🛳️ ⚓Oil Sinks to Three-Year Low!

Hala,

A new study published in BMC Public Health says coffee could reduce the risks of sitting too long(1)— yippie-ki-yay for us, because we’ve been drinking a ton of it just to bring you this news! ☕️😅 Turns out, 2.5 cups a day keeps the heart doctor away! 💀🚫

amana’s Take

• Bitcoin fell by 2.6%, dipping to around $56,100, as the market reacted to the US presidential debate between Kamala Harris and Donald Trump. The drop in BTC mirrored a broader market retreat, including US equity futures and Treasury yields.
• Bitcoin , often seen as a "Trump trade" due to the former president's embrace of digital assets, was closely watched during the debate. Investors perceived Harris gaining an edge, which added to Bitcoin’s slight decline.
• Despite the dip, Trump continues to promote crypto projects, actively courting the digital-asset industry as part of his campaign strategy in the tight race for the White House.

Stock Market Update

🎢🛼 US stocks played seesaw on Tuesday as traders eyed two key economic reports poised to be the next big market movers: the consumer price index (CPI) and the producer price index (PPI) due later this week. Nvidia surged 1.5%, lifting the S&P 500 by 0.45% to 5,495.52, while the Nasdaq 100 advanced 0.90% to 18,829.14. The Dow , though, slipped 0.23% to 40,736.96.(2) Seems like the Dow decided to take a nap. 📈📉

🚀 ↗️ Meanwhile, Gulf stocks rose largely for the same reason. Abu Dhabi gained 0.5% to 9,402 and Dubai rose 0.7% to 4,387.(3) 🆙⬆️

🛳️ ⚓ Oil Prices Sink as Weak Demand Drags Market Down

Global oil prices just hit a rough patch, with Brent crude futures sinking to their lowest levels since December 2021, as weak demand forecasts weighed down the market.(4) OPEC’s latest report dropped its 2024 and 2025 demand outlook, while Tropical Storm Francine’s Gulf of Mexico production shutdowns failed to keep prices afloat. It’s safe to say, oil is anchoring down hard. ⚓📉

🔑 Key Figures from the Drop:

• Brent : Fell 3.69%, settling at $69.19 per barrel 💧
• WTI : Dropped 4.31%, settling at $65.75 🛢️
• Global Oil Demand: Revised down to 103.1 million barrels per day in 2024, according to EIA. 📉

💼⛈️ Supply Storms, Demand Drizzles

With OPEC revising its demand forecast and China’s sluggish economic activity, the global oil ship is struggling to sail smoothly. Tropical Storm Francine might have shut down 25% of US offshore production, but even that wasn’t enough to lift prices. Investors are left wondering if oil will float or sink further as more supply data rolls in. 🌊💼

Closer to Home 

• 💵 Asset manager Investcorp Capital posted a $105M net profit for 2024, boasting $132M in gross income against just $8M in expenses—a 16.5x income-to-expense ratio.(5) Way to go, Investcorp ! 🤑
• 🏦 Deutsche Bank is tapping private wealth to fund Saudi's $1.3T Vision 2030 projects. CEO Jamal Al Kishi sees big opportunities in IPOs and M&As. Talk about diving into new money pools!(6) 💸
• 💰 Oil giant ADNOC is lining up a €14.4B ($16B) bid for German polyurethane giant Covestro, poised to be Europe’s biggest takeover deal of the year.(7)ADNOC's about to flex its takeover muscles! 💪

What Else Is Trending

• 🤖 Amazon’s cloud arm, AWS, is set to invest £8B ($10.45B) to build and operate data centers in the UK over five years, boosting its cloud computing game.(8) Get ready, UK—AWS is making it rain data centers! ⚡
• 📲 Europe’s top court ruled against Apple in its 10-year, €13B ($14.4B) tax fight with Ireland right after its new product launch. Apple’s shiny new gadgets weren’t the only surprise—a hefty tax bill landed, too, sending shares down 1%.(9) 🫣
• 🪙 Lastly, spot gold stayed shiny above $2,500 on Tuesday, edging up 0.3% to $2,512.38, as traders kept a close eye on US inflation data and rate cut clues.(10) ✨

💬Quote of the Day

"There's almost no oil demand growth in the advanced economies this year." — Clay Seigle, Oil Market Strategist

amana.app

Sources: (1) AP News, (2) (4) (8) (9) (10) CNBC, (3) Reuters, (5) The National, (6) (7) Zawya