Alibaba debuts Quark AI glasses to challenge Meta in AI wearables race

South Africa

The Top 40 fell 1.31% to 102,882.83, while the All Share declined 1.16% to 110,567.85 as domestic producer inflation accelerated to 2.9% year on year in October, driven partly by sustained price pressures in meat due to lingering foot-and-mouth impacts. Political tensions escalated after Germany moved to persuade the U.S. administration to reverse South Africa’s exclusion from the 2026 G20 summit. Meanwhile, industrial gas users launched GasHub, a nonprofit aggregating demand ahead of declining supply from Sasol’s Mozambique fields, aiming to attract LNG investment and secure long-term, scalable alternatives.

Europe

European equities were broadly steady after three days of gains, supported by increasing conviction that the U.S. Federal Reserve may cut rates next month. The STOXX 600 rose 0.12% to a near two-week high, while major bourses were mixed, with the DAX up 0.2% and the FTSE 100 flat. Progress toward a Russia-Ukraine peace framework further buoyed sentiment. ECB officials warned it is premature to discuss additional rate cuts, despite resilient—albeit modest—growth signals. Lending trends and sentiment indicators point to steady expansion, though the euro area continues to lag global peers.

United States

U.S. markets were closed for the Thanksgiving holiday.

Asia

Asian markets steadied into month-end as expectations of a U.S. rate cut eased valuation concerns and supported a fourth consecutive monthly rally in Treasuries. Tokyo inflation moderated slightly, though core inflation of 2.8% remained above the Bank of Japan’s target, reinforcing the case for policy normalisation. Investors await India’s September-quarter GDP print for additional regional direction.

Commodities

Gold edged lower after nearing a two-week high, with traders weighing the probability of a U.S. rate cut in December. Oil prices firmed on geopolitical developments and hopes for progress in U.S.–Ukraine peace discussions, though Kyiv remains cautious about terms. Russia signalled willingness to advance a draft framework contingent on Ukrainian withdrawals. OPEC+ is expected to keep output policy unchanged into early 2026, while rising expectations of U.S. monetary easing continued to support crude demand prospects.

Currencies

The rand weakened marginally on Thursday after October’s producer inflation surprised to the upside, though broader FX moves were subdued amid the U.S. Thanksgiving holiday. The dollar index edged 0.1% higher to 99.624, partially retracing a five-day slide that left it on track for its worst weekly performance since late July, as markets priced in a higher likelihood of Federal Reserve easing next month. The euro was stable in early Asian trade, with geopolitical sentiment anchored by ongoing U.S.–Ukraine discussions aimed at advancing a draft peace framework.

Nampak Limited (NPK) +5.50%

Nampak expects FY25 results to show a material year-on-year improvement, with both continuing and total operations delivering triple-digit earnings growth. Continuing HEPS is guided between 10 100c and 10 700c, while EPS is expected to rise 75–92% to 13 200c–14 500c, supported by lower interest costs, a pension fund surplus and a sizeable Covid-19 insurance settlement. Total operations will reflect further uplift, driven by the recycling of a R2.2 billion foreign-currency translation reserve. Prior-year comparatives included significant once-off items from the group’s disposal programme. Audited FY25 results are scheduled for release on or about 8 December 2025.

Exxaro Resources Limited (EXX) -0.33%

Exxaro has announced a voluntary transaction in which its wholly owned subsidiary, Cennergi, will acquire majority stakes in two operational renewable-energy assets—Gouda Wind Farm (138 MW) and Sishen Solar Farm (75 MW)—along with their operations and maintenance company. The acquisition, valued at R1.7–R1.8 billion and funded through existing liquidity, will add 117 MW of net operating capacity and lift Cennergi’s operational and under-construction portfolio to roughly 497 MW. The assets operate under long-dated, inflation-linked PPAs with Eskom, offering stable, de-risked earnings and strengthening Exxaro’s strategic pivot toward energy solutions and transition-aligned growth.

Hosken Consolidated Investments Limited (HCI) -3.01%

HCI delivered a resilient interim performance for the six months to 30 September 2025, with revenue rising 8% to R7.1 billion and headline earnings per share increasing 74% to 922c, supported by stronger contributions from media, gaming, coal mining and branded products. EBITDA was broadly stable at R2.64 billion, while net gaming win softened slightly. The Group declared a 60c interim dividend, up 20% year on year. Segmental momentum was offset by ongoing losses in oil and gas prospecting. Net asset value per share improved 4% to 30 029c, reaffirming balance-sheet strength despite volatile conditions.

KAL Group Limited (KAL) +1.51%

KAL delivered a solid FY25 performance despite fuel-related deflation weighing on top-line growth. Revenue declined 6.6% to R20.3 billion, yet profitability strengthened meaningfully, with gross profit up 3.9%, EBITDA rising 7.5% to R923.8 million and profit before tax (excluding impairments) increasing 10.4%. Headline earnings per share advanced 10.6% and recurring HEPS 11.2%, supported by strong cash generation and disciplined cost control. Leverage improved materially, with net debt to equity reduced to 38.1% and net debt to EBITDA down to 1.2x. Reflecting improved balance-sheet strength and cashflow, the Group declared a 154c final dividend, taking the full-year payout to 210c—up 16.7% year on year.

Puma SE (PUM) +18.91%

Puma shares rose 15% after reports that Anta Sports and Li Ning are evaluating a potential takeover of the German sportswear group, whose market value has halved this year. Reuters sources indicate both firms may partner with private equity, although discussions are complicated by Artemis — Puma’s largest shareholder — being unwilling to sell at current valuations. ASICS has denied interest, while Li Ning confirmed no substantive talks. Puma remains under pressure in an increasingly competitive market and is pursuing a multi-year turnaround under new CEO Arthur Hoeld, with growth expected to resume only from 2027.

Alibaba Group Holding Limited (9988) -2.71%

Alibaba launched its new Quark AI glasses in China on Thursday, marking a strategic push into the fast-growing AI wearables market currently led by Meta. Priced from 1,899 yuan, the lightweight headset uses Alibaba’s Qwen model and integrates deeply with core apps such as Alipay and Taobao, enabling real-time translation, navigation and instant price recognition. Analysts say the device positions Alibaba to capture future traffic entry points amid intensifying e-commerce competition. The product joins a crowded field that includes offerings from Meta, Apple, Samsung, Xiaomi and Baidu as global tech firms race to define the next generation of AI-enabled hardware.

Do you prefer a full in-depth report you can read offline? Click here to download the full report.