Equity Weekly. Weekly 12 January 2014

Size: px
Start display at page:

Download "Equity Weekly. Weekly 12 January 2014"

Transcription

1 Equity Weekly Global Equities The MSCI world index had a marginally more positive week gaining +0.6% 5d, as Ireland and Portugal returned to the bond markets, driving a rally in Eurozone periphery markets, and weaker than expected jobs data led US investors to believe that the Fed would not increase the pace of tapering in the near term. Risk measures decreased globally, led by the US, with the VIX SPX declining -11.8% 5d to 12, the VSTOXX -8.0% 5d to 17, whilst in Asia the VHSI eased -0.8% 5d to 15. Frontier markets led the gains for the MSCI sub indices, with the MSCI Frontier markets index +0.7% 5d, whilst the MSCI G7 markets index was marginally ahead, +0.4% 5d, and the MSCI Emerging markets index declined for the second consecutive week -1.0% 5d. Weekly 12 January 2014 With investors pricing in a blue sky scenario for US equity markets, payroll data and early Q4 results have shown that this maybe somewhat over optimistic, and so US markets could be expected to see greater volatility in the coming months, with economic and financial data being scrutinized by investors, as they try to judge the pace of tapering. Emerging markets could add to the gains seen at the end of last week on the back of USD weakness, but these gains may prove to be temporary. MENA Markets The S&P Pan Arab Composite index gained +1.5% 5d for the week, with a majority of regional markets ending the week in positive territory, with the main exception being Morocco and Tunisia, whose bench mark indices declined by -0.9% 5d and -0.6% 5d respectively. The QE index, +3.1% 5d, was the best performing major regional index led by the banking sector, with QIB +5.7% 5d, CBQ +3.8% 5d and Doha Bank +3.5% 5d. Qtel also rallied strongly rising +4.1% 5d. According to Bloomberg, Qatari CDS rates have declined by -14% since the beginning of December, which should allow Qatari banks to access external funds at cheaper rates, and hence boost net interest margins. Based on Bloomberg data and our MENA coverage universe, the Financial Services sector (+5.0% 5d) was the best performing sector, as EFG Hermes jumped +12.4% 5d, following its board approving an EGP 1bn share buyback program on 9 January. Under the plan EFG Hermes plans to buy back EGP 425mn of shares immediately at EGP 11.25/share, with the second phase to be implemented in Q2 or Q All trades for 8 January in EFG Hermes were cancelled, as well as 9 trades for 9 January, (as the stock closed 10% limit up, on 2.5x the 3m daily average volume,) on concerns that the news had been leaked. EFG Hermes shares were suspended at EGP The Petrochemicals sector was the worst relative performing sector, ending flat for the week. Our MENA equity coverage universe shows the Food & Retail sector (16.2x 2014, net income growth 2014E of 17%,) as having the most upside of +6.9% based on consensus target prices. The Construction sector (18.1x and net income growth 2014E of 9%) has the least upside of -9.5%. Irfan Ellam Head of MENA Equity Research mohammedie@emiratesnbd.com Aditya Pugalia Analyst adityap@emiratesnbd.com Developed Markets The S&P 500 gained +0.6% 5d, as a below consensus jobs report calmed fears that the US fed may accelerate tapering, with utility and telecoms companies leading gains for 9 out of the 10 industry groups. Alco lost -5.4% as it reported below consensus earnings, due to surplus rolled aluminium used in the aerospace industry. Sears dropped -14% after forecasting a Q4 loss, despite ongoing cost cutting and asset sales. In contrast Abercrombie and Fitch gained +12% as it increased its full year earnings estimate. Overall retailers who saw strong online sales over the festive period are expected to post better Q4 results. The Euro Stoxx 600 index gained +0.7% 5d, as Ireland and Portugal returned to the bond markets, unemployment in Germany fell, and ECB President reiterated his pledge to keep interest rates low for as long as is necessary. The Athens Composite rallied +7.6% as Greek borrowing costs declined to their lowest level since The Stoxx 600 Bank index gained +4.7%, driven by a strong rally in Portuguese and Irish banks. Imperial Tobacco and BAT fell -5.2% and -3.6% respectively as China s National Health and Planning Commission began work on new rules to ban smoking in public places. National benchmark indices rose in 17 of the 18 western European markets, with the exception of Iceland. Emerging and Frontier Markets Emerging markets declines were led by the MSCI EM Eastern European index -2.0% 5d, followed by the MSCI EM Latin America index -1.1% 5d, and the MSCI EM Asia index -0.8% 5d. Frontier markets gains were led by GCC markets, whilst the MSCI FM Africa index declined -1.0% 5d.

2 Major Equity Markets EPS Growth 2014E MENA Sector /EPS Growth 2014E 60% 40% 20% 0% y = x R² = Industrial Telecom Banks Energy & utilities Transport & logistics Construction & building materials Petrochemicals & fert Food & retail Real Estate -20% ROA 2014 MENA Sector PB/ROA y = x R² = Energy & utilities Telecom Petrochemicals & fert Transport & logistics Food & retail 5.0 Real Estate Construction & building materials Banks Industrial PB 2014 MENA Equity Indices /EPS Growth 2014E MENA Equity Indices PB/ROA 2014 EPS Growth 2014E 20% 10% y = x R² = ISE 100 DSM ADX Tadawul MADEX DFM ROA y = x R² = EGX 30 DFM ISE 100 ADX MSM Tadawul DSM MSM 0% PB 2014 Developed Market Indices /EPS Gr. 2014E Developed Market Indices PB/ROA % y = x R² = Nasdaq 9.0 y = x R² = Nasdaq EPS Growth 2014E 15% Stoxx 600 Nikkei 12% Cac 40 Dax FTSE 100 S&P 500 9% AS51 Index SMI Dow Jones 6% ROA AS51 Index Nikkei Dax Dow Jones S&P 500 Cac 40 SMI Stoxx 600 FTSE PB 2014 Source: Bloomberg, Emirates NBD Research, Bloomberg Estimates

3 Major Equity Markets Emerging Market Indices /EPS Gr. 2014E Emerging Market Indices PB/ROA 2014 EPS Growth 2014E 35% 28% 21% 14% 7% y = x R² = Korea Micex Karachi Shanghai Hong Kong Vietnam Bovespa Nifty Jakarta Sensex Taiwan Jo'burg Mexico Malaysia 0% ROA y = x R² = Micex Bovespa Korea Shanghai Karachi Jo'burg Taiwan Hong Kong Nifty Vietnam Sensex Mexico Malaysia Jakarta PB 2014 Source: Bloomberg, Emirates NBD Research, Bloomberg Estimates

4 MENA Markets MENA Equity Indices (5d% chg) DFM 0.9% ADX 1.3% Tadawul 0.7% DSM 3.1% KWSE 1.6% Bahrain Bourse 1.2% MSM 3.9% EGX % ISE % MADEX -0.9% TUSISE -0.6% -4% -2% 0% 2% 4% 6% Benchmark Equity Indices Div 5d 1m Index P/E P/B Yield chg chg Ytd MSCI World % 4.2% -0.4% MSCI G % 4.0% -0.5% MSCI Emerging Markets % -2.1% -3.2% MSCI Frontier Markets % 3.0% 1.4% S&P Pan Arab % 3.7% 1.9% MENA Equity Indices Index Last Price 5d chg T.Value 5d avg P/E P/B Div Yield % above 200d MA DFM 3, ADX 4, Tadawul 8, , ISE , , EGX 30 6, KWSE 7, Bahrain 1, MSM 7, Qatar Exchange 10, MADEX 7, TUSISE 4, DUAE INDEX 3, DKUW INDEX 3, DQAT INDEX 6, DKUS INDEX 3, DQAS INDEX 8, Relative to Benchmark Indices Index PB Dvd Yld Index PB Dvd Yld Relative to S&P Pan Arab Relative to MSCI Emerging Market Index DFM 19.6% -13.5% -28.7% EGX % -3.2% -16.4% ADX -10.1% -9.4% 14.4% MADEX 26.7% 41.0% 36.8% Tadawul 2.6% 13.3% -4.7% ISE % -11.4% -17.2% KWSE % Bahrain -48.2% - 6.8%

