Howdyyyy! How was your weekend?!
Your fav is back & ready to fill you in on what happened last week!
Today, I’ve come bearing news from all across the world! Yes, Africa, Asia & North America! Whoop WHoop!
Let’s get it! 
Is The Worst Over?
It’s not news that this year hasn’t been the best for US stocks and the US stock market in general, but perhaps the worst may be behind us. The market experienced some rebound recently, leaving a lot of investors wondering if this downtrend is finally over. Well, Nasdaq is currently up ~20% and the S&P 500 is up by 15%. These recent gains have led financial analysts to declare on Thursday morning that Nasdaq had exited its bear market and is now approaching its bull market!
It’s not all over though… The index remains down about 21% from its record high close last November. The entire thing is tricky but…
The sentiment is that we are probably edging on to the recovery path…
but the stock market performance may just be a temporary breather in the recovery process. After all, we know the stock market rarely follows a straight line regardless of the type of trend. Nonetheless, there may still be some upside if the economy continues to evolve favorably and avoids a major downturn.
Tomi Be Like: God Abeg O, Who Go Help O! [God Please, Who Would Help?]
Cloud Stocks Are Back!
…but before we go ahead, what exactly are cloud stocks? Cloud stocks are stocks of companies that operate in the world of cloud computing, so essentially companies that work to store and manage data …online. A few big-name examples are Amazon (NASDAQ:AMZN) for Amazon Web Services, Microsoft (NASDAQ:MSFT) for Azure, and Alphabet (NASDAQ:GOOG) for Google Cloud.
The cloud software market that plunged at the beginning of the year has increased by over 50% from its lows.
Quick background: Cloud stocks sold off earlier this year because investors were sooo worried about inflation and rising interest rates. Can’t blame them, uhn? We all weren’t sure where the chips may fall really.
Anyways, cloud stocks are inching back, following some pretty strong quarterly results and optimistic full-year forecasts. Numerous stocks have soared up to 50% from their lows at the beginning of the year. For example, GitLab’s shares have doubled in the past three months, and Confluent, a data-processing software developer has its shares up by 81% since mid-May.
Amazing, right?
We’re here for all of it!
Kenyan Stock Market Soars amid Presidential Elections
The Kenyan stock market opened with a massive gain of about Sh31.8 billion (~$266 million) following the Presidential elections.
Talk money to me!
Twenty-four of the sixty-three listed stocks recorded gains while seven counters shed value as local investors continued to snap low-priced shares. This increased the market value to Sh2.261 trillion, which is the highest valuation since mid-May, and financial analysts have attributed this success to the general elections.
If you could invest in the Kenyan stock market on Trove right now…
But before this period, Kenyan shares were declining due to capital flight as interest rates increased in developed economies like the US. The stock market is never really drama-free, is it?
The five largest stocks in the stock market — Safaricom, Equity Group, Co-operative Bank, KCB, and EABL contributed about 86% or roughly Sh69.03 billion to these gains. These businesses are appealing choices for investors trying to hold onto value in their portfolios, especially during times of market downturns since they have recently recorded strong earnings and declared consistent dividends.
Let’s drink to that!
China Drama
Get ready for this one…
By the end of August, five state-owned Chinese enterprises, including the country’s biggest chemical and energy corporation, will no longer trade on the New York Stock Exchange. These companies namely Sinopec (SHI), China Life Insurance (LFC), China Petroleum & Chemical (SNP), Aluminum Corp. of China (ACH), and PetroChina (PTR), stated that”poor turnover in the US” and “heavy administrative load and expenditures” is the reason for pulling out of the exchange …but China Drama?
Here’s the twist…
These five companies were added to the Holding Foreign Companies Accountable Act (HFCAA) list in May after they were identified as not meeting U.S regulators’ auditing standards.
Let me just tell you now that Beijing and Washington have been negotiating to end a protracted disagreement that might result in Chinese companies being delisted from U.S. stock markets if they do not adhere to U.S. audit regulations.
This doesn’t get any better…
Alibaba, J.D Com Inc, and Baidu Inc are at the risk of being delisted from the US Stock Exchange. However, this is not the first time Chinese stocks get delisted. In 2021, the Trump administration moved to limit foreign investment in Chinese technology companies, so China Telecom, China Mobile, and China Unicom were delisted from the US stock exchange. That decision still stands as the Biden administration has not modified that decision.
Errrmm, the only way these companies won’t be delisted is if Beijing allows regulators have access to their corporate auditors buttt *side eye*
It’s only a matter of time before we all see how this plays out.
It’s a wrap!
What are you waiting for?!?!
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Go out there – and crush it this week! I’m rooting for you
Your dearest and favorite Stocks Market Gist Partner,
Tomi, From Trove 
