How did the markets react after the Fed minutes?
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World Market News:?
US Stock market updates: Fed minutes boosted the performance
US stocks recorded gains after the minutes of the last meeting of the Federal Reserve revealed that most of the bank's officials support slowing the rate of increase in interest rates soon.
The “Standard & Poor’s 500” and the “Nasdaq 100” index reaped gains for the second consecutive session, and treasury bond prices rose, with the yield on the standard 10-year treasury bond reaching 3.69%.
Wall Street's Fear Index, or Cboe Volatility Index, fell to its lowest level in more than three months, knowing that US stock and bond markets were closed on Thursday for the Thanksgiving holiday.
Source: Bloomberg
Check out the Top 5 stocks in each industry:
Europe: Eurozone inflation is nearing its peak
Luis de Guindos, Vice President of the European Central Bank, announced that inflation in the euro area will hover around its current levels in the next few months before it starts to decline in the first half of 2023.
The inflation rate in the eurozone jumped to 10.6 percent last October, recording a new historical level, compared to 9.9 percent in September, according to what was announced by the European Statistics Agency, Eurostat.
Inflation, driven mainly by higher energy and food prices, came in below expectations, at 10.7 percent year-on-year.
On a monthly basis, the inflation rate in the eurozone increased by 1.5 percent in October compared to the previous month.
Source: Euronews
Is the future of Twitter at stake?
In addition to the in-house problems that Elon Musk is facing in his company due to the layoffs and resignations of employees, Musk decided to open fire on Apple and Google.
In a tweet last week, Musk complained about the 30 percent tax imposed by the Google Play Store and the App Store on the sales that companies achieve in their applications.
In clear evidence of his intention to escalate matters, Musk described what is happening as a result of the "duopoly" of Apple and Google, and said that the 30 percent fee is a "hidden tax".
In result, Elon Musk chose the confrontational approach in his relationship with Apple and Google, aiming for all ways that allow him to increase the revenues of his company.
Source: Sky News
GCC News: Fintech is booming in the Mena Region
Saudi Women Empowerment in Fintech
A unique training program to support women in fintech in Saudi Arabia is initiated by Geidea, a leading fintech company in Saudi Arabia, in partnership with The London Institute of Banking & Finance (LIBF)?
The program will be launched in February 2023 and will be scheduled over twice-weekly 45-minute sessions for six weeks, and graduates will receive a Certified Fintech Practitioner (CFP) qualification.?
It is an open opportunity for women who work in tech, fintech, or financial services; as it tackles fundamental fintech topics, such as the fintech impact on business models across banking and finance, different strategies for growth, and the effect of risk and regulation on fintech development across the globe.?
UAE in action contributing to ‘we the UAE 2031’ vision
This week, the UAE government discussed the most important challenges facing small and medium-sized companies, and future opportunities, by facilitating their financing operations to raise their productivity.
?Ways of investment opportunities in relevant markets outside the framework of the country were also presented, by linking these projects and companies with foreign investors, coinciding with the UAE government’s abolition of the value-added tax for some sectors, starting from January 2023.
In the same context, the IMF expected that the growth rate of the UAE economy would rise to about 6% at the end of 2022 compared to what it was at the end of 2021, which amounted to 3.8%, based on the recovery in the tourism and construction sectors in addition to the rise in oil prices. The activity of Dubai World Expo was highlighted as an important factor in the development of the UAE economy in 2022.
Source: Arabian Business
Weird Financial Facts: Putting famous faces on coins used to be opposed
Did you know that early coins issued by the United States used images of Liberty and the bald eagle rather than the faces of prominent figures?
That’s because after gaining their independence, Americans didn’t want to remember that the British used pictures of the monarchs on their currency.
Source: Yahoo Finance
Things to look out for:?
Keep your eye on the labor market next week which will include the National Employment Report ADP, initial jobless claims, and unemployment rate report!?
The coming week will also put home prices in spotlight, with the release of the Case-Shiller National Home Price Index, and Freddie Mac’s House Price Index (HPI).
Final thought:
Do you think the Fed will keep raising the interest rates in the near future?
Is it something inevitable due to the results of the unemployment rate in order to stabilize the overall economy, and to keep fighting inflation?
Or will we witness a slowdown in increasing the interest rates?