????? Trump Shooting Casts Shadow on Markets

Hala,

Vattel Jackson, a DC local, struck lottery gold twice in a year, winning another $25,000 prize almost exactly a year after his first win.(1) ?? By choosing his aunt's birthday as his winning number, he's proven that lightning can indeed strike twice! ??

amana’s take

China's Economic Slowdown Pressures Beijing for Action

• China's economy grew at its slowest pace in five quarters with a 4.7% GDP increase in Q2, missing the 5.1% forecast. Weak consumer spending led to the slowest retail sales growth since December 2022.
• Domestic challenges, such as a slumping property sector and low consumer confidence, combined with external threats like potential trade barriers, are pressuring Beijing for stronger policy measures to achieve the 5% annual growth target.
• Chinese stocks in Hong Kong declined, the People's Bank of China maintained its benchmark rate, and as the crucial policy meeting begins, Beijing must address economic issues, focusing on the property market and boosting domestic demand to sustain growth.

Stock Market Update

↗??? US stocks soared on Friday as investors broadened their horizons beyond tech favorites. The Dow rose 0.62% to close at 40,000.90, its first return above 40,000 since late May. The S&P 500 added 0.55% to 5,615.35, and the Nasdaq 100 advanced 0.59% to 20,331.49.(2) Seems Wall Street's getting into the groove with some unexpected chart toppers! ????

????Meanwhile, Mideast stocks closed mixed: Saudi Arabia jumped 0.8% to 11,882 on Fed rate cut hopes, while Qatar slipped 0.1% to 10,172, dragged down by Qatar Islamic Bank .(3)????

????Political Drama Roils Global Markets

The day dawns with global markets gripped by political volatility following the attempted shooting of former President Donald Trump, casting a long shadow over trading floors. Asian assets take center stage as they assess how deeply the incident may sway investor sentiment and strategic moves. Analysts discuss potential 'Trump-victory trades', anticipating a stronger dollar and steeper US Treasury yield curve amid heightened electoral prospects.(4) ????

???? Global Economic Snapshot

• Japanese Yen against dollar: Up 0.3% to 157.96, below recent highs due to suspected intervention.
• Euro against dollar: Slightly eased to $1.0893.
• Futures for 10-year Treasuries: Declined 13 ticks in Asia, pushing yields up by 4.8 basis points to 4.2353%.(5)
• Bitcoin price: Up about 5% to a two-week high of $62,997.
• Ether price: Jumped nearly 6% to $3,368.14.(6) ????

?????? Navigating Market Complexities

As the curtain rises on another day for global markets, the interplay of political intrigue and economics are set to drive market dynamics and investor strategies akin to a geopolitical drama. Amidst the market's speculative tango, one thing remains clear: uncertainty fuels both risk and opportunity. As investors navigate these dynamic shifts, the stage is set for a continued saga of twists and turns in the global financial arena. ????

Closer to Home?

• ?? UAE bank investments climbed to AED 666.2 billion ($181.3 billion) by April 2024, up 0.3% monthly and 5% since January, according to the Central Bank of the UAE (CBUAE).(7) That’s a 21% boost from last year. Banking on growth, indeed! ??
• ?? Markaz reported that GCC IPOs pulled in $3.6B in H1 2024, a 32% dip from last year's $5.3B. Saudi Arabia led with $2.1B, while the UAE followed with $1.3B from 3 offerings.(8) Looks like even IPOs have their ups and downs! ??
• ?? Meanwhile, Kuwait Petroleum Corporation (KPC) hit the jackpot with a "giant" oil discovery in the Al-Nokhatha field near Failaka Island, yielding 3.2 billion barrels—equivalent to Kuwait's three-year output.(9) What a gusher of a discovery! ??

What Else Is Trending

• ?? US producer prices nudged up 0.2% in June after being unchanged in May, lifted by growing service costs, but that didn't sway expectations of a Fed rate cut in September. (10) ??
• ??? Meanwhile, oil prices tumbled on Friday, snapping a four-week winning streak as the rally stalled. WTI shed 0.5% to $82.21 per barrel, while Brent slid 0.43% to $85.03.(11) ?
• ?? Lastly, gold prices stood firm above $2,400 on Friday, even as spot gold dipped to $2,411.5764 per ounce—riding the rollercoaster of Fed rate cut expectations.(12) ?

??Quote of the Day

“In the theatre of life, the show must go on.” ― Avijeet Das, a poet and a writer.

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Sources:-?(1) UPI, (2) (11) (12) CNBC, (3) (4) (5) (6) (9) (10) Reuters, (7) (8) Zawya