????16-Year High: China Stocks Soar!

Hala,

Looks like Sony hit the pause button on PlayStation Network, leaving gamers everywhere stuck in offline mode.(1) PS4, PS5, PS Vita, and even PS3 users are all asking: "Is this the final boss?" ???? #PSNDown

amana’s Take

• Crypto just can’t catch a break! The crypto market dipped?4.2%?in the last 24 hours, even after Fed Chair Jerome Powell teased potential rate cuts. Historically, low rates are a green light for crypto bulls, but Bitcoin, Ethereum, and Solana didn't get the memo, sliding by?3.5%, 2.3%,?and?2.6%, respectively.
• Powell hinted at rate cuts, but also said it all depends on the economy. Translation? Don't hold your breath. The market isn’t biting yet, despite the Fed’s cautious optimism about a stable economy.
• Some crypto die-hards are still optimistic, betting that eventual rate cuts could bring a wave of investment back into digital assets. For now, the market’s down, but rate cuts might still be the?bullish boost?investors are waiting for.

Stock Market Update

???? US stocks surged into the close on Monday, wiping away earlier losses like they never existed, all thanks to Fed Chair Powell's remarks. The Dow gained 0.04% to 42,330.15, the S&P 500 added 0.42% to 5,762.48, and the Nasdaq 100 chimed in with a 0.26% rise to 20,060.69.(2) What a surprising twist! ????

??↘? Meanwhile, Gulf markets took a dip on rising geopolitical tensions. Abu Dhabi lost 0.5% to 9,425, and Dubai fell 0.4% to 4,503.(3) ???

???? China's Dragon Awakens!

The Chinese stock market just burst back to life like a dragon emerging from a century-long nap, and it’s breathing fire! After a flurry of economic stimulus magic from Beijing, Chinese stocks rocketed to their best day in 16 years.(4) U.S. ETFs couldn’t help but ride the dragon’s wave as the Shanghai Composite Index surged an epic 8.06%, with other indexes following suit. The market is alive, and it's roaring louder than ever! ????

???? Market Moves & Highlights:

• Shanghai Composite: Soared 8.06%, best day since 2008.
• Shenzhen Composite: Leaped 10.9%, best since 1996.
• China ADR Index: Closed up 1.2%, climbing nearly 6%.
• U.S. ETFs: KraneShares CSI China Internet ETF (KWEB) up 0.6%.
• Key Stocks: Bilibili & Futu Holdings both rose modestly. ????

???? Riding the Dragon's Tail

With Beijing’s leadership giving their nod of approval to economic stimulus, Chinese stocks are heating up faster than a wok at lunchtime. U.S. investors, including billionaire hedge fund mogul David Tepper, are gobbling up everything China. As global investors recalibrate, the question isn’t if the dragon will fly higher, but how far it will take the market. Hold on tight – this ride’s just getting started! ????

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Closer to Home?

• ?? ADNOC Drilling launched its Turnwell joint venture with SLB and Patterson-UTI, fast-tracking 144 unconventional well program to unlock the UAE’s energy potential.(5) Talk about drilling into the future! ??
• ??? Real estate developer Alef Group unveiled Olfah, a AED 2.5 billion ($681 million) residential project in Sharjah featuring 12 buildings and the biggest private park in town.(6) Get ready for nature-infused living! ??
• ?? Over in Saudi Arabia, unemployment hit a historic low of 7.1% in Q2 2024, inching closer to Vision 2030’s 7% goal.(7) Job seekers might need to bring their A-game! ??

What Else Is Trending

• ?? Google is investing 36 billion Thai baht ($1 billion) in building its first data center in Thailand, boosting the country’s cloud infrastructure.(8) Get ready, Thailand—AI is rolling into town! ??
• ??? Meanwhile, oil prices barely budged on Monday but took a 17% hit for Q3 as fears of Mideast conflicts clashed with waning demand. Brent slipped 21 cents to $71.77, while WTI fell a cent to $68.17.(9) ?
• ?? Lastly, gold prices took a breather, with spot gold dipping 0.9% to $2,634.75 after a historic rally. It’s still eyeing its best quarter since 2020—gold’s just catching its breath!(10) ?

??Quote of the Day

“Dragons are fire made flesh.” – George R.R. Martin, author of “A Song of Ice and Fire”

amana.app

Sources:(?(1) Mirror, (2) (4) (8) CNBC, (3) (9) (10) Reuters, (5) (6) (7) Zawya