?? Will the rally roll on?

International News: Are we in the middle of a Bear Market rally?

The stock market this week has been flooded with stock split news and the earnings reports of companies like Tesla, which followed big banks reporting their earnings. Naturally, this was an important time for investors because earning results impact their selling and buying decisions.

Consequently, after investors digested the earnings news, stocks rallied while growth stocks did most of the work accompanied by semiconductor stocks outperforming and streaming stocks displaying better than expected results. However, that wasn't always the case this week as stocks closed sharply this Monday.

On Tuesday and Wednesday, stocks rose fueled by a rally in tech stock, and on Friday, the S&P 500 and the Nasdaq fell because social media and ad tech firms were the main players in the declines that followed the negative quarterly revenue from Twitter and Snapchat.

In the midst of it all, the Google stock split went into effect, decreasing the price of an individual Google share!

Moving forward, investors are hoping that the bear market will bottom. Regardless, all eyes are now on the Federal Reserve's meeting and second-quarter U.S. gross domestic product data due next week for they will provide more insights on the overall economy.

Here's a little overview regarding the European market: European stocks, against all odds, also had their best week in 2 months despite volatility concerns after the European Central Bank decided on a 50-basis point rate hike, the first of its kind in 11 years. On another note, it was understood that the ease in energy tightness cast some calmness on investors despite the low morale caused by the increase in interest rates.

Source: Reuters

GCC Market News:? Arabs race into the future!

The Metaverse is closer than we think, and we're glad that it's coming about in the Arab world.?

This week, the UAE and Saudi Arabia announced that they will be taking the lead as Dubai unveiled its metaverse strategy that will add $4 billion to the Emirati economy.

The strategy aims to provide 40,000 jobs and attract 1,000 Blockchain and Metaverse companies. As per Saudi Arabia, the kingdom will be hosting the world's biggest eSports and gaming event this summer, which is deeply vested in the Metaverse!

Speaking of Saudi, the kingdom signed 18 different agreements with the United States after President Biden's visit. The agreement spanned different areas: energy, healthcare, space, and communications.

Source: Arabian Business

Weird Financial Facts: Guess who the world’s most expensive stock belongs to!

Did you know that the most expensive stock in the world belongs to Warren Buffet, one of the most famous investors.

We bet that you're not surprised with the fact the most expensive stock is Buffett’s!

The price of the stock is 428,500 because the company that the stock belongs to, Berkshire Hathaway, has not undergone a stock split yet, among other reasons!

Source: tomorrowmakers.com

What’s new with Wealthface:? Wealthface is making headlines in the Fintech world!

Following our launch in South Africa, Wealthface is on to a new setting and venture.

This week on Tuesday, July 26th, we will be participating in our first ever Saudi Fintech Accelerator's Demo Day in the kingdom's capital, Riyadh!

After proving ourselves as major players in the Fintech world, we're honored to be selected along with 11 startups in the region to present our business ideas and innovations while shaping the business world.

Don't forget to keep an eye on our social media for all the interesting updates and insights on our Fintech trip!

Things to look out for: Etherium merger, Tesla, and world currencies!

We know that many things went down this week, but the Ethereum merger, faltering currencies, and Tesla are things you should definitely keep an eye on!

Regarding how major world currencies were faring this week, the euro is back to parity with the dollar, but other currencies are experiencing a major decline in their value, with the Turkish lira reaching its lowest value this year. Additionally, the dollar was on track for its biggest weekly percentage decline in 5-1/2 months after touching a 20-year high last week.

As per the Ethereum Merger, the Blockchain network is about to undergo a 'merge’ this September that includes a series of upgrades that would scale its network and process of transactions, moving the entire network to a new system that is more efficient and sustainable- The Ethereum 2.0!

We left the best for last, Tesla and its CEO are regular features on world news. But this time, Tesla made headlines not just for its earnings report, but also for selling 75% of its Bitcoin holdings, adding $936 million in cash to its balance sheet.?

This news comes after Tesla initially bought $1.5 billion worth of Bitcoin earlier in 2021. If that isn't news, we don't know what is!

Source: The Economic Times