5 Index PB Dvd Yld Index PB Dvd Yld MSM -8.8% -11.5% 1.5% Qatar -10.7% 13.1% 18.1% TUSISE % Source: Bloomberg, Emirates NBD Research, Bloomberg Estimates

6 Developed Markets Developed Market Equity Indices (5d% chg) Emerging Market Equity Indices (5d% chg) DJIA -0.2% S&P % Nasdaq 1.0% FTSE % DAX 0.4% CAC % SMI 1.1% Stoxx % Nikkei -2.3% S&P / ASX % -3% -2% -1% 0% 1% 2% MEXBOL KLCI JSE Ho Chi Minh FTSE / JSE Africa Micex Bovespa TWSE KSE 100 Nifty Sensex KOSPI SHCOMP-3.4% Hang Seng -1.4% -1.7% -2.5% -0.4% -0.8% -0.2% -0.6% -0.5% -0.4% 0.1% 0.9% 1.7% 2.7% -4% -3% -2% -1% 0% 1% 2% 3% Equity Indices Index Last Price 5d chg T.Value 5d avg P/E P/B Div Yield % above 200d MA Dow Jones 16, , S&P 500 1, , Nasdaq 4, , FTSE 100 6, , Dax 9, , Cac 40 4, , Swiss 8, , Nikkei 15, , Australia 5, , Stoxx , Emerging Markets & Frontier Markets Hong Kong 22, , Shanghai 2, , Korea 1, , Sensex 20, Nifty 6, Karachi 26, Taiwan 8, , Bovespa 49, , Micex 1, Jo'burg 1, Vietnam Jakarta 4, Malaysia 1, Mexico 42, Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate

7 Relative to Benchmark Indices Index PB Dvd Yld Index PB Dvd Yld Relative to MSCI G7 Index Relative to MSCI Emerging Markets Index Dow Jones -1.8% 37.7% -4.6% Hong Kong -2.7% -6.3% 3.1% S&P % 21.0% -13.4% Shanghai -24.3% -18.8% -4.9% Nasdaq 34.3% 58.2% -49.6% Korea % FTSE % -11.2% 60.5% Sensex 45.4% 77.7% -54.5% Dax -13.4% -20.9% 23.5% Nifty 40.8% 70.3% -53.6% Cac % -34.4% 55.5% Karachi -23.7% 29.1% 64.6% Swiss 0.3% 22.2% 40.3% Taiwan 41.8% 20.7% -14.4% Nikkei 35.0% -15.4% -37.4% Bovespa -5.0% -20.5% 18.4% Australia -0.7% -4.5% 90.8% Micex -57.9% -58.1% 19.8% Stoxx % -16.6% 47.5% Jo'burg 32.9% 47.1% -13.4% Vietnam 2.6% 44.1% 18.4% Jakarta 23.2% 75.3% -31.8% Malaysia 54.5% 62.4% 1.9% Mexico 76.0% 90.0% -45.9% Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate

8 Telecoms Sector /EPS Growth 2014E PB/ROA 2014E EPS Growth 2014E 20% 10% 0% y = x R² = Du Zain STC Etihad Etisalat Zain KSA ROA y = x R² = Zain Etihad Etisalat Zain KSA STC Etisalat Du -10% PB 2014 Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Global Telecom Telecom Egypt NMTC Zain Oredoo Etihad Etisalat STC Zain KSA Etisalat Du Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News flow The UAE TRA announced that 5,000 mobile subscribers had transferred their mobile numbers since the introduction of Mobile Number Portability at the end of December. (Zawya)

9 Petrochemicals & Fertilisers Sector /EPS Growth 2014E PB/ROA 2014E EPS Growth 2014E 50% 0% Sahara Tasnee Petchem Ma'Aden SIPCHEM Sabic Yansab IQ Safco APPC Sidi Kerir Petchem y = x R² = Chemanol -50% ROA y = x R² = Sidi Kerir Petchem Safco 30.0 IQ 20.0 Yansab Sahara Petchem 10.0 Sabic APPC 0.0 Saudi Kayan SIPCHEM Ma'Aden Tasnee Chemanol PB 2014 Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI IQ Sahara Petchem Sabic SIPCHEM Saudi Kayan Sidi Kerir Petchem Yansab Chemanol APPC Safco Ma'aden Tasnee Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News flow Sahara Petrochemical and Saudi International Petrochemical Company (Sipchem) plan to complete a share-swap merger in the first half of This would lead to the creation of a firm valued at around USD 5bn. (Zawya)

10 Banking Sector /EPS Growth 2014E EPS Growth 2014E 40% 30% 20% 10% Burgan Bank DIB y = 0.005x R² = CIB Bank Aljazira QNB NBK CBQ Bank Muscat QIB Al Rajhi Bank ADCB FGB Samba DB Riyad Bank NBAD 0% ROA 2014 PB/ROA 2014E Samba CBQ Riyad Bank QIB DB NBK FGB CIB QNB Al Rajhi Bank ADCB NBAD DIB y = x R² = Burgan Bank Bank Aljazira PB 2014 Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI CIB Al Rajhi Bank Samba Riyad Bank Bank Aljazira NBK Burgan Bank DIB NBAD FGB ADCB QNB CBQ DB QIB Bank Muscat Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate

11 News flow Doha Insurance got in-principle approval for its rights issue. (Bloomberg) Doha Insurance plans to raise QAR 437mn through a rights issue for shoring up its capital base and improving credit ratings. (Zawya)

12 Real Estate Sector /EPS Growth 2014E PB/ROA 2014E EPS Growth 2014E 140% 105% 70% 35% 0% Barwa Real Estate Dar AL Arkan Deyaar Development Palm Hill Developments Emaar Properties y = x R² = Emaar Economic City Aldar -35% ROA Dar AL Arkan Palm Hill Developments Emaar Properties Deyaar Development Aldar Emaar Economic City y = x R² = PB 2014 Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Aldar Barwa Real Estate Dar AL Arkan Deyaar Development Emaar Economic City Emaar Properties TMG Holding Palm Hill Developments Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News flow Nakheel said it will prepay AED 4bn in debt this year (AED 2.35bn in February, 15 months early, and AED 1.65bn in August), adding that it has used AED 1.4bn of available on AED 16.5bn of government funding. (Bloomberg) Emaar Properties plans to build 219 houses in Lila Project in Arabian Ranches for which sales will open on 11 January, In a separate announcement the company said it will redeem all outstanding convertible bonds on 6 February and that conversion rights may be exercised by 22 January (Bloomberg)

13 Food & Retail Sector /EPS Growth 2014E PB/ROA 2014E EPS Growth 2014E 22% 20% 18% 16% 14% 12% Alhokair Othaim Agithia Savola y = x R² = Almarai Jarir Marketing 10% ROA y = x R² = Agithia Alhokair Othaim Jarir Marketing Savola Almarai PB 2014 Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Almarai Othaim Alhokair Jarir Marketing Savola Agthia Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News flow Al Ghurair Group is said to close a AED 1.3bn loan by end of the month. The loan will have a tenor of 8 years and will be priced at 300bps above EIBOR. (Bloomberg) According to Euromonitor International, in-store retailers are expected to register 5% growth in retail value during 2014, mainly driven by malls such as Dubai Mall, Mall of the Emirates as well as other mega malls (Euromonitor estimates). (Zawya) Investcorp, announced the acquisition of a minority stake in Namet, a Turkish producer of packaged, processed and freshly cut red meat. (Zawya)

14 Construction & Building Materials Sector EPS Growth 2014E /EPS Growth 2014E 30% 20% 10% 0% -10% OCIC Depa DSI y = x R² = % Arabtec ROA 2014 PB/ROA 2014E DSI y = x R² = 1 Arabtec PB 2014 Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Arabtec Depa DSI OCIC Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News flow Yanbu Cement reported Q4 net income of SAR 162mn (-20.0 y/y). The decline was attributed to lower sales. (Bloomberg) Egypt has invited around 14 consortiums to bid for the development of the Suez Canal area. (Zawya)

