Hala,
Christopher Nolan’s next film is brewing, and Tom Holland is rumored to join the cast! (1) 🧛♂️🎬 Set in the 1920s, it’s said to be a period horror with vampires… because even bloodsuckers love a good plot twist. 🧄
amana’s take
- Global Markets Struggle Amid Bond Selloff, Fed Concerns: A global bond selloff weighed on Asian stocks, with investors cautious due to expectations of slower US Federal Reserve rate cuts. Yields on US 10-year Treasuries topped 4.2%, and Japan’s 40-year bonds hit a 16-year high. The dollar strengthened as the yen hit a nearly three-month low against the dollar. Chinese and Hong Kong shares rose on hopes for government intervention. The IMF downgraded global growth, citing trade risks. Corporate earnings were mixed, with Texas Instruments issuing a cautious forecast and McDonald’s dealing with an E. Coli issue.
Stock Market Update
🎢📉 US stocks buckled up for a rollercoaster ride as investors tackled rate hike worries and munched on earnings reports. The S&P 500 slipped 0.05% to 5,851.20, the Dow eased 0.02% to 42,924.89, but the Nasdaq 100 sneaked in a 0.11% gain to 20,383.65.(2) Seems Nasdaq was the only one with enough coffee! 📈☕
⬇️⏬ Here in the Gulf, markets hit a snag, weighed down by regional tensions and lackluster earnings. Abu Dhabi fell 0.3% to 9,246, while Dubai dipped 0.2% to 4,467.(3) 🗺️↘️
🎉📈 GCC IPO Garden in Full Bloom!
The Gulf IPO market is blossoming in Q3 2024, with seven new offerings raising a staggering $1.7 billion.(4) Abu Dhabi Securities Exchange (ADX) led the bouquet, with NMDC Energy’s $1.1 billion offering taking the spotlight. 🌸 Saudi Arabia wasn’t far behind, with Arabian Mills for Food Products raising $271 million. As IPOs continue to flourish, the Gulf’s financial garden is in full swing, and bigger blooms are expected in the coming months. 🌍💼
🌱📊 GCC IPOs Growing Strong:
- NMDC Energy: Raised a whopping $1.1 billion on ADX for a 23% stake.
- Arabian Mills for Food Products: Sprouted $271 million from its 30% stake.
- IPO Activity Up: GCC IPOs increased 6% year-on-year in Q3, while 2024’s nine-month total hit $5.2 billion across 30 offerings.
🌺✨ Saudi Tamkeen: The Latest Flower in the Garden
Tamkeen Human Resources Co. just set its final offer price at SAR 50 per share, raising over $105 million in its IPO.(5) 🌺 This flower is growing strong, with the institutional book-building process oversubscribed 138 times! With retail subscriptions set to start from November 5 to 6, Tamkeen is the latest addition to Saudi Arabia’s flourishing market. 🌿
Closer to Home
- 🏦 Saudi National Bank, the kingdom’s largest by assets, saw a 7% profit surge in Q3. It hit SAR 5.4B ($1.4B) as strong operating income outmuscled hefty impairment charges.(6) Guess SNB’s earnings flexed just right! 💪
- 💰 After retail giant Lulu’s Abu Dhabi IPO buzz, chairman Yusuff Ali hinted at a possible future listing on Saudi’s Tadawul, saying it’s on the radar for the long term. Looks like Lulu’s ready for the Saudi stock market shelves!(7) 💸
- 🅿️ Dubai-listed Parkin is rolling out ‘barrierless’ parking at Majid Al Futtaim malls from January 1, 2025, covering 21,000 spaces and 20 million cars.(8) With smart tech and no-fee hikes, parking’s made easy! 👌
What Else Is Trending
- 🚀 Shares of Tokyo Metro surged 45% on Wednesday after its blockbuster IPO, raising 348.6B yen ($2.3B) — the biggest in Japan in six years.(9) Seems like investors didn’t miss this train! 🚉
- 🛢️ Oil prices rallied on Tuesday as traders ditched ceasefire hopes and chased China’s growing demand. Brent jumped 2.4% to $76.04 per barrel, while WTI rose 2.2% to $72.09.(10) ⛽
- 🪙 Gold joined the rally, hitting a record high, as election jitters and Mideast tensions had investors running for cover. Spot gold rose 0.9% to $2,746.69 per ounce, after peaking at $2,748.23.(11) Now, that’s a lot of shine!✨
- 📉 The yen just slipped past 150 per dollar — guess it’s on a quest to find new lows! Japan’s central bank might be thinking, “Intervention, anyone?” Fyi, you can trade the USD/JPY pair on amana. 😉
💬Quote of the Day
“We, in the UAE, have no such word as “impossible”; it does not exist in our lexicon.” — Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai
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Sources:(1) Men’s Journal, (2) (9) CNBC, (3) (10) (11) Reuters, (4) (5) (6) (7) Zawya (8) Gulf News
