???? U.S. Economy Adds 254K Jobs!

Hala,

???? According to critics, Joker: Folie à Deux will leave you thinking, "Where’s the punchline?" Despite strong performances and some technical flair, the plot falls flat and lacks the emotional punch of the original.(1) If you’re expecting the thrill of the first, well... the joke’s on you! ?? #NotMyJoker

amana's Take

• Investor Focus This Week: Attention will shift to the October Consumer Price Index (CPI) report, updates on consumer sentiment, and the beginning of Q3 earnings season.
• Inflation Outlook: Headline inflation is expected to slow to 2.3% annually, while core CPI is projected to remain steady at 3.2%.
• Earnings Season Kickoff: Financial institutions such as JPMorgan, Wells Fargo, and BlackRock will begin the earnings season, with analysts forecasting a modest 4.7% year-over-year earnings growth.
• Geopolitical and Election Concerns: Despite the generally positive outlook for equities during earnings season, analysts warn that market reactions could be dampened by ongoing geopolitical developments and election-related events.

Stock Market Update

??↗? U.S. stocks got another lift on Friday as a surprise nonfarm payrolls report boosted investor confidence in the economy's health. The S&P 500 rose 0.9% to 5,751.07, the Nasdaq 100 climbed 1.22% to 20,035.02, while the Dow strutted to an all-time high, advancing 0.81% to 42,352.75.(2) Seems Wall Street closed the week with a bang! ????

???? Meanwhile, Gulf markets were in the red as geopolitical tensions rattled investors. Saudi dropped 1.6% to a monthly low of 11,769, while Qatar slid 0.5% to 10,412.(3) ???

???? U.S. Job Creation Powers Ahead Like a Freight Train in September!

The U.S. labor market is full steam ahead, with job creation roaring past expectations in September, adding a whopping 254,000 nonfarm payrolls.(4) That’s up from August’s 159,000 and way above the 150,000 forecast. ?? This surge has dropped the unemployment rate to 4.1%, signaling a resilient and robust job market as wages also ticked up by 0.4% for the month. ????

???? Key Figures:

• Jobs Added: 254,000 (led by hospitality with 69,000 positions).
• Unemployment Rate: 4.1%.
• Average Hourly Earnings: +4% year-over-year.
• Health Care: Added 45,000 jobs, continuing its strong growth streak.
• Government Jobs: Increased by 31,000.
• Labor Force Participation Rate: Held steady at 62.7%.

?? The Big Picture:

With job growth far surpassing expectations, economists say it’s a clear sign of a healthy economy. These strong numbers could prompt the Federal Reserve to slow down any aggressive rate cuts. Meanwhile, markets reacted positively, with futures ticking up and Treasury yields jumping. ???? As one expert said, it’s a “wow” moment for the U.S. economy. Full steam ahead! ????

?

Closer to Home?

• ?? The UAE’s non-oil sector saw a boost in new business in September, thanks to strong export sales and local demand. Although, growth did hit a speed bump with the PMI dipping to 53.8—its second slowest in 18 months.(5) Time for a pit stop? ??
• ?? Abu Dhabi's utilities giant TAQA raised $1.75B in bonds, with a $850M green bond for eco-projects, while the rest will fuel corporate plans.(6) Seems TAQA’s going green while cashing in! ??
• ?? UAE’s Food Tech Valley just upped the stakes, locking in a 27-year deal with Spinneys to build a 500,000 sq ft facility, driving Dubai's food tech future. The recipe? Innovation, sustainability, and a dash of ambition!(7) ??

What Else Is Trending

• ?? Coinbase will axe non-compliant stablecoins in the European Economic Area by year’s end as the crypto world gears up for the EU’s regulatory crackdown.(8) Looks like Coinbaise isn’t prepared to risk it! ??
• ??? Oil prices saw their biggest weekly gain in over a year on Friday as traders fear Israel might hit Iran’s oil sites after Tehran’s missile attack. WTI rose 0.91% to $74.38 per barrel, while Brent climbed 0.55% to $78.05.(9) ?
• ?? Meanwhile, spot gold lost some of its sparkle, sliding 0.3% to $2,647.52 after a surprise U.S. jobs report boosted the dollar and dashed hopes for a hefty Fed rate cut.(10) ?

??Quote of the Day

“It was ‘wow’ across the board, much stronger than expected... the job market continues to be healthy, and that means the economy is healthy.” – Kathy Jones, Chief Fixed Income Strategist at Charles Schwab

?

amana.app

Sources:(1) Slate, (2) (4) (9) (10) CNBC, (3) Reuters, (5) (6) (7) Zawya, (8) Khaleej Times