15 Energy & Utilities Sector /EPS Growth 2014E PB/ROA 2014E EPS Growth 2014E 40% 30% 20% 10% 0% -10% Tabreed y = x R² = Dana Gas QEWC Saudi Electricity ROA y = x R² = Dana Gas Saudi Electricity QEWC PB 2014 Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Dana Gas QEWC Saudi Electricity Tabreed Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News flow

16 Industrials Sector /EPS Growth 2014E 70% Elswedy Electric GB Auto PB/ROA 2014E 1.0 EPS Growth 2014E 35% Oriental weavers Saudi Arabian Amiantit El Ezz Steel Rebars KIPCO y = x R² = % ROA 2014 KIPCO PB 2014 Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI El Ezz Steel Rebars Elswedy ElectriC GB Auto Oriental Weavers Saudi Arabian Amiantit Saudi Cable KIPCO Dubai Investments Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News flow

17 Transport & Logistics Sector /EPS Growth 2014E PB/ROA 2014E EPS Growth 2014E 50% 40% 30% 20% 10% National Shipping Co Air Arabia Agility Aramex QGTS y = x R² = DPW 0% ROA y = x R² = Air Arabia DPW Aramex PB 2014 Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Air Arabia Aramex DPW National Shipping Co Agility QGTS Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News flow Etihad Airways announced it achieved its highest ever cargo and passenger volumes in. Passenger volumes rose 16% to nearly 12mn from 10.3mn in. (Zawya)

18 Financial Services Sector Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI DFM EFG-Hermes Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News flow EFG Hermes board approved EGP 1bn share buyback plan. The first phase aims at returning EGP 425mn immediately through a buyback of 37mn shares at EGP 11.5 per share. The second phase is set for Q2-Q (Bloomberg)

19 Foreign Ownership Limits Stock Allowed (%) Owned (%) 1 wk chg (%) 1 m chg (%) Stock Allowed (%) Owned (%) 1 wk chg (%) 1 m chg (%) Dubai Air Arabia Insurance House Ajman Bank ASMAK Arabtec Holdings Investbank Aramex METHAQ Drake & Scull Intl NBAD DFM RAK Bank Dubai Investments NMDC Dubai Islamic Bank Qatar Telecom DNIR RAK Properties Emaar RAK Poultry & Feeding Du RAK Cement Co Emirates NBD RAK Ceramics GGICO RAK Co for White Cement Gulf Navigation RAK National Ins National Cement Co SCIDC TABREED Sudan Telecom Shuaa Capital UAQ Cement TAKAFUL Union Cement Takaful House UNB Tamweel United Arab Bank Union Properties United Insurance Co Abu Dhabi Waha Capital ADCB Qatar BILDCO Al Khaliji AD National Hotel Al Khalij Holding ADNIC Barwa Real Estate AD Ship Building CBQ Agthia Group Doha Bank Al Buhairah Ins. Co Gulf Intl Services Al Khazna Ins. Co Industries Qatar Aldar Properties Masraf Al Rayan Bank of Sharjah National Leasing Comm. Bank Intl QEWS Dana Gas Qatar Gas Transport Eshraq Properties Qatar Insurance Co Finance House QIIB First Gulf Bank Qatar Islamic Bank Foodco Holding Qatar National Bank Green Crescent Ins Qatar Navigation Gulf Cement Co Qatar Telecom Gulf Livestock Co United Development Gulf Medical Projects Vodafone Qatar Source: Bloomberg, Emirates NBD Research

20 Other Asset Classes Currencies Close %5d chg 1 year fwd Close %5d chg Close %5d chg EURUSD USDTRY EURAED GBPUSD USDEGP GBPAED USDJPY USDSAR JPYAED USDCAD USDQAR CADAED AUDUSD USDKWD AUDAED USDCHF USDBHD CHFAED EURGBP USDOMR TRYAED USDCNY USDMAD INRAED Rates Interbank 1 month 3 month 6 month 1 year Swaps Close 5d chg (bps) EIBOR USD 2 yr USD LIBOR USD 5 yr GBP LIBOR USD 10 yr EURIBOR EUR 2 yr JPY LIBOR EUR 5 yr CHF LIBOR EUR 10 yr Commodities & Fixed Income Commodities Close %5d chg Bonds / Sukuk YTM 5d chg (bps) CDS Close 5d chg (bps) CRB CMDT Index ADGB Abu Dhabi Gold DUGB Dubai Silver QATAR Qatar Oil (WTI) BHRAIN Saudi Arabia Oil (Brent) EGYPT Bahrain Aluminium TURKEY Egypt Copper MOROC Turkey Tin (LME) BTUN Morocco Zinc (LME) US Tsy 2 yr US Tsy 10 yr Source: Bloomberg, Emirates NBD Research

