Hala,
🐾💰 A Shanghai woman left her $2.8M to her cats and dogs for being loyal, while her kids, who rarely gave her any attention, get… well, nothing!(1) Revenge is a dish best served furry! 🐱🐶💸
amana’s Take
- U.S. election drama keeps markets on edge! With the Trump-Harris showdown tightening in key swing states, markets are buckling up for election week. Wall Street’s also got a packed agenda, from U.S. Goods Trade Balance data to the ISM Services PMI and a 10-year note auction, all set to stir sentiment.
- U.S. dollar seems to be flirting with 104 as stocks inch up. Early European trading saw U.S. stock futures nudge higher, while the Dollar Index hovered just below 104 after Monday’s stumble. Meanwhile, the Aussie got a boost as the Reserve Bank of Australia held rates steady at 4.35%, vowing to keep inflation in check.
- Currencies played it cool despite the suspense. EUR/USD clings near 1.0880, GBP/USD holds steady just above 1.2950, and USD/JPY lounges above 152.00. As for gold? Flat as a pancake around $2,730.
Stock Market Update
📉↘️ U.S. stocks tripped on Monday, caught between election nerves and Fed rate-cut whispers. The Dow slid 0.61% to 41,794.60, the S&P 500 eased 0.28% to 5,712.69, and the Nasdaq 100 shed 0.35% to 19,963.60.(2) Looks like Wall Street’s got the jitters. 🥶🔻
⬇️⏬ Gulf markets caught the same vibe! Dubai fell 0.8% to 4,585, and Abu Dhabi slipped 0.2% to 9,331 as Iran-Israel tension rattled investors again.(3) 🗺️🔽
🌊🛒 Lulu Retail Opens the Floodgates: IPO Just Got Bigger!
Lulu Retail, the hypermarket heavyweight of the Middle East, has officially expanded its IPO offering to 30% from 25% due to intense demand, pushing for a potential cash surge of Dh6.32 billion ($1.72 billion).(4) Investors are diving in like it’s Black Friday, with regional and international interest making it the UAE’s largest IPO yet. 🎉💼
📊🍇 Key Figures:
- New Size & Scale: Expanding to a 30% offering, Lulu is now set to raise up to Dh6.32 billion.
- Price Range: Unchanged at Dh1.94–Dh2.04 per share.
- Top Investors: New cornerstone investor Masarrah Investment (Saudi Arabia) joins, adding $68 million.
- Biggest in the Region: Lulu’s IPO will bring the total capital raised to $273 million.
- Global Impact: With MENA’s booming IPO scene, Lulu aims to make a mark across the Gulf region. 🛒🚀
📈🌍 Setting Sights on Market Domination
When it comes to retail expansion, Lulu Retail isn’t just dabbling — it’s bringing in the big names and the big bucks. Market capitalization estimates range from $5.46 billion to $5.74 billion, setting Lulu up to claim its space on the Abu Dhabi Securities Exchange come November 14. With the Gulf’s IPO momentum, Lulu’s IPO feels more like a tidal wave than a ripple. Get ready, ADX — it’s about to get crowded. 📊🌟
Closer to Home
- 🛢️ UAE’s energy giant Adnoc has its sights on Cyprus’ gas scene, eyeing the Mediterranean’s offshore hotspots after Egypt and Israel struck big in major gas discoveries and developments in recent years. Gas and LNG growth? Adnoc’s all in!(5) 💪
- 🤑 Saudi’s petrochemical giant SABIC bounced back to a Q3 profit of SAR 1B, up from a SAR 2.88B loss a year ago — though it fell short of the SAR 1.6B forecast. Looks like a win, even if it’s not quite a slam dunk!(6) 💸
- 🏦 Oman’s methanol and ammonia producer OQ Base Industries is prepping a December IPO splash, offering 49% on the Muscat Exchange! Bank Dhofar, Bank Muscat, and Morgan Stanley are on deck as issue managers. #IPOAlert!(7) 💰
What Else Is Trending
- 🚀 Robot startup Physical Intelligence just raised $400M, reaching a $2.4B valuation. With backers like Amazon founder Jeff Bezos and OpenAI, they’re set to unleash brainy bots with human-level smarts.(8) 🤖
- ⛽ Oil prices surged nearly 3% on Monday as OPEC+ hit “pause” on output hikes and the U.S. election buzz heated up. Brent climbed 2.7% to $75.08 a barrel, while WTI rose 2.85% to $71.47.(9) 🛢️
- 🤩 Meanwhile, spot gold added a bit of shine, too, edging up 0.1% to $2,737.35 per ounce, as U.S. election nerves and Fed-watch kept investors on their toes.(10) 🌟
💬Quote of the Day
“You can’t stop the waves, but you can learn to surf.” — Jon Kabat-Zinn, American professor of medicine
Start trading now: https://amana.app/campaigns/rebate
Sources: (1) Unilad, (2) (8) CNBC, (3) (9) (10) Reuters, (4) Economic Times, (5) (6) (7) Zawya
