Hala,
🚨 911 operator coaches surprise home delivery! 🚨 Kaitlyn Kramer helped deliver a baby over the phone like it was just another Tuesday.(1) Baby boy’s first words: “Thanks, Kaitlyn!” #OperatorOfTheYear 👶📞
amana’s Take
- The S&P 500 closed at record highs last week, gaining 0.7%, alongside the Dow’s rise, while the Nasdaq tacked on nearly 1%. Investors are feeling the love as inflation cools toward the Fed’s 2% target. Turns out, price stability makes for a happy Wall Street — who knew?
- While the Fed insists the labor market’s holding its ground, a few warning signs are popping up. Unemployment hit 4.2%, the highest in nearly three years, and job gains are slowing. Looks like the once-roaring labor engine is starting to ease off the gas pedal.
- With expectations of 130,000 new payrolls in the upcoming October jobs report, the market’s bracing for a steady cooling rather than a hard crash. Low layoff numbers suggest a “soft landing” scenario still holds, but you know how these things go — anything could happen.
Stock Market Update
📈📉 US stocks rode a bumpy seesaw Friday as traders chewed on fresh inflation data — August’s PCE index, which rose just 0.1%, right on target. The Dow jumped 0.33% to a fresh record at 42,313.00, while the S&P 500 dipped 0.13% to 5,738.17 and the Nasdaq 100 slid 0.53% to 20,008.63.(2) Guess inflation isn’t the only thing bouncing around! 🎢🛼
Meanwhile, UAE markets shrugged off China’s stimulus on Friday, dragged down by weak oil and geopolitical jitters. Abu Dhabi fell 0.5% to 9,469, and Dubai slid 0.1% to 4,521.(3)
🎉🍽️ ADNH Catering Sets the Table for an IPO!
ADNH Catering, the culinary arm of Abu Dhabi National Hotels founded in 1976, is ready to serve up its latest dish — a 40% public offering on the Abu Dhabi Securities Exchange.(4) This IPO is no ordinary meal; it’s a grand feast, inviting investors to the table to indulge in the sizzling success of UAE’s 2024 listing boom. With 900 million shares up for grabs, ADNH Catering is whipping up a delectable opportunity for retail, institutional investors, and employees to get a piece of the action. 🍽️💼
🥄🍲 IPO Platter of Highlights:
- Share Offering: 900 million shares at Dh 0.10 each.
- Who’s Invited: UAE retail and institutional investors, plus ADNH employees.
- Special Reservations: 10% allocation for existing ADNH shareholders.
- IPO Date: October 7–14 for retail investors, October 15 for pros.
- The Dish of the Day: ADNH Catering serves over 11 million meals a month through 350 contracts. 🚀📊
🌟🍛 Full Plates, Full Steam Ahead!
With its clients spread across five strategic sectors and 90% of contracts lasting over five years, ADNH Catering is bringing out the silverware for a big win. The company’s IPO is just the appetizer in what looks to be a delicious spread of success on the ADX. As the final price simmers on the stove, investors are eager to dig in this October, ready to feast on the momentum of a company leading the UAE’s catering market with a 28% share. The banquet is almost set — grab your seat! 🏅📈
Closer to Home
- 🤝 Acwa Power, Badeel, and Saudi Aramco Power (Sapco) just locked in $3.2 billion to juice up Saudi with 5.5 GW of solar energy across three mega plants.(5) The desert sun isn’t the only thing bringing the heat! 🌝
- 💰 Abu Dhabi’s Al Yah Satellite Communications Company (Yahsat) approved AED 204.94M in interim dividends for H1 2024, paying 8.40 fils per share as profits soared to $68.29M. Yahsat’s making it rain!(6) 🎇
- 🏦 Meanwhile, Saudi’s Dr. Sulaiman Al Habib Group inked a SAR 1.3B ($346M) Sharia-compliant credit facility agreement with Al Rajhi Bank to boost hospital projects. A healthy deal for a 13-year run!(7) 💸
What Else Is Trending
- 🚘 Dodge-maker Stellantis slashed its 2024 guidance due to tough global industry dynamics and rising competition from China. Margin forecast drops to 5.5%-7%, sending carmaker’s shares down 12%.(8) 📉
- 🛢️ Meanwhile, oil prices ticked up on Friday, but weekly losses still loomed as rising supply fears outpaced China’s stimulus buzz. Brent rose 0.53% to $71.89, and WTI climbed 0.75 to $68.18. For the week, Brent slipped 3%, and WTI slid 5%.(9) ⛽
- 🚀 Lastly, gold’s poised for its best quarter in 8 years, hitting a series of record highs as US monetary easing pumps up demand. Spot gold slipped 0.7% to $2,651.88 on Friday, a slight dip for a shining star!(10) ✨
💬Quote of the Day
“Good food is the foundation of genuine happiness.” — Auguste Escoffier, revolutionary French chef
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Sources:(1) Huffpost, (2) (8) (10) CNBC, (3) (9) Reuters, (4) The National News, (5) (6) (7) Zawya