21 Disclaimer PLEASE READ THE FOLLOWING TERMS AND CONDITIONS OF ACCESS FOR THE PUBLICATION BEFORE THE USE THEREOF. By continuing to access and use the publication, you signify you accept these terms and conditions. Emirates NBD reserves the right to amend, remove, or add to the publication and Disclaimer at any time. Such modifications shall be effective immediately. Accordingly, please continue to review this Disclaimer whenever accessing, or using the publication. Your access of, and use of the publication, after modifications to the Disclaimer will constitute your acceptance of the terms and conditions of use of the publication, as modified. If, at any time, you do not wish to accept the content of this Disclaimer, you may not access, or use the publication. Any terms and conditions proposed by you which are in addition to or which conflict with this Disclaimer are expressly rejected by Emirates NBD and shall be of no force or effect. Information contained herein is believed by Emirates NBD to be accurate and true but Emirates NBD expresses no representation or warranty of such accuracy and accepts no responsibility whatsoever for any loss or damage caused by any act or omission taken as a result of the information contained in the publication. The publication is provided for informational uses only and is not intended for trading purposes. Charts, graphs and related data/information provided herein are intended to serve for illustrative purposes. The data/information contained in the publication is not designed to initiate or conclude any transaction. In addition, the data/information contained in the publication is prepared as of a particular date and time and will not reflect subsequent changes in the market or changes in any other factors relevant to their determination. The publication may include data/information taken from stock exchanges and other sources from around the world and Emirates NBD does not guarantee the sequence, accuracy, completeness, or timeliness of information contained in the publication provided thereto by or obtained from unaffiliated third parties. Moreover, the provision of certain data/information in the publication may be subject to the terms and conditions of other agreements to which Emirates NBD is a party. None of the content in the publication constitutes a solicitation, offer or recommendation by Emirates NBD to buy or sell any security, or represents the provision by Emirates NBD of investment advice or services regarding the profitability or suitability of any security or investment. Moreover, the content of the publication should not be considered legal, tax, accounting advice. The publication is not intended for use by, or distribution to, any person or entity in any jurisdiction or country where such use or distribution would be contrary to law or regulation. Accordingly, anything to the contrary herein set forth notwithstanding, Emirates NBD, its suppliers, agents, directors, officers, employees, representatives, successors, assigns, affiliates or subsidiaries shall not, directly or indirectly, be liable, in any way, to you or any other person for any: (a) inaccuracies or errors in or omissions from the publication including, but not limited to, quotes and financial data; (b) loss or damage arising from the use of the publication, including, but not limited to any investment decision occasioned thereby. (c) UNDER NO CIRCUMSTANCES, INCLUDING BUT NOT LIMITED TO NEGLIGENCE, SHALL EMIRATES NBD, ITS SUPPLIERS, AGENTS, DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES, SUCCESSORS, ASSIGNS, AFFILIATES OR SUBSIDIARIES BE LIABLE TO YOU FOR DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SCIAL, PUNITIVE, OR EXEMPLARY DAMAGES EVEN IF EMIRATES NBD HAS BEEN ADVISED SCIFICALLY OF THE POSSIBILITY OF SUCH DAMAGES, ARISING FROM THE USE OF THE PUBLICATION, INCLUDING BUT NOT LIMITED TO, LOSS OF REVENUE, OPPORTUNITY, OR ANTICIPATED PROFITS OR LOST BUSINESS. The information contained in the publication does not purport to contain all matters relevant to any particular investment or financial instrument and all statements as to future matters are not guaranteed to be accurate. Anyone proposing to rely on or use the information contained in the publication should independently verify and check the accuracy, completeness, reliability and suitability of the information and should obtain independent and specific advice from appropriate professionals or experts regarding information contained in the publication. Further, references to any financial instrument or investment product is not intended to imply that an actual trading market exists for such instrument or product. In publishing this document Emirates NBD is not acting in the capacity of a fiduciary or financial advisor. Emirates NBD and its group entities (together and separately, "Emirates NBD") does and may at any time solicit or provide commercial banking, investment banking, credit, advisory or other services to the companies covered in its reports. As a result, recipients of this report should be aware that any or all of the foregoing services may at times give rise to a conflict of interest that could affect the objectivity of this report. The securities covered by this report may not be suitable for all types of investors. The report does not take into account the investment objectives, financial situations and specific needs of recipients. Data included in the publication may rely on models that do not reflect or take into account all potentially significant factors such as market risk, liquidity risk and credit risk. Emirates NBD may use different models, make valuation adjustments, or use different methodologies when determining prices at which Emirates NBD is willing to trade financial instruments and/or when valuing its own inventory positions for its books and records. In receiving the publication, you acknowledge and agree that there are risks associated with investment activities. Moreover, you acknowledge in receiving the publication that the responsibility to obtain and carefully read and understand the content of documents relating to any investment activity described in the publication and to seek separate, independent financial advice if required to assess whether a particular investment activity described herein is suitable, lies exclusively with you. You acknowledge and agree that past investment performance is not indicative of the future performance results of any investment and that the information contained herein is not to be used as an indication for the future performance of any investment activity. You acknowledge that the publication has been developed, compiled, prepared, revised, selected, and arranged by Emirates NBD and others (including certain other information sources) through the application of methods and standards of judgment developed and applied through the expenditure of substantial time, effort, and money and constitutes valuable intellectual property of Emirates NBD and such others. All present and future rights in and to trade secrets, patents, copyrights, trademarks, service marks, know-how, and other proprietary rights of any type under the laws of any governmental authority, domestic or foreign, shall, as between you and Emirates NBD, at all times be and remain the sole and exclusive property of Emirates NBD and/or other lawful parties. Except as specifically permitted in writing, you acknowledge and agree that you may not copy or make any use of the content of the publication or any portion thereof. Except as specifically permitted in writing, you shall not use the intellectual property rights connected with the publication, or the names of any individual participant in, or contributor to, the content of the publication, or any variations or derivatives thereof, for any purpose. YOU AGREE TO USE THE PUBLICATION SOLELY FOR YOUR OWN NONCOMMERCIAL USE AND BENEFIT, AND NOT FOR RESALE OR OTHER TRANSFER OR DISPOSITION TO, OR USE BY OR FOR THE BENEFIT OF, ANY OTHER RSON OR ENTITY. YOU AGREE NOT TO USE, TRANSFER, DISTRIBUTE, OR DISPOSE OF ANY DATA/INFORMATION CONTAINED IN THE PUBLICATION IN ANY MANNER THAT COULD COMTE WITH THE BUSINESS INTERESTS OF EMIRATES NBD. YOU MAY NOT COPY, REPRODUCE, PUBLISH, DISPLAY, MODIFY, OR CREATE DERIVATIVE WORKS FROM ANY DATA/INFORMATION CONTAINED IN THE PUBLICATION. YOU MAY NOT OFFER ANY PART OF THE PUBLICATION FOR SALE OR DISTRIBUTE IT OVER ANY MEDIUM WITHOUT THE PRIOR WRITTEN CONSENT OF EMIRATES NBD. THE DATA/INFORMATION CONTAINED IN THE PUBLICATION MAY NOT BE USED TO CONSTRUCT A DATABASE OF ANY KIND. YOU MAY NOT USE THE DATA/INFORMATION IN THE PUBLICATION IN ANY WAY TO IMPROVE THE QUALITY OF ANY DATA SOLD OR CONTRIBUTED TO BY YOU TO ANY THIRD PARTY. FURTHERMORE, YOU MAY NOT USE ANY OF THE TRADEMARKS, TRADE NAMES, SERVICE MARKS, COPYRIGHTS, OR LOGOS OF EMIRATES NBD OR ITS SUBSIDIARIES IN ANY MANNER WHICH CREATES THE IMPRESSION THAT SUCH ITEMS BELONG TO OR ARE ASSOCIATED WITH YOU OR, EXCEPT AS OTHERWISE PROVIDED WITH EMIRATES NBD S PRIOR WRITTEN CONSENT, AND YOU ACKNOWLEDGE THAT YOU HAVE NO OWNERSHIP RIGHTS IN AND TO ANY OF SUCH ITEMS. MOREOVER YOU AGREE THAT YOUR USE OF THE PUBLICATION IS AT YOUR SOLE RISK AND ACKNOWLEDGE THAT THE PUBLICATION AND ANYTHING CONTAINED HEREIN, IS PROVIDED "AS IS" AND "AS AVAILABLE," AND THAT EMIRATES NBD MAKES NO WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, AS TO THE PUBLICATION, INCLUDING, BUT NOT LIMITED TO, MERCHANTABILITY, NON-INFRINGEMENT, TITLE, OR FITNESS FOR A PARTICULAR PURPOSE OR USE. You agree, at your own expense, to indemnify, defend and hold harmless Emirates NBD, its Suppliers, agents, directors, officers, employees, representatives, successors, and assigns from and against any and all claims, damages, liabilities, costs, and expenses, including reasonable attorneys and experts fees, arising out of or in connection with the publication, including, but not limited to: (i) your use of the data contained in the publication or someone using such data on your behalf; (ii) any deletions, additions, insertions or alterations to, or any unauthorized use of, the data contained in the publication or (iii) any misrepresentation or breach of an acknowledgement or agreement made as a result of your receiving the publication.

22 Emirates NBD Research & Treasury Contact List Emirates NBD Head Office 12th Floor Baniyas Road, Deira P.O Box 777 Dubai Aazar Ali Khwaja Group Treasurer & EVP Global Markets & Treasury aazark@emiratesnbd.com Tim Fox Head of Research & Chief Economist timothyf@emiratesnbd.com Research Khatija Haque Senior Economist khatijah@emiratesndb.com Irfan Ellam Head of MENA Equity Research Mohammedie@emiratesnbd.com Aditya Pugalia Analyst adityap@emiratesnbd.com Jean-Paul Pigat MENA Economist jeanp@emiratesnbd.com Sales & Structuring Head of Sales & Structuring Sayed Sajjid Sadiq sayeds@emiratesnbd.com London Sales Lee Sims +44 (0) simsl@emiratesnbd.com Saudi Arabia Sales Numair Attiyah numaira@emiratesnbd.com Egypt Shahinaz Foda shahinaz.foda@bnpparibas.com Singapore Sales Supriyakumar Sakhalkar supriyakumars@emiratesnbd.com Group Corporate Communications Ibrahim Sowaidan ibrahims@emiratesnbd.com Claire Andrea clairea@emiratesnbd.com Page 23

Weekly 30 March Equity Weekly

Weekly 30 March Equity Weekly Equity Weekly Global Equities The MSCI World index saw marginal gains, +0.5% 5d, mainly on strength in European and Emerging market equities. Positive economic data from European economies helped investors

More information

Equity Weekly. Global Equities. MENA Markets. MENA Equity Indices (wtd % chg) 0.2% 1.8% MSM. 1.2% Bahrain. 0.5% Tadawul

Equity Weekly. Global Equities. MENA Markets. MENA Equity Indices (wtd % chg) 0.2% 1.8% MSM. 1.2% Bahrain. 0.5% Tadawul Equity Weekly Global Equities Global equities traded lower last week on the back of weakness in G7 markets in particular. The MSCI World index dropped -0.3% 5d. However emerging markets in general and

More information

Equity Weekly. Weekly 8 February Global Equities. MENA Equity Indices (wtd % chg)

Equity Weekly. Weekly 8 February Global Equities. MENA Equity Indices (wtd % chg) Equity Weekly Global Equities Global equities traded higher as they received a boost from a sharp recovery in oil prices, better than expected economic data from the US and continued monetary policy easing

More information

Equity Weekly. Weekly 24 November 2013

Equity Weekly. Weekly 24 November 2013 Equity Weekly Global Equities The MSCI World index ended the week flat +0.1% 5d, as markets paused for breath, following several weeks of back to back gains. Risk measures were mixed with the VIX SPX +0.6%

More information

Equity Weekly. Weekly 17 August Global Equities. MENA Markets. MENA Equity Indices (wtd % chg)

Equity Weekly. Weekly 17 August Global Equities. MENA Markets. MENA Equity Indices (wtd % chg) Equity Weekly Global Equities Global equities traded higher over the past week as geo-political tensions eased and investors perceived weak macroeconomic data as a sign that central banks will be forced

More information

Equity Daily. MENA Equity Indices (1d % change) -0.3% -0.2% -0.1% Key Earnings Announcements Q Date Company EPS Estimates. 14-May Taqq 0.

