First Abu Dhabi Bank (FAB)

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Global credit markets are pulling back a little this morning – with risk better offered across U.S. and European equity futures and the Asia ITraxx credit indices – ahead of the much-anticipated Jackson Hole symposium and Fed chair Powell’s speech at that same event tomorrow evening. Weaker than expected preliminary benchmark employment revisions from the Bureau of Labor Statistics (BLS) early evening yesterday are also dampening the mood this morning; the data seemed to shift the goal posts a little for our rates outlook over the coming months.

Global markets are in something of a ‘wait and see’ mode this morning, albeit with an overarching optimistic bias. The cautious positivity is based on the expectation that the Fed might begin cutting interest rates at the upcoming September FOMC meeting and that this message will be conveyed by Fed chair Powell when he speaks at the Jackson Hole symposium later this week (on Friday). That is certainly our base case scenario.

يستعد نادي العين للعودة إلى الملاعب بالزي الجديد، ونحن على ثقة بأنه سيواصل مسيرته بالشغف والإصرار الذي يقوده من فوز إلى آخر. سنكون دائماً في صفوف المشجعين لنشهد معاً مزيداً من الانتصارات. حظاً موفقاً لنادي العين الذي يتفانى في تحقيق إنجاز ات متميزة. #الراعي_الرسمي As Al Ain FC steps onto the field in their new gear, we look forward to seeing them continue their journey with the same passion and determination that drives their success. We are confident that this new chapter will bring even greater victories. Let’s show our support and encourage them as they strive for excellence. Best of luck, Al Ain FC—your hard work and dedication inspire us all. #ProudSponsor

Innovation is at the heart of the modern financial landscape, where banks and fintech firms unite to revolutionise services. At the forefront of this evolution, FAB partners with leading fintech companies such as Payit and Ripple. These collaborations introduce advanced solutions like digital wallets and blockchain technology, providing seamless and secure customer experiences. Additionally, FAB exemplifies its commitment to expanding digital payments and financial inclusion. By integrating artificial intelligence and machine learning, FAB continues to innovate, offering personalized financial advice and proactive fraud prevention. These strategic alliances and cutting-edge technologies not only enhance service delivery but also position FAB as a leader in the future of the financial industry, dedicated to setting new standards in customer satisfaction and operational efficiency.

The 2024 Jackson Hole Economic Policy Symposium that will kick off on Thursday this week for three days (22nd-24th) will likely grab and distract global markets’ attention and press headlines – in advance of, during and post the event – for much of this week. In advance of the gathering, global markets are opening up the week in optimistic mood, with Asian bourses generally higher and risk better bid overall.

Congratulations to UAE Team Emirates on an incredible journey and remarkable victories throughout the season, including your stellar performance at #TourdeFrance! Your dedication, teamwork, and perseverance, along with our unwavering support, have made us all proud. We look forward to cheering you on in your upcoming races and wish you continued success on the road ahead. Keep riding strong! #UAETeamEmirates #ProudSponsor

The July U.S. CPI report, with its encouraging headline of +2.9% YoY growth, may have further opened the door to the anticipated inaugural FOMC rate cut in September, but with U.S. core inflation sticky at +3.2% last month, we maintain that the futures market may still be too dovish in pricing in 100bps+ of Fed easing by year-end. While the dip in the headline CPI figure was as we had expected and represented the first sub-3% reading since March 2021, we would argue that it was not recessionary in nature.

If ever there was a day to spend concentrating on macro data, it may be today. The Fed’s preferred focus for inflation may be the Personal Consumption Expenditures Price (PCE) Index and for broad economic activity it may tend to focus more on industrial production and retail sales, but there is no doubting that broader market direction will almost certainly be driven today by the latest July U.S. CPI report. The latter may be all the more important in the context of the dovish U.S. PPI report released late yesterday afternoon.

Boston Consulting Group and QED Investors projects that the embedded finance market will surge to $320 billion by 2030, with substantial contributions from various segments. The SMB sector is set to generate around $150 billion, while the consumer segment, thriving in payments, lending, and insurance, is expected to reach $120 billion. The enterprise segment will contribute $50 billion. In the GCC, the adoption of embedded finance is rapidly advancing, with both fintechs and traditional banks positioning themselves to capitalize on this growth. FAB is leading this transformation, integrating cutting-edge embedded finance solutions to enhance our services and drive innovation in the financial sector. As we navigate this evolving landscape, FAB remains committed to leveraging embedded finance to deliver exceptional value and secure banking solutions for our customers.