19 October 2026
Global markets spent the week repricing the AI trade. The Nasdaq 100 fell 5.49% as semiconductor stocks sold off, the Nikkei dropped 5.37%, and even strong results from TSMC could not steady sentiment. At the same time, Houthi strikes on Saudi energy infrastructure and an attack on a vessel in the Strait of Hormuz pushed Brent to $109.86, while September US inflation data left the Federal Reserve’s path uncertain and the IMF warned on sovereign bond yields.
For South African investors the picture was more nuanced. The JSE Top 40 rose 2.45% and the rand firmed, with USD/ZAR at 16.43, which means rand-based returns on offshore holdings moved for two reasons at once: what the underlying asset did, and what the currency did. This week’s briefing separates the two.
Inside the full briefing: the week’s key developments across geopolitics, macro and the AI sector; a cross-asset dashboard covering global equities, FX, metals, energy and crypto; the Chart of the Week on Brent option skew and Hormuz supply risk; and the economic and earnings calendar for 20 to 23 October in SAST, including Netflix, Tesla, Meta and IBM.
Market Insights is prepared weekly by the TFOS trading desk and published every Monday.
The full briefing
Download the full briefing (PDF)
This publication is provided for general informational purposes only and does not constitute investment advice, financial advice, or a recommendation to buy, sell, or enter into any financial transaction. Investing involves risks, including the potential loss of capital. Changes in exchange rates may affect the value of investments. Past performance is not indicative of future results. Turlov Family Office Securities (PTY) LTD is an authorised Financial Services Provider regulated by the FSCA, FSP No. 52874.
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