finance

  • ‘Brexit’ move tips scale in GCC’s favor: report

    The UK’s impending historic withdrawal from the European Union (EU) is opening new opportunities for advancing the position of the Gulf Cooperation Council (GCC) as an economic powerhouse, casting the spotlight on the strong bilateral trade ties between the GCC region and the European island nation, according to a new report titled ‘UK’s EU Referendum: Why ‘Brexit’ Matters to the GCC.’

  • “America First, Protectionism First”

    The Trump effect is a speculative bubble, and as with all bubbles, it will finally burst when investors realise that the new President is unable to keep his promises. Until now, the most visible immediate effect of his victory has been the rise in interest rates (+50 basis points on US 10-year bond yield since November 8th). Investors have already anticipated that Trump's economic policy will be inflationist. However, market complacency is unjustified in view of the protectionist policies reaffirmed by the new President in his inaugural speech ("We must protect our borders from the ravages of other countries making our products, stealing our companies and destroying our jobs"..."Buy American and hire American"). The return to reality could well be brutal for investors, as within a globalised world, protectionism will be economically costly for a country putting it into practice on a large scale.

  • $1300 critical support for Gold - Century Financial Weekly Market Report

    Currencies

    Pound is undervalued

    Pound Sterling is still trading at a steep discount to fair value, since improving UK economic fundamentals mean the British currency is well positioned for a rebound to higher levels over the longer term. The UK current account deficit fell to its lowest level since 2011 during 2017, coming in at £82.9 billion or 4.1% of GDP, as UK earnings from overseas assets rose during the year and UK government payments to the EU and spending on foreign aid were a fraction lower. This is a marked improvement on the +6% of GDP deficit that was seen in 2015. Meanwhile, RBA is approaching a very gradual approach to raising rates as they don’t want to burden borrowers with higher rates. We would recommend a buy on GBP/AUD as on the charts also it is near support level.

  • Al Ghurair International Exchange Joins Hands with Western Union to Facilitate Remittances to Billions of Bank Accounts in 51 Countries

    Al Ghurair International Exchange, the UAE-based foreign exchange and worldwide Money Transfer Company, announced its reach to over billions of bank accounts by joining hands with Western Union’s  account payout service which connects cross border consumers and eases the account credit facility with its fast, secure,  reliable and vast  global reach.

  • Asteco franchisees generate 43% Y-on-Y profit increase

    Asteco, the Middle East’s largest independent full service real estate company, has underscored the success of its licensing division as latest figures show a 43% growth in income between January and July 2017 compared to the same period last year.

  • DAE signs landmark unsecured revolving credit facility Initial commitment of US$480 million expandable to US$800 million

    Dubai Aerospace Enterprise (DAE) Ltd. announced today that it has signed a landmark unsecured four-year revolving credit facility with an initial commitment of US$480 million and an accordion feature that allows the facility to be increased to up to US$800 million at any time after the initial closing. The facility includes both conventional and Islamic tranches and will support the future financing needs of the business.

  • Energy, information technology, and materials sectors are exhibiting the highest year-over-year earnings growth - Century Financial Weekly Market Report

    Currencies

    Head & shoulder break still intact

    At the beginning of the week, the market was hoping the bill could pass the Congress before Thanks giving, but now there are doubt there's actually a bill to discuss. The Senate tax-reform proposal has strong divergences with the one debated in the House, as senators are more focused on helping the middle class, something that the previous version over looked. Due to these concerns voting got delayed to this coming week. As per the US treasury Secretary he is confident of reconciling the differences and positive that will get the tax bill to Trump in December.

  • Fears of inflation boost gold - Century Financial Brokers Weekly Market Report

    Currencies

    Dollar buoyed by hawkish Fed

    Euro ended the week on a lower note as data from Eurozone i.e. consumer confidence, Manufacturing PMI, Services PMI and Core came in below expectations and as anticipation over the future rate hikes from the Fed began to gain in credence. Eurozones annual inflation rate came in at 1.3% in January 2018, down from 1.4% in December 2017, which prompted Eur/usd to shed further ground. In the coming week, ECB President Draghi is supposed to testify before European Parliament Economic and Monetary Affairs Committee on Monday and also the new Fed Chief Powell is set to testify which would also give indication on the future plans of ECB. Moreover, the dollar remains supported as markets continue to price in the odds of the Federal Reserve raising interest rates four times over the course of 2018. With US GDP around the corner and increased expectation of rate hike, euro will take take a breather.

  • Gartner Says Worldwide PC Shipments Declined 4.3 Percent in Second Quarter of 2017

    Worldwide PC shipments totaled 61.1 million units in the second quarter of 2017, a 4.3 percent decline from the second quarter of 2016, according to preliminary results by Gartner, Inc. The PC industry is in the midst of a 5 year slump, and this is the 11th straight quarter of declining shipments. Shipments in the second quarter of this year were the lowest quarter volume since 2007.

  • GCC macro momentum losing steam, further rating downgrades expected

    Research by Fisch Asset Management, one of the world’s leading credit analysis and convertible bond specialists, has shown a clear slow-down across GCC money markets, with softening prices resulting from continued macro-economic uncertainty. Saudi Arabia, Oman and Bahrain have all suffered ratings downgrades since 2015. Meanwhile, Qatar and Bahrain have shown greater resilience.

