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Gulf on Edge as UAE Oil Hub Blaze Fuels Iran–US Tensions

  Smoke rises in the Fujairah oil industry zone, caused by debris after interception of a drone by air defences. A surge in regional tensions has followed a major fire at a UAE oil hub, sparked by debris from intercepted drones, as Iran vows retaliation for a recent U.S. strike on its Kharg Island oil facilities. The incident has intensified fears of broader conflict across the Gulf, with Iran warning that parts of the UAE could be considered legitimate targets.  A significant fire erupted at a major oil hub in Fujairah, United Arab Emirates, after debris from intercepted drones fell onto the facility, disrupting operations and sending plumes of smoke across the region. The blaze occurred amid escalating hostilities following a U.S. strike on Iran’s Kharg Island—Tehran’s primary oil export terminal. Iran responded with sharp warnings, declaring that U.S. “hideouts” within the UAE could be targeted as legitimate military sites. The threat came as Iran continued missile and d...
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Nasdaq 100 Surges as Investors Bet on Fed Rate Cuts in 2024


The Nasdaq 100 index, which tracks the performance of the largest technology companies in the US, is on track to post its best annual return since the dot-com bubble of 2000, as investors anticipate the Federal Reserve to lower interest rates next year amid slowing economic growth.

The index has gained more than 30% this year, outperforming the broader S&P 500 index, which is up about 25%. The Nasdaq 100 is also close to its all-time high reached in February 2022, before the coronavirus pandemic triggered a global market sell-off.

The rally in tech stocks has been fueled by expectations that the Fed will cut rates as early as March 2024, following a series of weak economic data and rising inflation pressures. The Fed has signaled that it is ready to act if the economy falters, and traders have stepped up bets on rate cuts, according to Fed swaps pricing.

Some analysts believe that lower interest rates will benefit tech companies, which tend to have higher growth prospects and lower debt levels than other sectors. Lower rates also make future earnings more valuable, boosting the valuation of tech stocks.

However, not everyone is convinced that the tech rally will last. Some investors are wary of the high valuations of some tech companies, especially those that have not yet turned a profit. Others are concerned about the potential impact of regulatory scrutiny, trade tensions, and competition on the tech sector.

The Nasdaq 100 index is composed of 103 companies, with the top five being Apple, Microsoft, Amazon, Alphabet, and Facebook. These five companies account for more than 40% of the index’s weight, making it vulnerable to any shifts in their performance or sentiment.

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