🛢️❄️ Oil Slides to Seven-Month Low
Hala,
🎾🔥 Djokovic (37) defeats Alcaraz (21) to clinch Olympic gold and complete the career ‘Golden Slam’!(1) The Serb legend secured a thrilling 7–6 (7–3), 7–6 (7–2) win, proving age is just a number. #LegendStatus 💪✨
Stock Market Update
📉↘️ US stocks were in deep red on Friday after July’s weaker-than-expected US jobs report stirred up recession fears. The S&P 500 fell 1.84% to 5,346.56, the Nasdaq 100 dropped 2.38% to 18,440.85, and the Dow slid 1.51% to 39,737.26.(2) Seems like Wall Street’s week ended with a thud! 🔻💥
📊📶 Similarly, most Mideast stocks took a dive amid regional tensions. Saudi Arabia shed 2.4% to 11,754, and Qatar eased 0.7% to 10,057.(3) ⬇️⏬
amana’s take
The cryptocurrency market saw its largest three-day sell-off in a year, losing up to $510 billion since August 2 due to weak jobs data and renewed recession fears. Bitcoin and Ether prices fell 10% and 18%, with weekly losses of 20% and 28%. Solana dropped 30.6%, making it the hardest hit among the top 10 cryptocurrencies. Disappointing Q2 results from companies like Microsoft and Intel, along with NVIDIA’s capital outflows, intensified the decline. The Crypto Fear and Greed Index dropped to 26, signaling bearish sentiment. It’s a tough week ahead for the markets and increased activity from traditional financial institutions might be needed to recover.
🛢️📉 Brent Hits 7-Month Low
Oil prices took a tumble, with Brent crude settling at its lowest since January after disappointing U.S. job numbers and weak Chinese economic data.(4)Brent fell $2.71 (3.41%) to $76.81 per barrel, while U.S. West Texas Intermediate dropped $2.79 (3.66%) to $73.52. Investors are feeling the chill as these economic indicators raise fears of a potential recession. 📉🌍
📊 Key Slips and Slides:
- Brent Crude: Down to $76.81 per barrel. 📉
- WTI Crude: Dropped to $73.52 per barrel. 📊
- US Job Growth: Slowed, with unemployment up to 4.3%. 📉
- Chinese Data: Weak manufacturing activity added pressure. 🇨🇳
- OPEC Output: Rose to 26.70 million bpd in July. 🛢️
🧊🔍 Broader Economic Impact
Economic data from top oil importer China and weak manufacturing activity across Asia, Europe, and the U.S. have intensified concerns about a sluggish global economic recovery. Asia’s crude imports in July fell to a two-year low, driven by weak demand in China and India. Meanwhile, OPEC oil output rose in July, with Saudi Arabia and other members balancing out voluntary supply cuts by other OPEC+ members. This dynamic, coupled with the tensions in the Middle East, further adds to the icy conditions oil investors are navigating. 🌐🧐
Closer to Home
- 📈 Saudi-listed ACWA Power’s net profit skyrocketed 36% to SAR 927 million ($247 million) in H1 2024, fueled by wind project sales and a renewable power surge.(5)ACWA Power is riding the profit breeze like a champ. 💪
- 💸 Saudi Industrial Investment Group (SIIG) posted a net profit of SAR 92 million ($24.53 million) in H1 2024, a stunning reversal from the SAR 121 million loss in H1 2023.(6) Talk about a comeback. 💰
- 📰 Meanwhile, the UAE non-oil business growth hit a near three-year low in July, with the S&P Global PMI slipping to 53.7 from 54.6 amid rising costs and competition.(7) Looks like the UAE’s non-oil sector needs a little tune-up. 🧰
What Else Is Trending
- 💼 US job growth stalled in July, with nonfarm payrolls adding just 114,000 (down from 179,000 in June) and the unemployment rate climbing to 4.3%, the highest since October 2021 — fueling fears of an economic slowdown.(8) Talk about running a red light. 🔴
- 📱 Chinese smartphone maker Honor is prepping for an IPO with hefty local government support, including R&D funds, tax breaks, and expansion perks.(9) Seems like #NewIPO’s on the horizon. 💵
- 🪙 Lastly, gold prices hit a two-week high on Friday as weak job data sent Treasury yields and the dollar tumbling, raising hopes for Fed rate cuts. Spot gold shined 0.8% to $2,464.32 per ounce.(10) ✨
💬Quote of the Day
“We moved from a demand-driven market to a geopolitical one for maybe two days, then we absolutely nosedived on all this economic data.” — Tim Snyder, Chief Economist at Matador Economics
Start trading now: https://amana.app/campaigns/rebate
Sources:-(1) BBC, (2) (8) CNBC, (3)(4) Reuters, (5) (6) (7) (9) (10) Zawya
