Hala,
🎬💥 Disney/Pixar’s “Inside Out 2” just zoomed past the $1 billion mark at the global box office, becoming the fastest animated film to join the elite billion-dollar club in just 19 days! 🚀 It seems emotions really do pay off! 😂🌍
All Eyes On
- EURUSD Extends Gains Amid Speculation of Fed Rate Cuts and Political Developments in Europe
The EUR/USD is trading around 1.0750, supported by speculation of potential Fed rate cuts in 2024 and ECB rate reductions. Germany’s CPI data is due at 4 pm Dubai time. Marine Le Pen’s National Rally led in French legislative elections, potentially benefiting the Euro. The pair hovers near its 50-day moving average of 1.0775. Upcoming German and US inflation figures and ECB President Lagarde’s speech will influence the currency.
- The USD/JPY Trades Near Its Highest Level Since 1986, Is It Time to Buy the Japanese Yen?
The JPY is near its 1986 low of 161.28. Positive business confidence data and potential Japanese intervention support the JPY, limiting USD/JPY upside. Finance Minister Shunichi Suzuki expressed “deep concern over rapid forex movements, indicating possible responses to excessive volatility.
- Updates on Ethereum ETF Listing
The SEC has delayed the launch of U.S.-based spot Ether ETFs, requesting S-1 form resubmissions, potentially postponing until mid-to-late July. Despite minor revisions, the launch date remains uncertain. The SEC suggests a summer launch is possible, with major issuers preparing for exchange listings by July 8, though full approval might take until September.
Stock Market Update
📉↘️ US stocks closed lower on Friday as tech stars like Apple, Microsoft, and Meta Platforms dragged down early gains. The Dow dipped 0.12% to 39,118.86, the S&P 500 lost 0.41% to 5,460.48, and the Nasdaq 100 fell 0.54% to 19,682.87.(2) Looks like Wall Street started the weekend on a low note. 🔽⏬
⬆️⬇️ Meanwhile, Mideast stocks closed mixed on Sunday: Saudi Arabia slipped 0.4% to 11,680, dragged down by its financial sector, while Qatar gained 0.1% to 9,968, hitting a three-month high supported by industrial and financial sector gains.(3) 📊📶
🌊📈 UAE’s Golden Wave of Prosperity!
Riding high on the golden wave of economic triumph, the UAE’s 2024 outlook shimmers brighter than a Dubai skyline at sunset. With a dazzling GDP of AED1.68 trillion in 2023, marking a 3.6% increase, the UAE’s economic surf is up, crashing over previous records and soaking the market with a liquidity of $381.2 million in the local stock market right at the week’s start! 🌟💸
🌞📊 Key Economic High Tides:
- GDP Greatness: Reached a mighty AED1.68 trillion in 2023, up by 3.6%. 🌟
- Non-Oil Nuggets: Non-oil GDP hit AED1.25 trillion, surfing a 6.2% growth wave. 💼
- Future Forecasts: World Bank sees 3.9% GDP growth in 2024, expected to bump to 4.1% by 2025. 📈
- IMF Insights: IMF predicts a robust 4% growth next year, thanks to thriving sectors like tourism and construction. 🚀🌐
🏗️🌐 UAE’s Economic Horizon Expands
As the golden wave continues to swell, the UAE’s economic shores are attracting crowds from global markets. Forecasters are whipping out their best sunglasses to gaze at a future where the UAE’s economic tide is expected to grow over 4% in 2024, buoyed by sectors like tourism, aviation, and financial services. With the government’s smart economic maneuvers and the UAE’s Vision 2030, the UAE is not just riding the waves — it’s making them! 🚀🌍
Closer to Home
- 🛢️ Saudi oil giant Saudi Aramco has awarded contracts worth more than $25 billion to supercharge its strategic gas expansion, aiming sales gas production growth of more than 60% by 2030.(5) Buckle up for a gas-powered journey ahead! 💰
- 🏦 Al Hilal Bank, part of ADCB Group, partnered with Abu Dhabi Securities Exchange (ADX) for instant Sharia-compliant IPO subscriptions via ADX’s e-IPO portal, streamlining investments on the Al Hilal Digital app.(6) How exciting! 🤑
- 💸 United International Holding Company, a subsidiary of Saudi-listed United Electronics Company (eXtra), gets the green light from CMA for a Tadawul IPO of 7.5 million shares (30% of its capital).(7) #NewIPOAlert! 🤩
What Else Is Trending
- 🛍️ Amazon is boosting its AI capabilities by recruiting top talent from startup AI agent Adept and securing a license for their advanced technology.(8) It’s like bringing in the MVPs of AI! 🤖
- 🛢️ Meanwhile, oil prices fell on Friday on weak US fuel demand and profit-taking at quarter-end. Brent slipped 0.3% to $85 a barrel, while WTI dipped 0.24% to $81.54.(9) ⛽
- 🪙 Lastly, gold prices steadied on Friday, poised for a third consecutive quarterly gain after the US inflation report met expectations. Spot gold chilled at $2,326.47 per ounce.(10) ✨
💬 Quote of the Day
“It’s a wonderful metaphor, catching a wave, for how you can look at other challenges in your life.” — Jeff Bridges, American actor and musician.
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Sources:- (1) Variety, (2) AP News, (3) (9) (10) Reuters, (4) (5) (6) (7) Zawya, (8) CNBC
