Key Takeaways
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The Federal Reserve’s 0.5% interest rate cut has sent stocks soaring, with the S&P 500 reaching a record high and achieving a 21% gain this year, driven by investor confidence in the US economy’s continued resilience.
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China’s professional class is facing salary cuts and job losses as President Xi prioritizes electric vehicles and chip production.
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The recent explosions in Lebanon, allegedly by Israel, have resulted in 37 deaths, escalating global concerns about supply chain vulnerabilities and potential conflict escalation.
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A landmark partnership between BlackRock, Microsoft, and UAE-backed MGX will establish a $30 billion AI infrastructure fund, aimed at bridging the gap in global data center and energy infrastructure needs, driven by the rapid growth of artificial intelligence and emerging technologies.
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A network spanning from Dubai to China is helping Russia bypass U.S. sanctions by using a shadow fleet of tankers to export liquefied natural gas (LNG) from its Arctic LNG 2 facility.
IPO’s in the week
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Kairos Pharma, Ltd. (KAPA) is a clinical-stage biopharmaceutical company advancing therapeutics for cancer patients designed to overcome key hurdles in immune suppression and drug resistance, IPO launched at $4.00 on NYSE, but has since almost fallen -50.00%, and 1,550,000 shares traded as of September 16, 2024.
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Impact BioMedical Inc. (IBO) is a research-driven company that discovers, confirms, and patents innovative healthcare and wellness technologies. The company collaborates with partners through licensing, co-development, joint ventures, and strategic relationships to bring its discoveries to market, started trading at $3.00 on NYSE, with 1,500,000 shares traded as of September 16, 2024, and has since had a nearly -25% decrease.
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YHN Acquisition I (YHNAU) is a special purpose acquisition company (SPAC) focused on identifying and executing a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more target businesses, trading at $10.00 and 6,000,000 shares traded as of September 18, 2024.
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Global Engine Group Holding Limited (GLE) is an integrated solutions provider offering Information and Communications Technology (ICT) services through its Hong Kong-based subsidiary, including cloud platform deployment, IT system design, configuration, maintenance, data center colocation, and cloud services, trading at $4.00, and 2,500,000 shares traded as of September 20, 2024.
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Cayson Acquisition (CAPNU) is a special purpose acquisition company (SPAC) focused on merging with Asian businesses, having raised $60 million through an initial public offering (IPO) of 6,000,000 units at $10 per unit. Each unit comprises one share of common stock and a right to receive one-tenth of a share upon completion of an initial business combination, trading at $10.00 on Nasdaq and 6,000,000 shares traded as of September 20, 2024.
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Healthy Choice Wellness Corp. (HCWC), listed on the NYSE MKT exchange, closed at $10.00 on September 16, 2024, with a trading volume of 400,000 shares, resulting in a market capitalization of $4,000,000. As a holding company, HCWC focuses on empowering consumers to make healthier daily choices, primarily through nutrition and other lifestyle alternatives, aiming to promote wellness and positive living.
Markets this week
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The Federal Reserve cut rates by half a point, boosting hopes for a soft economic landing. Stocks rose, Treasury yields dropped, and gold hit a record high.
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Startups run by Bobby Jain, Diego Megia, and Todd Barker have raised $14 billion in 2024, as traders from Citadel and Millennium leave to launch their own hedge funds.
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The S&P 500 surged 1.7%, hitting a record high and extending its 2024 gains to 20%, driven by optimism that the Federal Reserve’s rate cuts will prevent a recession. Tech stocks led the rally, with the Nasdaq 100 rising 2.6%.
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China’s professional class is facing salary cuts and job losses as President Xi shifts the economy from finance and tech to sectors like electric vehicles and chip production.
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China is cracking down on illegal sales of semaglutide, the key ingredient in Novo Nordisk’s Ozempic and Wegovy. Authorities found unlicensed sales in three provinces, targeting online platforms.
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Malaysia is offering 0% tax for family offices in its $100 billion Forest City project to attract investors and revive the development. The incentives include reduced corporate and income taxes for workers.
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Nike has ousted CEO John Donahoe amid declining sales, resulting in a 20% drop that wiped out over $28 billion in market value. The company has appointed veteran executive Elliott Hill to take over the role.
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The European Union has warned Apple to open its iPhone and iPad operating systems to rival technologies under the Digital Markets Act, giving the company six months to comply or face significant fines.
Politics Weekly
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Israel’s Defense Minister announced a “new phase” in the conflict, focusing on the northern border after telecom device explosions in Lebanon killed 37 people.
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Donald Trump has pledged to restore the state and local tax (SALT) deduction, which he capped at $10,000 during his presidency.
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Explosions in Lebanon, allegedly by Israel, have killed 37 people, mainly targeting Hezbollah militants. The blasts, using pagers and walkie-talkies, injured over 2,300. Israel has increased its military presence at the Lebanese border, while Hezbollah vows retaliation.
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A network spanning from Dubai to China is helping Russia bypass U.S. sanctions by using a shadow fleet of tankers to export liquefied natural gas (LNG) from its Arctic LNG 2 facility.
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During his visit to China, Malaysia’s King Sultan Ibrahim Iskandar is seeking Chinese investment for the $23.8 billion high-speed rail project between Malaysia and Singapore.
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Exploding pagers in Lebanon, allegedly rigged by Israel to target Hezbollah, have heightened global concerns about supply chain vulnerabilities. The attack, which killed 37 people, underscores the risk of adversaries weaponizing supply dependencies.
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The Pentagon is increasingly concerned that Israel is close to launching a ground war in Lebanon due to recent explosions of electronic devices used by militants.
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Kamala Harris raised $361 million in August, giving Democrats a $109 million cash lead over Donald Trump. Backed by Wall Street, Silicon Valley, and Hollywood donors, Harris booked $421 million in media spending. Trump raised $130 million, with support from Elon Musk and GOP donors, but spent heavily on ads.
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At the Quad summit, President Biden was overheard saying China is “testing” the US and its allies. While leaders from India, Japan, and Australia avoided directly mentioning China, discussions focused on its regional influence.
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The US is alarmed as Russia, China, Iran, and North Korea strengthen ties, defying sanctions and challenging its global influence. Iran supplies missiles to Russia, and China provides military components. US influence is waning, while European allies hesitate on tougher sanctions due to economic ties with China and Russia.
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At least 51 people have died in a methane gas explosion at the Madanjoo coal mine in eastern Iran’s South Khorasan province. The blast occurred in two blocks where 69 workers were present.
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Hezbollah fired approximately 150 rockets and missiles into Israel, reaching near Haifa and injuring several individuals. In response, Israel conducted extensive airstrikes on Hezbollah positions in Lebanon, resulting in 45 fatalities, including children.
Technology Advancements this week
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Nvidia is partnering with Abu Dhabi’s G42 to create a climate tech lab using its Earth-2 platform for advanced weather forecasting. The lab will focus on AI-driven climate solutions and marks Nvidia’s first collaboration with the UAE-based AI firm.
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Apple’s new AirPods 4 with Active Noise Cancellation (ANC) brings advanced features like noise reduction, wireless charging, and adaptive audio at a lower price of $179.
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Salesforce is collaborating with Nvidia to create AI-powered avatars that enhance productivity and provide real-time customer support. These avatars will assist with crisis management and route adjustments, using advanced AI for human-like interactions.
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BlackRock, Microsoft, and UAE-backed MGX are launching a $30 billion AI infrastructure fund to address the growing technological demand for data centers and energy infrastructure.
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T-Mobile is partnering with OpenAI to develop IntentCX, an AI platform that will use customer interaction data to improve service and prevent subscriber loss.
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