Hala,
A quick energy drink stop turned into a 💰million-dollar surprise for Virginia man Nicholas Foxx, who scratched his way to $1M at a local mini-mart.(1) He’s now $625K richer — after taxes — though his future plans might still involve caffeine! ☕💸
amana’s Take
- West Texas Intermediate oil rose to $71.50, with fears of supply disruptions heating up as tensions escalate in the Middle East. Geopolitical flare-ups continue to keep traders on edge, pushing prices higher.
- Shell’s decision to shut down production at two Gulf of Mexico facilities due to a looming tropical disturbance is giving the market another nudge. Less supply equals more pressure, keeping prices buoyant.
- Bullish sentiment is also getting a lift from expectations of increased US crude demand, spurred by the Federal Reserve’s rate cut. With more cuts expected in 2024, investors are betting on a boost in economic activity and oil consumption.
Stock Market Update
📈📉 US stocks played tug-of-war on Friday, capping a rally fueled by the Fed’s first rate cut in four years. The Dow added 0.09%, settling at a fresh record of 42,063.36, the S&P 500 slipped 0.19% to 5,702.55, and the Nasdaq 100 eased 0.24% to 19,791.49.(2) Talk about a see-saw session! 🎢🛼
📊📶 Meanwhile, UAE markets closed mixed: Dubai rose 0.3%, riding the regional rate cuts, while Abu Dhabi fell 0.7%, dragged by a 1.4% dip in IHC.(3) ⬆️⬇️
🚂💥 Gold Smashes Through $2,600 Barrier!
Gold has turned into a runaway train, barreling past the $2,600 mark for the first time ever.(4) On Friday, the precious metal surged 1.3%, hitting $2,620.63 per ounce, fueled by growing bets on deeper U.S. interest rate cuts and rising geopolitical tensions. This train shows no signs of slowing down, with U.S. gold futures closing 1.2% higher at $2,646.20, as investors scramble to get on board. Yep — the gold train isn’t losing steam just yet! 🚂💨
📊🔥 Gold’s Record-Breaking Momentum
- Gold: Up 27% in 2024 — its biggest yearly gain since 2010 📈
- Spot Gold: $2,620.63/oz 🚀
- U.S. Gold Futures: $2,646.20 📊
- Silver: +1.2%, now at $31.16/oz 🌟
🚂💨 Gold Continues on the Fast Track
With the Fed slashing rates by half a percentage point earlier this week, gold’s rally has gained speed, offering a safe haven also amid growing uncertainties in the Middle East and a weakening dollar. Analysts warn the train might eventually slow down, with rate cuts likely to taper off at upcoming Fed meetings. But for now, the gold rush seems unstoppable, gaining strength with each new global conflict. 🏅💰
Closer to Home
- 💸 Arab stock exchanges’ market cap hit $4.268 trillion by August, adding a neat $22 billion, a 0.52% lift from July’s $4.246 trillion.(5) Looks like steady growth is the name of the game! 🤑
- 🏦 IPO Alert: The Central Bank of Egypt plans to list United Bank (UB) on the Egyptian Stock Exchange, a top player with a diverse product lineup serving retail and Islamic banking. With EGP 106 billion in assets and rising profits, it’s ready for the spotlight!(6) 💰
- 🤝 Chip titans TSMC and Samsung eye the UAE for future mega projects worth over $100 billion. TSMC’s already scouting for a plant on par with their Taiwan hubs.(7) The desert’s about to get techy! 🤖
What Else Is Trending
- 🚗 Mercedes-Benz slashed its profit margin target again, citing a sluggish Chinese car market. Shares fell 7.2%, hitting a near two-year low after the warning and ranking Mercedes-Benz among Europe’s top decliners.(8) The luxury ride just hit a speed bump! 🚨
- 💻 Intel, down over 50% this year and fresh off its worst day in 50 years, is splitting its manufacturing arm. Qualcomm’s reportedly circling for a game-changing takeover! What a week for Intel!(9) 😵💫
💬Quote of the Day
“Geopolitical risks like the ongoing conflicts in Gaza and Ukraine will keep gold’s safe-haven demand rolling.” — Fawad Razaqzada, Forex.com analyst
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Sources:(1) UPI, (2) (8) CNBC, (3) (4) (9) Reuters, (5) (6) (7) Zawya