Equity Daily. MENA Equity Indices (1d % change) -0.3% -0.2% -0.1% Key Earnings Announcements Q Date Company EPS Estimates. 14-May Taqq 0. Equity Daily MENA Equities The Bahrain Bourse (-) was the only exception in what was a positive day of trading for GCC equities. The Bloomberg GCC 200 index added 0.9%. UAE bourses traded higher with the

More information

Equity Weekly. Weekly 9 November Global Equities. MENA Markets. MENA Equity Indices (wtd % chg)

Equity Weekly. Weekly 9 November Global Equities. MENA Markets. MENA Equity Indices (wtd % chg) Equity Weekly Global Equities Global equities consolidated their last week s gains even as pockets of concerns continued. The MSCI World index declined -0.1% 5d helped by gains in the MSCI G7 index which

More information

Daily. Equity Daily. 26 March MENA Equities. Global Equities. MENA Equity Indices (1d % change) Key Events

Daily. Equity Daily. 26 March MENA Equities. Global Equities. MENA Equity Indices (1d % change) Key Events Equity Daily MENA Equities Regional equities sold off amid reports that Saudi army has started mobilising on the Yemeni border. The Bloomberg GCC 200 index declined -2.7%. UAE bourses traded lower with

More information

Equity Weekly. Weekly 29 March Global Equities. MENA Markets. MENA Equity Indices (wtd % chg)

Equity Weekly. Weekly 29 March Global Equities. MENA Markets. MENA Equity Indices (wtd % chg) Equity Weekly Global Equities Global equities declined as weak macroeconomic data coupled with renewed geopolitical tensions in the Middle East made investors cautious. The MSCI World index declined -1.7%

More information

Equity Weekly. Weekly 16 October Global Equities. MENA Markets. MENA Equity Indices (wtd % chg)

Equity Weekly. Weekly 16 October Global Equities. MENA Markets. MENA Equity Indices (wtd % chg) Equity Weekly Global Equities Last week saw volatility return to equity markets amid mixed start to the earnings season and renewed concern over global economic growth. The MSCI World index dropped -1.1%

More information

Equity Weekly. Global Equities. MENA Markets. MENA Equity Indices (wtd % chg) -1.9% MADEX -1.3% DSM 1.0% MSM. 1.3% Bahrain -0.7% KWSE -1.

Equity Weekly. Global Equities. MENA Markets. MENA Equity Indices (wtd % chg) -1.9% MADEX -1.3% DSM 1.0% MSM. 1.3% Bahrain -0.7% KWSE -1. Equity Weekly Global Equities Global equities consolidated their last week s gains amid broad based rally. The MSCI World index added +0.6% 5d helped by gains in the MSCI G7 index which added +0.5% 5d,

More information

Equity Weekly. Weekly 14 July 2013

Equity Weekly. Weekly 14 July 2013 Equity Weekly Global Equities The MSCI World index gained +3.4% 5d, as central banks from the Federal Reserve, European Central Bank and Bank of Japan reiterated that stimulus measures will be maintained

More information

Equity Weekly. Weekly 6 September Global Equities. MENA Markets. MENA Equity Indices (wtd % chg)

Equity Weekly. Weekly 6 September Global Equities. MENA Markets. MENA Equity Indices (wtd % chg) Equity Weekly Global Equities Global equities declined amid continued concerns over economic growth and uncertainty over the Fed. The MSCI World index declined -3.5% 5d amidst broad based weakness with

More information

Equity Weekly. Weekly 12 February Global Equities. MENA Markets. MENA Equity Indices (wtd % chg)

Equity Weekly. Weekly 12 February Global Equities. MENA Markets. MENA Equity Indices (wtd % chg) Equity Weekly Global Equities Global equity markets closed marginally higher as both the economic data and the earnings season continue to surprise positively. The pledge of Donald Trump to overhaul business

More information

Crude oil position monitor

Crude oil position monitor (' contracts) Crude oil position monitor Crude oil futures and net positions: May 24 216 Long Short Net Weekly change Brent MM 415.66 (34.54) 381.12 (15.36) Brent PM 722.64 (1,474.32) (751.68) 11.74 WTI

More information

Equity Weekly. Weekly 6 August Global Equities. MENA Markets. MENA Equity Indices (wtd % chg)

Equity Weekly. Weekly 6 August Global Equities. MENA Markets. MENA Equity Indices (wtd % chg) Equity Weekly Global Equities With the Bank of England remaining dovish, strong US non-farm payrolls data and continued strength in corporate earnings helped global equities close higher. Yet, there remains

More information

Precious positions. Commodities. 14 September Precious metals markets performance. Gold tends to looks the other way when the Fed starts moving

Precious positions. Commodities. 14 September Precious metals markets performance. Gold tends to looks the other way when the Fed starts moving (USD/troy oz) (%) Precious positions The gold market will be waiting with anticipation for the results of the US Federal Reserve's rate decision to be announced on Thursday later this week. For most of

More information

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM. Tadawul. Qatar Exchange KWSE. -0.2% Bahrain Bourse EGX 30 ISE

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM. Tadawul. Qatar Exchange KWSE. -0.2% Bahrain Bourse EGX 30 ISE Equity Daily MENA Equities The DFM index (+1.3%) led regional markets higher with the Bloomberg GCC 200 index adding +0.2%. The DFM index (+1.3%) started the week on a positive note. It was a broad based

More information

UAE: Card spending up 9.2% in 2015.

UAE: Card spending up 9.2% in 2015. UAE: Card spending up 9.2% in 15. Card spending in the UAE was 9.2% higher in 15 relative to 14, according to data compiled by Network International. Network International covers about 6% of the UAE market

More information

Equity Weekly. Weekly 20 May Global Equities. Chart of the week. Chart of the week Technical update - Tadawul. MENA Markets

Equity Weekly. Weekly 20 May Global Equities. Chart of the week. Chart of the week Technical update - Tadawul. MENA Markets Equity Weekly Global Equities Global equities closed lower as investors focus shifted to rise in bond yields and mixed signals from trade talks between the US and China. The continued rise in oil prices

More information

Equity Weekly. Weekly 17 December Global Equities. MENA Markets. MENA Equity Indices (wtd % chg)

Equity Weekly. Weekly 17 December Global Equities. MENA Markets. MENA Equity Indices (wtd % chg) Equity Weekly Global Equities Global equities ended the week higher as most central bank meetings went as planned with the exception of the European Central Bank, which suggested that the stimulus is likely

More information

Equity Weekly. Global Equities. MENA Markets. MENA Equity Indices (wtd % chg) -0.7% MADEX -0.8% MSM. -2.5% Tadawul -0.6% ADX -1.

Equity Weekly. Global Equities. MENA Markets. MENA Equity Indices (wtd % chg) -0.7% MADEX -0.8% MSM. -2.5% Tadawul -0.6% ADX -1. Equity Weekly Global Equities Global equities closed lower amid signs of investor fatigue heading into the year-end, as investors locked in gains in what has been a phenomenal year. The decline in commodities

More information

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE Equity Daily MENA Equities Daily 31 March 2014 It was a positive start to the week for GCC equities. The Bloomberg GCC 200 index gained +0.4%. The DFM index gained +1.3% to close at its highest level since

More information

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE Equity Daily MENA Equities The ADX index (+0.2%) was the only exception on what was a negative day of trading for the GCC equity markets as investors exercised caution after the recent rally. The Bloomberg

More information

Dubai Economy Tracker: Softer in September

Dubai Economy Tracker: Softer in September Dubai Economy Tracker: Softer in September The Emirates NBD Dubai Economy Tracker Index (DETI) slipped to 55.2 in September from 56.3 in August, but still signals a solid rate of growth last month. Almost

More information

Dubai Economy Tracker

Dubai Economy Tracker Dubai Economy Tracker The Emirates NBD Dubai Economy Tracker (DET) came in at 53.1 in July, compared to.5 in June. Activity and order growth has softened at the start of H2, however the survey still points

More information

Equity Weekly. Weekly 11 March Global Equities. Chart of the week. Chart of the week DFM s 14-week RSI in oversold territory.

