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DGCX G6 Currency Futures Register Surge in September Trading Activity

During the month of September, the Dubai Gold and Commodities Exchange (DGCX) has registered a strong monthly Average Open Interest (AOI), totaling to 154,629 contracts. The AOI indicates the total number of futures contracts held by market participants at the end of the trading day. Such increase exhibits growing investor & market participant appetite in trading with the gulf’s largest trading exchange.

MACROECONOMIC DATA ANALYSIS

Indian conglomerate Future Group announced that it terminated a franchise agreement with the popular 7-Eleven convenience store franchise, to develop and operate its stores in the United States. The reason behind the non-fruition of the agreement is because the deal was not able to meet franchise-fee payments and store opening targets initially set & agreed.

The property sector of China is suffering from deeper wounds, with property developers triggering credit rating declines amid growing worries that the infamous China Evergrande is facing one of the nation’s largest debt restructuring in history with over $300 billion in liabilities.

CURRENCIES

The U.S. dollar edges higher towards one-year highs against its major currency rivals, as investors keenly and optimistically await the non-farm employment change of the United States to be announced later on in the week. The dollar index jumped 0.26% to 94.025; its highest figures since late September of last year.

GOLD

Gold prices continue to stumble, as investors are optimistic about the American non-farm employment change figures to be announced later on this week, driven by a stronger U.S. dollar greenback. Continuous inflation concerns, however, are limiting the decline of the precious metal value, currently trading at $1,750 per ounce.

OIL

Crude oil prices traded higher for the second session this week, as The Organization for Petroleum Exporting Countries (OPEC) and its allies decided to stick to its planned 400,000 output increase per day, up until April 2022 at least. Brent oil futures escalated 1.83% to 82.75 a barrel, while WTI oil added 1.96% to its gains from previous session, pricing at $79.14 per barrel.

INDICES

USA: S&P500 +1.16%, Dow Jones Industrial Average +1.17%, Nasdaq Composite +1.19%

Europe: FTSE 100 +0.93%, DAX +0.82%, CAC 40 +1.22%

Asia: Nikkei 225 -2.19%, Hang Seng +0.28%, CSI 300 +0.67%, Nifty 50 +0.74%

Newest

Hasbro Warns of Hit to Holiday Sales

The toymaking leader Hasbro stated that global supply chain issues cost the company around $100 million, due to an array of disruptions such as lost toy orders in the third quarter. The American multinational conglomerate has also warned of declining sales in the crucial holiday shopping season due to such supply chain bottlenecks.

Tesla Gets Order for 100,000 Vehicles from Hertz

Popular car rental company Hertz announced an order of 100,000 Tesla cars, in efforts towards changing its fleet of cars to electric vehicles just months after escaping bankruptcy. The 100,000 cars ordered are expected to be delivered by the end of 2022, marking the largest order for the electric carmaker, worth around $4.4 billion. The car rental company also announced that it was installing 3,000 supercharging stations throughout the United States and Europe for its customers.

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Legal: GULF BROKERS DMCC is a limited liability company incorporated and licensed under the laws of the Dubai Multi Commodities Centre (“DMCC”)to carry out certain categories of financial investment business as permitted under Licence No. DMCC- 30636, broker member of the Dubai Gold & Commodities Exchange (“DGCX”) under Member No 554 and regulated broker by the Securities & Commodities Authority (“SCA”) Licence No. 607110.

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