Hala,
A 3,500-year-old jar survived wars, earthquakes, and the test of time — until it met a four-year-old at the Hecht Museum.(1) 😅 Apparently, “unbreakable” wasn’t in the job description for this Bronze Age relic! 🏺👶💥
amana’s take
- As August comes to a close, global markets are buzzing with optimism, betting on a long-awaited Federal Reserve easing cycle. Asian shares climbed on Friday, hinting at a strong month-end performance. Meanwhile, the U.S. dollar is feeling the heat, facing its worst monthly drop since November 2022. Futures in the U.S. and Europe are sending mixed signals, reflecting a cautious optimism as recession fears start to fade.
- European markets are bracing for a data-heavy day, with key releases on U.K. house prices and eurozone inflation on the docket. These numbers could tip the scales on whether the European Central Bank will ease up on its rate hikes. Investors are watching closely, as any signs of cooling inflation might just nudge the ECB toward a rate cut.
- Across the pond, all eyes are on the U.S. as the core PCE price index drops at 4:30 PM UAE time — a critical read on inflation that could set the tone for Fed policy. Add to that the upcoming nonfarm payrolls report, and the market is in suspense mode, trying to gauge the Fed’s next move. Meanwhile, in Tokyo, inflation is picking up speed, piling on the pressure for the Bank of Japan to consider raising rates, proving central banks everywhere are feeling the heat.
Stock Market Update
📈📉 U.S. stocks put on a show on Thursday, with the Dow dancing up 0.59% to a record 41,335.05, powered by Goldman Sachs, Intel, and Visa. But Nvidia’s 6.4% drop pulled the S&P 500 to a flat close at 5,591.96 and nudging the Nasdaq 100 down 0.13% to 19,325.46.(2) Just another rollercoaster ride on Wall Street! 🎢🛼
📊📶 Meanwhile, Gulf stocks played seesaw as hopes for a U.S. rate cut stirred the pot. Abu Dhabi dipped 0.6% to 9,233, while Dubai added 0.2% to 4,334.(3) ⬆️⬇️
🍴🚀 Talabat Sets the Table for Dubai IPO Feast!
Get ready to dig in! Delivery Hero is setting the table for a sizzling IPO as the UAE continues to ride the wave of economic momentum. Talabat’s initial public offering is scheduled to serve up some serious action in the fourth quarter of 2024. The Berlin-based parent company plans to dish out existing shares, keeping the size of the offering a well-guarded secret — for now. 🍽️📊
📊 Key Ingredients:
- IPO Timing: Set for the fourth quarter of 2024 on the Dubai Financial Market. 🗓️
- Parent Company: Delivery Hero, listed on the Frankfurt Stock Exchange. 🇩🇪
- Talabat’s Footprint: Operating across MENA, with major presence in UAE. 🌍
- Potential IPO Proceeds: Details on the size and use of proceeds still under wraps. 🤫
💼 Savoring the Market Momentum
Talabat isn’t the only course on the menu. It joins a growing buffet of companies looking to cash in on the UAE’s IPO boom this year. With heavy hitters like NMDC Healthcare and LuLu Group International also planning listings, the financial market is abuzz with anticipation. But will Talabat be the star of the show or just another side dish? With regulatory approvals pending and market conditions in flux, all eyes are on the kitchen as Talabat preps its IPO recipe. 🍱💥
Closer to Home
- 🤝 e& just sealed a $60M deal to snag Türkiye’s GlassHouse, strengthening its cloud and SAP game. CEO Salvador Anglada says it’s a “bold step” toward owning digital domination in the region.(5)e& seems to be in it to win it! 🤩
- 🏢 According to Kamco Invest, GCC-listed firms saw an 8.1% profit surge in Q2 2024, raking in $60.7B, up from $56.2B in Q1 — marking two consecutive quarters of gains, powered by robust regional growth.(6) It’s a bull run in the desert! 💸
- 🏦 Meanwhile, GCC-listed banks hit a record high in Q2 2024, pocketing $14.8B — up 2.6% from Q1 and a solid 9.2% YoY boost, thanks to fewer impairments.(7) Banks are banking big! 🤑
What Else Is Trending
- 🧑💻 Dell crushed Q2 expectations, fueled by an 80% spike in server sales, pushing revenue to $25.06B vs. $24.53B expected and EPS to $1.89 vs. $1.71 expected. The stock leaped over 3% in extended trading.(8)Dell’s on a roll! 💰
- 🛢️ Meanwhile, oil prices rebounded as Libya’s major disruptions squeezed supply. WTI climbed 1.87% to $75.91 per barrel, while Brent rose 1.64% to $79.94.(9) 🚀
- ✨ Lastly, gold prices glittered, fueled by strong bets on a September Fed rate cut. Spot gold sparkled with a 0.91% gain, reaching $2,525.12 per ounce.(10) 🌠
💬Quote of the Day
“A listing may be pursued through a secondary sale of shares by Delivery Hero which would retain the majority interest in the local listing entity after an IPO.” — Delivery Hero statement
Learn more: https://amana.app/interest
Sources:(1) The Washington Post, (2) (8) (9) (10) CNBC, (3) Reuters, (4) The National, (5) (7) Middle East Economy, (6) Zawya
