Author: John V. Mendez
As global audiences gear up for a summer packed with sporting events, UAE retail investors adjust their investment portfolios strategically. According to a recent survey by eToro, over 57 percent of UAE retail investors currently have investments in discretionary consumer goods, with an additional 59 percent expressing interest in this segment for the upcoming summer. With the commencement of the ICC Men’s T20 World Cup marking the start of a sports-filled summer, eToro’s analysis suggests that major sportswear brands could see a significant uptick in their share prices. eToro constructed a market capitalization-weighted basket comprising the world’s top 10 sportswear…
Gold prices in the UAE continued their ascent, with the 24K variant of the yellow metal opening at Dh283.5 per gram on Thursday, up from Dh281.75 the previous night—an increase of Dh1.75 per gram. Other variants also saw gains, with 22K, 21K, and 18K opening higher at Dh262.5, Dh254.0, and Dh217.75 per gram, respectively. Globally, gold reached $2,340.74 per Ounce, marking a 0.48% increase and hitting a one-week high, fueled by investor optimism over potential US Federal Reserve cuts. Ole Hansen, Saxo Bank’s head of commodities strategy, noted that China, a vital driver of the gold rally since 2022, remains…
During early trade on Thursday morning, the Indian rupee depreciated by four paise to reach 83.48 (Dh22.74) against the U.S. dollar, driven by a strong American currency and rising crude oil prices worldwide. According to forex traders, despite continuous foreign capital inflows providing some support, the rupee yielded to pressure exacerbated by subdued performance in domestic equity markets. At the interbank foreign exchange market, the rupee commenced trading at 83.43 and extended losses to settle at 83.48 against the dollar, marking a decline of 4 paise from its previous close. For more updates, follow the WhatsApp channels. Meanwhile, the dollar…
The Indian rupee reached a new low, touching 22.784 against the UAE dirham and 83.6188 against the US dollar. It surpassed its previous low of 22.732 against the Emirati dirham as it opened at 22.732 in the interbank foreign exchange market. Later, it slipped to 22.746 against the dirham, marking a four-peise decline from its last close. The decline is attributed to the strong US dollar and rising crude oil prices globally. Despite steady foreign capital inflows, the rupee succumbed to pressure due to subdued domestic equity markets, according to forex traders. Stay informed with the latest updates by following…
Six months ago, the world’s major central banks were gearing up for a move that would excite anyone with a credit card, planning to buy a home, or run a business: a global shift towards lower interest rates, making borrowing cheaper and loans more accessible. Rate cuts were “a topic of discussion out in the world and also a discussion for us,” Federal Reserve Chair Jerome Powell said in a press conference last December. Investors were optimistic about the prospect of looser financial conditions. At the same time, organizations like the International Monetary Fund feared that Powell and his colleagues…
China’s industrial output in May fell short of expectations, highlighting ongoing challenges in the property sector despite government efforts to bolster economic growth. Retail sales outperformed forecasts due to holiday spending, but overall economic data released on Monday painted a subdued picture, underscoring the uneven recovery of the world’s second-largest economy. According to data from the National Bureau of Statistics (NBS), industrial output in May grew by 5.6% compared to the previous year, down from April’s 6.7% and below analysts’ expectations of 6.0%. On the other hand, retail sales, a key indicator of consumer activity, increased by 3.7% year-on-year in…
According to Federal Reserve data released Tuesday, US factory output exceeded expectations and surged notably in May. Despite the Fed maintaining interest rates at a 23-year high to combat inflation, utilities production saw significant growth, suggesting a rebound in the manufacturing sector for the month. Industrial production rose by 0.9% from the previous month, a substantial increase compared to March and April figures. This surge surpassed market expectations of a 0.4% monthly rise, according to Briefing.com. “Industrial and manufacturing production in May was much stronger than anticipated,” noted Rubeela Farooqi, Chief US Economist at High-Frequency Economics, in a client note.…