  • Global equities rally to reduce safe-haven demand - Century Financial Brokers Weekly Market Report

    Currencies

    1.2100 a critical resistance level

    The euro concluded the 1st week of 2018 effectively where it started, but what should make the bulls happy is the fact that it managed to end the week above 1.20, which should give them a lot of hope for the coming week. We had a range of data from the US with the manufacturing PMI data and the ADP employment report coming in stronger than expected. The NFP came in weaker but there was a revision higher in the data from previous month which helped the dollar to be steady and pushed the euro lower to end the week just above 1.20.

  • Gold ended the week lower weighed down by a stronger dollar - Century Financial Weekly Market Report

    Currencies

    Potential bottoming out of the pair

     It could be a potential bottom for the pair after 6 straight days lower that saw the AUD/USD pair move from the 200 days MA at 0.7812 to the low of 0.7532 hit on 27th April 2018. The AUD/USD traded to the lowest level since December 12, 2017. That low on the daily chart, bottomed at the 0.7530 which was a familiar swing level from November and December 2017. At that time, the price fell and stalled at 0.7535 and 0.7531. It broke and tried to stay below in December but that break failed after three days and it took more than 5 months to reach that level once again. The Australian dollar can be a good buy from these levels.

  • Gold prices have turned bullish after a dull second half in the previous week - Century Financial Brokers Weekly Market Report

    Currencies

    Govt. shutdown to slide dollar lower

    EUR/USD notched up to its fifth-straight weekly win, and ended the week at 1.2225, despite attempts by the European Central Bank (ECB) officials’ to supress investor expectations that the central bank would announce plans to slow down its massive stimulus programme at next week’s meeting. Moreover, we could again see the dollar being offered in the coming week, given the US Government shutdown further supporting rally in the pair. Investors would keenly eye the ECB rate announcement and press conference in the week ahead, to gain more clues about the ECB stimulus programme. The uptrend for the EUR/USD is very much intact, and it has clearly broken the resistance at 1.2089 on the weekly chart.

  • Gold Prices surges at 4-month high - Century Financial Weekly Market Report

    Currencies

    EUR/USD breaks out

    Initially, Euro began the weak consolidating, but ended up breaking through some major resistances and trying to make new highs. The trigger for the spike, came after the release of the December ECB meeting minutes, which showed that policymakers expressed confidence in the manner in which the Eurozone economy was moving and could consider a gradual shift in policy relatively soon. Moreover, news that the German Chancellor, Angela Merkel, may have paved the way to a stable coalition government, along with the US economy missing non-economic numbers over the last few days pushed the pair through the 1.21 levels and it ended the week just above the 1.22 region.

  • Illegal cigarettes cost GCC governments $210 million in lost taxes

    Philip Morris International (PMI) has collaborated with Oxford Economics to monitor and analyse total consumption, domestic sales, and lost tax revenues due to illicit trade in the GCC region.

  • Inflation to spur gold prices - Century Financial Brokers Weekly Market Report

    Currencies

    Pair near strong weekly resistance

    EUR/USD pair has been rallying extensively over the past few weeks, and even the aggressive comeback by US dollar didn’t seem to reflect much in this pair as it did in other currency pairs. However, that seems to be in corrected in the week ahead, as the pair is in close ranges to a 2008 trend line resistance. On the US front, the US economy added 200K jobs in January and more importantly, saw wages rise by 2.9% y/y, in what seems like a more sustainable acceleration in pay. This sent the dollar higher after a week that saw it struggling to recover. On the week ahead, we have US ISM Manufacturing PMI, which stood at the levels of 55.9 in December. A rise to 56.5 is expected, which if reached will indicate string economy and growth, which could burden EUR/USD.

  • Middle East new issues will be in excess of USD 20bn for remainder of the year

    New issues for the remainder of 2017 are set to remain high, with estimates in excess of USD 20 billion, as a result of favourable market conditions, according to Fisch Asset Management, a global leader in convertible and corporate bond strategies.

  • Q2 Outlook : : Europe mispriced

    The greatest trades are those that take advantage of mispriced assets and illiquidity. As we head into 2017’s second quarter, it increasingly appears as if the European instability narrative may be overblown as the continent prepares to outperform a shaky, “Trump trade”-dependent US.

  • ROCCO FORTE HOTELS ANNOUNCES BOOST IN MIDDLE EASTERN OCCUPANCY AND VISITOR FIGURES TO ITS EUROPEAN PROPERTIES

    Rocco Forte Hotels, the family of 10 luxury properties in key destinations across Europe, has witnessed increased revenue from the Middle East during the past fiscal year.

  • SHUAA Capital celebrates the launch of SHUAA Securities-Egypt

    SHUAA Capital, the United Arab Emirates-based premier financial services group, today held a press conference in Cairo to officiate the opening of its securities brokerage arm, SHUAA Securities-Egypt. Held under the patronage of Her Excellency Dr. Sahar Nasr, Egypt’s Minister of Investment and International Cooperation, the event was attended by representatives from both the Egyptian and international banking and finance industry, including H.E. Mr. Mohammad Fareed, Chairman of the Egypt Exchange, and H.E. Juma Mubarak Al Junaibi, UAE Ambassador to the Arab Republic of Egypt and Permanent Representative to the League of Arab States.