Equity Weekly. Weekly 11 March Global Equities. Chart of the week. Chart of the week DFM s 14-week RSI in oversold territory. Equity Weekly Global Equities Global equities paid more attention to strong economic data from the US rather than the potential of a trade tantrum. The fact that the US President Donald Trump kept the

More information

Precious positions. Commodities. 19 June Emirates NBD Research precious metals outlook. Precious metals markets performance

Precious positions. Commodities. 19 June Emirates NBD Research precious metals outlook. Precious metals markets performance Precious positions The looming risk of Brexit has helped push gold to its highest levels since 14 as investors seek safe haven assets ahead of one of this year's dominant financial risks. Thanks to a mix

More information

Precious positions. Commodities. 11 February Precious metals markets performance. MENA gold demand at multi-year lows

Precious positions. Commodities. 11 February Precious metals markets performance. MENA gold demand at multi-year lows (tonnes) (USD/b) Precious positions The latest data from the World Gold Council showed physical gold demand dropped in 215 to 4,345 tonnes, a 1.5% drop on 214 (excluding ETFs). Jewellery demand fell 2.7%

More information

Dubai Economy Tracker Index growth strongest in 2 yrs. Economics 10 April Emirates NBD Dubai Economy Tracker Index

Dubai Economy Tracker Index growth strongest in 2 yrs. Economics 10 April Emirates NBD Dubai Economy Tracker Index Dubai Economy Tracker: Q1 2017 growth strongest in 2 yrs The Emirates NBD Dubai Economy Tracker Index (DETI) rose to 56.6 in March from 56.2 in February, on the back of stronger output and new work growth.

More information

Dubai Economy Tracker: Solid expansion in October

Dubai Economy Tracker: Solid expansion in October Dubai Economy Tracker: Solid expansion in October The Emirates NBD Dubai Economy Tracker Index (DETI) increased slightly to.6 in October from.2 in September, as output and new orders increased at a strong

More information

Precious positions. Commodities. 14 August Slump in MENA gold demand persists. Precious metals markets performance

Precious positions. Commodities. 14 August Slump in MENA gold demand persists. Precious metals markets performance (tonnes) Precious positions The latest data from the World Gold Council show gold demand was up by 15% year on year in Q2 216, entirely driven by investment demand. Physical demand comprised of jewellery,

More information

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE Equity Daily MENA Equities Daily 11 November 2013 MENA equity markets ended mixed, whilst the Bloomberg GCC 200 index closed effectively flat at 68.97, -0.04 points The DFM index gained +0.2% led by DSI,

More information

Saudi Arabia: Budget 2018

Saudi Arabia: Budget 2018 Saudi Arabia: Budget 2018 2017 budget deficit narrows sharply The official Saudi estimates for the 2017 budget put the deficit at -SAR 230bn or - 9.0% of GDP. This is better than our -12.8% of GDP forecast

More information

GCC Weekly Chart Pack

GCC Weekly Chart Pack GCC Weekly Chart Pack The GCC weekly chart pack aims to present a high level pictorial representation of the performance of the GCC Credit universe. The key highlights from this week are: Credit Weekly

More information

Financial Markets Daily

Financial Markets Daily Financial Markets Daily Fixed Income Barring Shanghai Comp, there was a sea of green across the equity world, however the softness in bond market continued. UST curve steepened overnight with 2yr yields

More information

Precious positions. MENA gold demand hits new lows. Middle East: total demand. Source: World Gold Council, Emirates NBD Research.

Precious positions. MENA gold demand hits new lows. Middle East: total demand. Source: World Gold Council, Emirates NBD Research. (tonnes) Precious positions Not exactly the gilded touch then. The election of Donald Trump was meant to be gold's last hurrah in 216 but markets have turned squarely off the yellow metal. A Trump administration,

More information

Precious positions. Commodities. 15 September Gold volatility loses lustre

Precious positions. Commodities. 15 September Gold volatility loses lustre Precious positions As we come into the end of the third quarter and gold markets digest the impact of one of the key binary risks this year Brexit we are a little surprised at how dull gold markets have

More information

Financial Markets Daily

Financial Markets Daily Financial Markets Daily Fixed Income Strong US job report with unemployment falling to 5% and y/y wage growth at 2.5% raised the chance of the US rate hike in December to over 70%. Yields on UST adjusted

More information

Daily Outlook. VIX Volatility Index. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events. Eurozone Composite PMI

Daily Outlook. VIX Volatility Index. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events. Eurozone Composite PMI Daily Outlook International markets remain jittery although the VIX index has subsided a little further amidst more mixed equity performance yesterday. Oil prices have resumed their weaker tone while the

More information

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE Equity Daily MENA Equities The Tadawul (+) and the MSM index (+) were the only exception on what was a negative day of trading for GCC equities. The Bloomberg GCC 200 index closed flat for the day. The

More information

Daily Outlook. Daily. 23 June U.S. Existing Home Sales Continue to Rise. Day s Economic Data and Events

Daily Outlook. Daily. 23 June U.S. Existing Home Sales Continue to Rise. Day s Economic Data and Events millions Daily Outlook Months of anticipation have come down to today, when the long-awaited UK referendum on Brexit will finally decide the fate of the UK in the EU. Although momentum over the past week

More information

UAE: Card spending up 14.8% in 2017

UAE: Card spending up 14.8% in 2017 UAE: Card spending up 14.8% in 217 Card spending in the UAE was 14.8% higher in 217 compared with the previous year, according to data compiled by Network International. Most of the growth in spending

More information

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE Equity Daily MENA Equities It was a dull day of trading for the GCC equity markets as trading volumes remained low. The ADX index (+0.6%) and the Qatar Exchange (+0.7%) were the notable gainers. The DFM

More information

PMIs a closer look. What is the PMI and who compiles it? How are the PMI surveys done? Calculating the headline PMI

PMIs a closer look. What is the PMI and who compiles it? How are the PMI surveys done? Calculating the headline PMI PMIs a closer look Over the last three months, the Emirates NBD UAE and Saudi Arabia Purchasing Managers Indices (PMIs) and the Dubai Economy Tracker Index (DETI) have pointed to accelerating growth in

More information

Daily Outlook. Daily. 11 January US payrolls surpass expectations in December. Day s Economic Data and Events

Daily Outlook. Daily. 11 January US payrolls surpass expectations in December. Day s Economic Data and Events Daily Outlook The markets will continue to absorb the US jobs data released last Friday and the aftermath of the sell-off in markets related to China and the yuan exchange rate. The PBOC kept the yuan

More information

Financial Markets Daily

Financial Markets Daily Financial Markets Daily Fixed Income All price movements of last Friday are irrelevant as Global Markets sit atop a mountain of uncertainty after Greek s resounding No vote over the weekend. Eurozone policymakers

More information

Saudi Arabia An important milestone

Saudi Arabia An important milestone USD bn Saudi Arabia An important milestone MSCI confirmed that it will be including Saudi Arabia in the MSCI Emerging Markets index. The index provider said that the decision follows the implementation

More information

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX -0.3% Tadawul. Qatar Exchange -0.2% KWSE. 0.3% Bahrain Bourse MSM EGX 30

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX -0.3% Tadawul. Qatar Exchange -0.2% KWSE. 0.3% Bahrain Bourse MSM EGX 30 tk Equity Daily MENA Equities It was a marginally positive day of trading for GCC equity markets as investors remained on the sidelines ahead of important triggers in developed markets. The Bloomberg GCC

