Hala,
😆🍫 Timothée Chalamet pulled the ultimate “Wonka” move, crashing his own NYC lookalike contest!(1) Disguised in a hat and mask, he popped up behind his “twins,” causing absolute mayhem — police called it an “unscheduled candy crisis.” 🍬🚨
amana’s take
- Bitcoin burst past $71,000, its highest since June, fueled by hefty inflows into U.S.-based spot ETFs and a dose of election fever. As of early Tuesday in London, it held steady at $70,870, with Ether hitching a ride on the rally.
- Traders are eyeing a potential win for the crypto-friendly Republican nominee, whose promises to make the U.S. a global crypto powerhouse stand in stark contrast to the Democrat’s more regulation-heavy stance. Nothing like a little political drama to keep the market lively.
- Options traders, undeterred by Election Day jitters, are betting on Bitcoin hitting $80,000 by month’s end. With a billionaire’s backing of the Republican’s plans, the crypto crowd is riding high, hoping to cash in on the momentum.
Stock Market Update
📈📉 U.S. stocks rode the seesaw on Monday as investors bet on big tech earnings, with cooling global tensions adding to the optimism. The S&P 500 gained 0.27% to 5,823.52, the Dow added 0.65% to 42,387.57, while the Nasdaq 100 barely budged, dipping 0.0047% to 20,351.07.(2) Wall Street’s workout? A little lift, a little dip. 📊🏋️
↗️🚀 Here in the Gulf, markets rose after Iran brushed off Israel’s strikes. Abu Dhabi advanced 1.1% to 9,308, and Dubai climbed 1.3% to 4,537.(3) ⏫⬆️
♟️🕹️ Lulu’s Grand IPO Gambit!
Lulu Retail Holdings, headquartered in Abu Dhabi, has taken a bold move on the IPO chessboard, aiming to capture up to Dh5.27 billion ($1.43 billion) in what could be the UAE’s largest IPO this year.(4) With over 240 stores in six Gulf countries, Lulu has carved out its place as the regional retail giant — now ready to bring in new investors to its checkered kingdom. But this isn’t just any IPO; with demand covering the books in mere hours, Lulu’s debut is set to be a crowd-puller. 🎉📊
📊⛽ Market Highlights:
- IPO Size: Set to raise up to $1.43 billion with a 25% stake.
- Pricing Range: Shares priced between 1.94–2.04 dirhams each.
- Investor Checkmates: Backed by big players like Abu Dhabi Pension Fund and sovereign funds from Bahrain and Oman.
- Market Capitalization: Estimated between $5.46 billion and $5.74 billion.
- Expected Listing Date: November 14, Abu Dhabi Securities Exchange. 📅🔜
🎯 The Retail Kingpins
As the retail spending boom reverberates across the Gulf, Lulu’s IPO has become a strategic masterstroke in a game where regional players like Spinneys and BinDawood Holding are all jockeying for position. With such a buzz building, Lulu’s IPO could be a swift victory — checkmate — as it maneuvers to the forefront of UAE’s retail and public investment market. 🏆💼
Closer to Home
- 📳 Dubai’s telecom darling, du, dialed in a stellar Q3: 9.1% revenue growth, a record 48.3% EBITDA margin, and AED 719M profit — the best in three years, thanks to sharp strategy and savvy cost moves.(5) Way to go, du! 💸
- 🏘️ Abu Dhabi’s Aldar Properties nailed Q3, raking in AED 1.25B in profits, up from AED 886.7M a year earlier, and hitting AED 4.57B for 2024 so far. With new projects rising in Dubai and beyond, it’s building toward bigger wins!(6) 💰
- 🚀 Saudi Arabia’s liquidity levels hit a record high of SAR 2.9T in August, up 8.7% from the previous year. That’s SAR 232.2B extra in the tank — keeping the kingdom’s economic engine purring!(7) 🤑
What Else Is Trending
- 👀 Microsoft threw shade at Google on Monday, accusing it of “shadow campaigns” in Europe to undermine them with regulators. Apparently, Google’s even recruiting cloud companies for backup! What a plot twist.(8) 🫣
- 🛢️ Meanwhile, oil prices took a 6% nosedive as Israel’s strike skipped over Iran’s key energy sites, leaving supplies untouched. Brent fell 6.09% to $71.42 per barrel, while WTI fell 6.13% to $67.38.(9) ⛽
- 🌟 Gold prices also lost some sparkle, with spot gold down 0.2% to $2,743.31 an ounce — as U.S. Treasury yields and the dollar stole the spotlight.(10) ✨
💬Quote of the Day
“When you see a good move, look for a better one.” — Emanuel Lasker, German chess player
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Sources:(1) BBC, (2) (8) CNBC, (3) (4) (9) (10) Reuters, (5) (7) Zawya, (6) Gulf News
