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Clear market notes built around the JSE, the rand, and what matters locally.

Axe Capital Trading News shares simple market takes on the stories moving South African shares, the rand, and a handful of major currency pairs.

Coverage focus:

1. JSE shares, South African companies, and the local knock-on effects of big market news.

2. The rand, interest rates, and a small group of forex pairs, with USD/ZAR at the centre.

3. Global stories only when they can actually change how a local investor might act.

Latest Finance Headlines

Are SpaceX Bulls Deluding Themselves? This Wall Street Analyst Might Convince You So
2026-07-23 01:30 The Motley Fool Negative Axe Cap view: Selective

SpaceX stock has fallen nearly 50% from its peak since IPO, trading below its $135 offering price. While Wall Street analysts issued bullish price targets averaging $278, Morgan Stanley forecasts no positive free cash flow until 2035 and estimates the company will need approximately $84 billion annually ($672 billion total) in external capital through 2034. The analysis suggests SpaceX's current $1.5 trillion valuation is difficult to justify given the decade-long cash burn projection, and the stock may continue declining as investors realize the company's ambitious goals remain decades away from profitability.

Axe note: Morgan Stanley’s sobering forecast questions the frenzy around SpaceX’s IPO and its $1.5 trillion valuation.

Apple Is Reportedly Launching a Device-Leasing Program With Klarna on July 28. Here's What It Means for iPhone Revenue.
2026-07-23 01:14 The Motley Fool Positive Axe Cap view: Selective

Apple is set to launch a device-leasing program called Apple Upgrade with Klarna on July 28, featuring 24-month leases for iPhones and Apple Watches, and 36-month leases for Macs and iPads. The program aims to accelerate upgrade cycles and smooth demand fluctuations, potentially boosting iPhone revenue which hit a record $57 billion in the most recent quarter. Klarna will handle financing while Apple maintains the customer relationship and upgrade cadence.

Axe note: Apple's new leasing program with Klarna could boost its revenue predictability and impact USD/ZAR flows.

Alphabet Just Delivered 82% Cloud Growth. Why It Wasn't Enough
2026-07-23 00:17 The Motley Fool Neutral Axe Cap view: Selective

Alphabet reported strong Q2 earnings with 82% Google Cloud revenue growth to $24.8B and overall revenue up 24% to $119.8B. However, the stock fell after-hours as investors focused on the company's massive capital expenditure increase of $15B to $195-205B annually. Alphabet reported negative free cash flow of $5.8B for the first time as a public company, with expectations for continued negative FCF due to AI infrastructure spending.

Axe note: Alphabet's strong cloud growth growth masks investor worries over its enormous capital expenditure plans.

Focus Areas

We keep the focus on JSE shares, the rand, and the currency moves that matter most to South African investors.

Market notes