More information

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) ADX. Qatar Exchange ISE 100 TUSISE. Source: Bloomberg, Emirates NBD Research

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) ADX. Qatar Exchange ISE 100 TUSISE. Source: Bloomberg, Emirates NBD Research Equity Daily MENA Equities The DFM index (-1.8%) and the Qatar Exchange (-0.1%) were the only exceptions in what was a positive day of trading for GCC equities. The Bloomberg GCC 200 index gained +0.1%

More information

From LIBOR to SOFR. Interest Rates 25 November Why the Change? SOFR is closer to the Fed Fund Target Rate. LIBOR SOFR: Key differences

From LIBOR to SOFR. Interest Rates 25 November Why the Change? SOFR is closer to the Fed Fund Target Rate. LIBOR SOFR: Key differences From LIBOR to SOFR After years of concerns relating to the LIBOR s vulnerability to manipulation, the UK Financial Conduct Authority has decided that it will no longer collect LIBOR quotes from participating

More information

The Saudi Stock Exchange (TADAWUL) Technical Report is now available on page 2

The Saudi Stock Exchange (TADAWUL) Technical Report is now available on page 2 KUWAIT STOCK EXCHANGE KSE Price Index April 11, 2017 The Saudi Stock Exchange (TADAWUL) Technical Report is now available on page 2 Close 7008.20 % Change -0.10% 52-Week High 7091. 46 52-Week Low 4911.54

More information

Daily Outlook. Daily. 18 August Japanese trade values decline on strong yen. Day s Economic Data and Events

Daily Outlook. Daily. 18 August Japanese trade values decline on strong yen. Day s Economic Data and Events % y/y Daily Outlook Markets perceived the minutes of the July FOMC meeting as relatively dovish, although there seemed to be a lack of consensus about the way forward. Most members agreed that inflationary

More information

Daily Outlook. Daily. 3 March ADP employment change was higher than expected. Day s Economic Data and Events. thousand

Daily Outlook. Daily. 3 March ADP employment change was higher than expected. Day s Economic Data and Events. thousand thousand Daily Outlook US economic data was better than expected yesterday, with the ADP report showing private sector employment rose by 214k in February, higher than consensus forecast of 190k and also

More information

Daily Outlook. Daily. 2 August US manufacturing activity slips but remains elevated. Today s Economic Data and Events

Daily Outlook. Daily. 2 August US manufacturing activity slips but remains elevated. Today s Economic Data and Events Daily Outlook The US FOMC meeting left interest rates unchanged overnight as expected at 1.75-2.0%. However, there was a slight upgrade to the language of the Fed s statement, with the Fed noting the economy

More information

Daily Outlook. Daily. 2 August Turkey PMI Continues to Decline. Day s Economic Data and Events

Daily Outlook. Daily. 2 August Turkey PMI Continues to Decline. Day s Economic Data and Events Daily Outlook US ISM Manufacturing index slid to 52.6 in July from 53.2 in June though remains firmly in expansion category. Indeed at its current level the index indicates annualised GDP growth to be

More information

Daily Outlook. Daily. 25 January Oil Rallies Strongly Following Draghi s Comments. Day s Economic Data and Events

Daily Outlook. Daily. 25 January Oil Rallies Strongly Following Draghi s Comments. Day s Economic Data and Events Daily Outlook Global equity and commodity markets rallied strongly at the end of last week, following comments from ECB President Mario Draghi that more monetary policy easing measures could be on the

More information

Daily Outlook. China trade balance (CNY bn) 500. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events

Daily Outlook. China trade balance (CNY bn) 500. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events Daily Outlook China reported better than expected December trade data this morning with exports rising by 2.3% y/y (CNY) while imports fell by -4.0%, less than expected. The improvement in exports is being

More information

Daily Outlook. US housing starts shrink, but off high base. US Housing starts (000's) Source: Bloomberg, Emirates NBD Research.

Daily Outlook. US housing starts shrink, but off high base. US Housing starts (000's) Source: Bloomberg, Emirates NBD Research. Daily Outlook The conclusion of the Bank of Japan (BOJ) and Federal Reserve policy meetings will be the key events today and will provide ample scope for volatility. Not only will each outcome be important

More information

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM ISE 100 MADEX TUSISE

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM ISE 100 MADEX TUSISE Equity Daily MENA Equities It was a mixed day of trading for the GCC equity markets as the DFM index (+1.1%) and the Tadawul (+0.6%) extended gains while the KWSE index (-0.6%) and the MSM index (-0.2%)

More information

Daily Outlook. Daily. 7 September US Labour Market Conditions Index. Day s Economic Data and Events

Daily Outlook. Daily. 7 September US Labour Market Conditions Index. Day s Economic Data and Events Source: Bloomberg. Daily Outlook The latest U.S. non-manufacturing ISM report released yesterday came in well below expectations, and appears to have further reduced the probability of the Federal Reserve

More information

Daily Outlook. Daily. 5 July Emirates NBD regional PMIs. Day s Economic Data and Events

Daily Outlook. Daily. 5 July Emirates NBD regional PMIs. Day s Economic Data and Events Daily Outlook There was little in the way of economic data yesterday with US markets closed, but North Korea s test launch of an intercontinental ballistic missile capable of reaching the US boosted haven

More information

FX Week. Weekly 6 September Tightening in labour market adds to case for Fed lift-off. No reason to change our September tightening view USD

FX Week. Weekly 6 September Tightening in labour market adds to case for Fed lift-off. No reason to change our September tightening view USD FX Week Tightening in labour market adds to case for Fed lift-off The US August jobs report showed a further tightening in the labour market which on balance adds to the case for a September interest rate

More information

Daily Outlook. Daily. 16 June Fed s dot plot shows more gradual rate hikes. Day s Economic Data and Events

Daily Outlook. Daily. 16 June Fed s dot plot shows more gradual rate hikes. Day s Economic Data and Events y Daily Outlook The FOMC left interest rates unchanged, as expected. While economic forecasts were not changed significantly, the Fed dots plot shows a slower pace of monetary tightening in 2017 and 2018

More information

Daily Outlook. European stocks lead global markets lower. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events

Daily Outlook. European stocks lead global markets lower. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events Daily Outlook The Eurozone financial sector has taken over from China s FX policy and the decline in oil prices at the forefront of the renewed financial market turbulence, which is potentially much more

More information

Financial Markets Daily

Financial Markets Daily Financial Markets Daily Fixed Income The USD and US interest received a small boost from US housing starts which rose 6.5% in September to a 1,206k rate from 1,132k in August. Yields on treasuries rose

More information

GCC Economic Overview

GCC Economic Overview GCC Economic Overview CIO-OFFICE I Q2 2016 WHAT S HAPPENING IN THE GCC? Table 1: The GCC economy real GDP growth (%) 2012 2013 2014 2015 2016f 2017F Saudi Arabia 5.4 2.7 5.4 3.4 1.5 2.1 UAE 7.2 4.3 4.6

More information

Financial Markets Daily

Financial Markets Daily Financial Markets Daily Fixed Income Sovereign yields in Europe consolidated ahead of ECB s meeting today with many expecting either an extension or an expansion of the ongoing QE program. Yields on 10yr

More information

Daily Outlook. UK producer input inflation surges in July. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events

Daily Outlook. UK producer input inflation surges in July. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events % y/y Daily Outlook US economic data was mixed last night, with inflation for July a touch on the soft side (headline CPI slipped to 0.8% y/y from 1.0% in June), while industrial production and manufacturing

More information

Daily Outlook. JPY outperforms other currencies last week Source: Bloomberg, Emirates NBD Research

Daily Outlook. JPY outperforms other currencies last week Source: Bloomberg, Emirates NBD Research Daily Outlook The week is starting with JPY strength still the dominant theme, after it was the main outperformer against the USD during last week. The markets have been long of USDJPY for a number of

More information

Daily Outlook. Daily. 9 March Slump in China s exports serve as reality check to markets. Day s Economic Data and Events

Daily Outlook. Daily. 9 March Slump in China s exports serve as reality check to markets. Day s Economic Data and Events Daily Outlook Markets have reversed course slightly after the improvements of the past week, with commodity prices coming off recent peaks and equities giving back gains. Yesterday s weaker than expected

