.2. The FATF removed South Africa, Nigeria, Mozambique, and Burkina Faso from its “grey list,” easing scrutiny on illicit money flows. Angola bid for a majority stake in De Beers, risking tensions with Botswana. Domestically, high unemployment (33.2%) fuels competition for jobs between locals and migrants, prompting 51,000 deportations over the past year. The industrialised economy faces ongoing labour and social pressures amid job scarcity.

European Union

European shares closed at record highs, driven by cooler-than-expected U.S. inflation and optimism over U.S.-China trade talks. The STOXX 600 rose 0.2%, with industrial, energy, and financial stocks outperforming. British manufacturers cut investment to 6.8% of turnover, while inflation expectations climbed to 4.2%, influencing Bank of England policy views. Labour Party tax commitments remain firm ahead of the budget. Meanwhile, German utility Uniper expects a sharp 80% drop in nine-month net profit due to reduced hedging gains and loss of Russian gas supplies.

United States

U.S. equities hit all-time closing highs as cooler-than-expected September inflation and strong corporate earnings boosted sentiment. The S&P 500 and Nasdaq recorded their largest weekly gains since August. CPI rose 3.0% YoY, below expectations, supporting an anticipated 25-basis-point Fed rate cut next week. Analysts now forecast 10.4% S&P 500 earnings growth for Q3, up from 8.8%. Mega-cap earnings from Meta, Microsoft, Alphabet, Amazon, and Apple, along with industrial results from Caterpillar and Boeing, are closely watched. Markets priced near-certain rate cuts through early 2026.

Asia

Asian stocks surged on easing U.S.-China trade tensions, ahead of a Trump-Xi summit in South Korea. China’s industrial profits rose 21.6% in September, marking a second consecutive monthly gain, supported by high-tech and equipment manufacturing despite weak domestic demand. Q3 GDP slowed to the weakest pace in a year, though exports outperformed forecasts. Profits for the first nine months increased 3.2% versus 0.9% in January-August. Improved external demand and low comparison bases underpin optimism, boosting regional risk appetite and equity market performance.

Currencies

The South African rand strengthened after the FATF removed the country from its grey list. The U.S. dollar climbed to a two-week high against the yen as global trade and central bank activity take centre stage. U.S. President Trump begins an Asian tour, meeting Japan’s new prime minister and later Chinese President Xi to finalise a trade framework. Expectations of a Fed interest rate cut following moderate inflation supported dollar strength, while global currency markets responded to both trade optimism and central bank signals across the Asia-Pacific region.

Commodities

Gold fell as a stronger dollar and easing U.S.-China trade tensions reduced safe-haven demand. Oil prices rose on optimism over a trade-deal framework between the U.S. and China, easing fears of disrupted global growth. The U.S. signed trade and critical mineral agreements with Malaysia, Cambodia, and Thailand to address tariffs, non-tariff barriers, and supply-chain diversification. Markets awaited central bank meetings for guidance on monetary policy, with investors balancing commodity risk exposure amid improving trade sentiment and ongoing geopolitical uncertainty affecting energy and precious metal prices.

Harmony Gold Mining Company Limited (HAR) -2.38%

Harmony Gold Mining has completed its US$1.01 billion acquisition of MAC Copper Limited, securing full ownership of the high-grade CSA copper mine in New South Wales, Australia. The transaction, implemented under Jersey law, was financed through cash reserves and a US$1.25 billion bridge facility. The deal strengthens Harmony’s strategic transition into a global gold and copper producer, enhancing portfolio diversity and long-term value creation. Integration of the CSA mine is under way, with updates on production guidance and development progress due at Harmony’s H1 FY26 results. The CSA life-of-mine plan will be aligned with Harmony’s FY27 planning cycle and released with FY26 results in August 2026.

MultiChoice Group Limited (MCG) +0.20%

MultiChoice announced it will not release its interim results for the six months ended 30 September 2025, originally scheduled for 12 November. The decision follows Groupe Canal+’s announcement of its intention to exercise its right under section 124(1) of the Companies Act to compulsorily acquire all remaining MultiChoice shares. Subject to regulatory approvals, the acquisition and subsequent delisting from the JSE and A2X are expected to take effect on 5 and 10 December 2025, respectively. Consequently, MultiChoice will not issue interim results if the delisting proceeds according to the announced timetable.

Quantum Foods Holdings Limited (QFH) +13.64%

Quantum Foods expects a strong recovery for the year ended 30 September 2025, forecasting headline earnings per share between 127.4c and 143.4c — up 58% to 78% year on year — supported by improved production, minimal load shedding, and better performance in Zambia and Uganda. Operations benefited from higher feed and livestock sales, efficient cost control, and stable feed costs, although lower egg prices and sporadic avian influenza outbreaks tempered gains. Broiler and feed divisions performed strongly, while African operations delivered satisfactory contributions. Quantum remains on track with its Malmesbury feed mill expansion and will release audited FY2025 results around 28 November 2025.

Orion Minerals Limited (ORN) 0.00%

Orion Minerals continued its transition from developer to producer during the September 2025 quarter, advancing two Northern Cape base metal projects: Prieska Copper Zinc Mine (PCZM) and Okiep Copper Project (OCP). A key milestone was signing a non-binding US$200–250 million financing and offtake term sheet with Glencore for PCZM, enabling near-term development of the Uppers deposit. Operational readiness and value engineering progressed, alongside recruitment of Project Director Johan van Dyk. OCP optimisation continued with updated geological modelling integrating eight nearby prospects. Post-quarter, Orion raised A$8.6 million via a share placement. Near-term priorities include executing binding financing agreements, finalising offtake arrangements, and advancing development works to support first copper and zinc production by late 2026/early 2027.

Porsche AG (P911) +3.65%

Porsche reported a larger-than-expected Q3 operating loss of €966 million, reversing a €974 million profit a year earlier, reflecting the impact of its EV strategy overhaul, U.S. import tariffs, and declining sales in key markets, particularly China. Analysts had anticipated a €611 million loss. The group expects 2025 to be a trough, projecting a return on sales of up to 2%, while profit margins are forecast to recover to high single digits in 2026. The company plans 1,900 job cuts on top of 2,000 temporary layoffs, with further cost-saving measures under discussion. CEO Oliver Blume will hand over to Michael Leiters in 2026, as Porsche navigates ongoing restructuring and the EV transition.

General Dynamics Corporation (GD) +2.71%

General Dynamics reported stronger-than-expected Q3 results, with adjusted EPS of $3.88 versus the $3.70 analyst consensus and revenue of $12.91 billion, up 10.6% year on year. Performance was driven by robust Gulfstream business jet deliveries, which rose to 39 units from 28, and strong aerospace order activity, while defense segments contributed steadily: Marine Systems revenue increased 13.8% and Combat Systems 1.8%. The company raised its FY2025 revenue guidance to $52 billion, maintaining an operating margin outlook of 10.3%. CEO Phebe Novakovic highlighted uncertainty from government shutdowns as a constraint on profit and segment-level forecasts, noting continued strong demand in aerospace and defense markets amid geopolitical tensions.

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