Hala,
“Deadpool and Wolverine” are crashing the box office party, with their new flick set to snag $160-$180 million and the R-rated debut crown. It’s already a top preseller — now let’s see if it delivers on the weekend. Are you in for the ride?(1) 🎬😎
amana’s Take
- OpenAI has rolled out a prototype search engine, SearchGPT, aiming to challenge Google’s reign. Initially offered to a select group of users and publishers for feedback, SearchGPT simplifies web searches by combining real-time info with conversational AI. OpenAI plans to weave SearchGPT into ChatGPT, with a waitlist for eager users.
- Generative AI in search has publishers worried about dipping website visits and ad revenue, but OpenAI promises prominent citations and links. Unlike Google’s AI add-ons, SearchGPT is entirely generative AI.
- With Google’s market share towering, even a tiny shift could be a big win for OpenAI, taking a cue from Microsoft’s AI-powered Bing.
Stock Market Update
📈📉 US stocks had a bit of a rollercoaster ride as investors continued to dump some of the tech stars. The S&P 500 slipped 0.51% to 5,399.22, the Nasdaq 100 tumbled 1.06% to 18,830.58, but the Dow kept its cool, adding 0.2% to 39,935.07.(2) Seems like the Dow took the day off from drama! 🎢🛼
⏫🔼 Meanwhile, UAE markets got a lift thanks to positive Q2 2024 earnings.(3) Abu Dhabi rose 0.4% to 9,303, and Dubai gained 0.2% to 4,238. ⬆️🆙
🚀📈Unexpected Economic Surge
The US economy sprinted ahead in Q2 2024 like a cheetah on a caffeine high, with a 2.8% growth rate that had everyone buzzing.(4) This stronger-than-expected growth was fueled by robust consumer spending, increased government outlays, and a significant inventory buildup. Stock market futures soared, while Treasury yields took a nosedive, reflecting the upbeat mood. 📊📶
📸🗺️Q2 2024 Economic Highlights
- Q2 2024 GDP Growth: 2.8% annualized (up from 1.4% in Q1); Forecast was at 2.1%.
- Personal Consumption Expenditures: 2.3% increase (up from 1.5% in Q1).
- Inventory Contribution: Added 0.82 percentage points to GDP growth.
- Government Spending: Rose by 3.9%, including a 5.2% boost in defense.
- PCE Price Index: Increased 2.6% (down from 3.4% in Q1).
- Core PCE Prices: Up 2.9% (down from 3.7% in Q1). 🔢🌎
🥨🛞Economic Twists and Turns
But as with any high-speed chase, not everything is smooth. Personal savings are shrinking, credit card delinquencies are reaching new heights, and the housing market is feeling the pinch from rising prices and slowing sales. The Federal Reserve is expected to maintain interest rates next week, though the possibility of a rate cut in September suggests they might ease off the throttle. So, while the economy is roaring ahead, prepare for more twists and turns in this thrilling economic adventure! 🎢🛼
Closer to Home
- 🏦 UAE’s top lender First Abu Dhabi Bank (FAB) posted a Q2 2024 net profit of AED 4.26 billion ($1.16 billion), up slightly from AED 4.21 billion a year earlier. Despite soaring interest income, rising impairment charges kept things bumpy.(5) 📈
- 💸 Dubai-based Mashreq Bank’s Q2 2024 net profit rose to AED 2 billion ($545 million), surpassing forecasts, with soaring interest income offsetting doubled impairment charges.(6) Seems like UAE banks are on a roll! 🤑
- 🏗️ Meanwhile, Deyaar Development’s Q2 2024 net profit soared 86% to AED 116 million ($32 million), leaving last year’s results in the dust. With revenue adding 7% YoY to AED 337 million, they’re really putting the “high” in high-rise!(7) 💰
What Else Is Trending
- 🚘 Ford shares skidded 18.4% to $11.16 on Thursday, its worst drop since 2008, after missing earnings expectations thanks to ongoing warranty woes.(8) Looks like the stock needs a tune-up. 🧰
- 🛢️ Meanwhile, oil prices ticked up on Thursday thanks to upbeat US economic news. Brent rose 0.81% to $82.37 a barrel, while WTI climbed 0.89% to $78.28.(9) ⛽
- 🪙 Lastly, gold prices took a breather as profit-taking cooled the recent rally. Spot gold fell 1.8% to $2,355.22.(10) 🌟
💬Quote of the Day
“The composition of growth was one of the better mixes that we have observed in some time.” — Joseph Brusuelas, Chief Economist at RSM
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Sources:- (1) (2) (4) (8) CNBC, (3) (9) (10) Reuters, (5) (6) (7) Zawya