More information

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE Equity Daily MENA Equities The KWSE index (+0.2%) was the only exception on what was a negative day of trading for GCC equities as regional political developments dampened investor sentiment. The Bloomberg

More information

Daily Outlook. Daily. 7 November Markets sit on the sidelines for outcome of US mid-terms. Today s Economic Data and Events

Daily Outlook. Daily. 7 November Markets sit on the sidelines for outcome of US mid-terms. Today s Economic Data and Events Daily Outlook Markets are anxiously awaiting the results of the US mid-term elections where Democrats were expected to take control of the House of Representatives and the Republicans keep a narrow majority

More information

Daily Outlook. US retail sales continue to show growth. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events

Daily Outlook. US retail sales continue to show growth. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events Daily Outlook Daily 16 November 2016 Markets appear to be pausing for breath even though the news keeps coming in strongly, with US retail sales for October released yesterday showing growth of 0.8% m/m

More information

Financial Markets Daily

Financial Markets Daily fx Financial Markets Daily Fixed Income Yesterday was a day of range bound trading for the global markets with the backdrop of mixed signals. IMF downgraded global growth forecasts but was positive on

More information

Daily Outlook. Daily. 24 March SAIBOR moves lower for first time in months. Day s Economic Data and Events

Daily Outlook. Daily. 24 March SAIBOR moves lower for first time in months. Day s Economic Data and Events Daily Outlook It was a day of dollar strength yesterday with the DXY index extending its gains started last week. Data-wise, it was reasonably soft. New home sales in the US were better than expectations

More information

Daily Outlook. Daily. 1 September India s GDP growth slows in Q Day s Economic Data and Events

Daily Outlook. Daily. 1 September India s GDP growth slows in Q Day s Economic Data and Events Daily Outlook China's official manufacturing PMI rose in August to 50.4, above estimates and better than last month. The other unofficial Caixin China manufacturing PMI measure also stood at 50 in August.

More information

Financial Markets Daily

Financial Markets Daily Financial Markets Daily Fixed Income Negative sentiment from weaker than expected Chinese PMI last week and rout in Chinese equity is finding its way into the commodity space and eventually into the developed

More information

FX Week. Weekly 25 October USD rallies strongly, meets our forecasts. Draghi alludes to December easing, weakening the EUR.

FX Week. Weekly 25 October USD rallies strongly, meets our forecasts. Draghi alludes to December easing, weakening the EUR. FX Week USD rallies strongly, meets our forecasts The USD staged a significant rally at the end of last week, hitting our one-month forecasts of EUR and closing in on JPY122. The starting point were the

More information

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX. Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE -0.

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM ADX. Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE -0. Equity Daily MENA Equities GCC equity markets extended losses yesterday tracking declines in global equity markets on renewed concerns on Eurozone debt crisis. The sustained weakness in oil prices also

More information

Research from Emirates NBD. Equity Daily. MENA Equities. MENA Equity Indices (1d % change) ADX KWSE. Bahrain Bourse MSM EGX

Research from Emirates NBD. Equity Daily. MENA Equities. MENA Equity Indices (1d % change) ADX KWSE. Bahrain Bourse MSM EGX Equity Daily MENA Equities The Tadawul continued its positive streak for the 11 th consecutive day in a broadbased rally. Al Rajhi Bank (+2.2%) jumped the most in seven weeks while Alinma Bank (+4.9%)

More information

Daily Outlook. Oil gives back early February gains. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events. Emirates NBD UAE PMI

Daily Outlook. Oil gives back early February gains. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events. Emirates NBD UAE PMI Daily Outlook Crude oil continues to extend its retreat from its recent short-covering rally, with the absence of any new news regarding rumoured production cuts probably weighing on sentiment. As oil

More information

Daily Outlook. Daily. 22 June German ZEW Beats Expectations. Day s Economic Data and Events

Daily Outlook. Daily. 22 June German ZEW Beats Expectations. Day s Economic Data and Events Daily Outlook Daily 22 June 2016 Fed Chair Janet Yellen s prepared remarks as part of her semi-annual monetary policy report to Congress did not contain any major surprises. She noted how the improvement

More information

Financial Markets Daily

Financial Markets Daily Financial Markets Daily Fixed Income Shanghai comp fell another one percent yesterday and continuing to fall this morning. However it should be noted that the index is still 13% up on YTD basis and 63%

More information

Daily Outlook. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events. Turkey CPI y/y 11:00 0.0% Eurozone PPI y/y 13:00-4.

Daily Outlook. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events. Turkey CPI y/y 11:00 0.0% Eurozone PPI y/y 13:00-4. Daily Outlook The ISM Manufacturing Index in the US came in much better than expectations and at a 16-month high of 53.2 in June vs 51.3 previously. This is consistent with annualised GDP growth of little

More information

Daily Outlook. China shows steady activity in May. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events

Daily Outlook. China shows steady activity in May. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events Daily Outlook A busy week lies ahead including central bank policy setting meetings, important economic data releases and of course the countdown to the UK Brexit vote on 23 rd June. Data already released

More information

Daily Outlook. China s Caixin PMI contracts in April. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events

Daily Outlook. China s Caixin PMI contracts in April. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events Daily Outlook China s Caixin/Markit Purchasing Manager s Index (PMI) fell to 49.4 in April from 49.7 in March, confounding hopes of a small improvement. Over the weekend the official government manufacturing

More information

Daily Outlook. Daily. 4 May Regional PMIs show continued strength in non-oil sectors. Day s Economic Data and Events

Daily Outlook. Daily. 4 May Regional PMIs show continued strength in non-oil sectors. Day s Economic Data and Events Daily Outlook The Federal Reserve left interest rates unchanged at its latest FOMC meeting as had been widely expected by the market. More focus was on what language the Fed used to describe the soft performance

More information

Daily Outlook. Daily. 1 February China Services Sector Outperforming Manufacturing. Day s Economic Data and Events

Daily Outlook. Daily. 1 February China Services Sector Outperforming Manufacturing. Day s Economic Data and Events Daily Outlook Risk sentiment has clearly improved in recent days, as surprise easing measures from the Bank of Japan late last week provided further reassurance that central banks are willing to step forward

More information

Daily Outlook. US retail sales rise 0.5% m/m in May. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events

Daily Outlook. US retail sales rise 0.5% m/m in May. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events y Daily Outlook The Fed concludes its June FOMC meeting later today. Although this meeting has been more or less written off as a live meeting due to the May payrolls data and the Brexit uncertainty, there

More information

Financial Markets Daily

Financial Markets Daily Financial Markets Daily Fixed Income Better than expected home sale data out of the US saw two year UST yields rise 2bps to 0.71% while 10 yrs UST yields remained unchanged at 2.32%. A segment of investor

More information

Daily Outlook. Daily. 22 August US bond yields nudge higher ahead of Yellen speech. Day s Economic Data and Events. US 10-year bond yields

Daily Outlook. Daily. 22 August US bond yields nudge higher ahead of Yellen speech. Day s Economic Data and Events. US 10-year bond yields Daily Outlook Preliminary data from the UAE Central Bank shows both deposits and gross loans declined m/m in July. On an annual basis, deposits were up 3.5% y/y while loan growth slowed to 6.2% y/y from

More information

Daily Outlook. Daily. 10 January Sterling hits multi-week lows against USD and EUR. Day s Economic Data and Events

Daily Outlook. Daily. 10 January Sterling hits multi-week lows against USD and EUR. Day s Economic Data and Events Daily Outlook Economic data released overnight showed Chinese producer prices rise by 5.5% y/y in December up from 3.3% in November, while consumer prices rose by 2.1%, a slight dip from the 2.2% November

More information

Saudi Arabia: Equity market opens to direct foreign investment

Saudi Arabia: Equity market opens to direct foreign investment Saudi Arabia: Equity market opens to direct foreign investment Saudi Arabia is opening its stock market to direct investment by foreigners on 15 June 2015. As the largest and most liquid market in MENA,

More information

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) ADX. -0.6% Tadawul. Qatar Exchange -0.2% KWSE -0.5% EGX 30

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) ADX. -0.6% Tadawul. Qatar Exchange -0.2% KWSE -0.5% EGX 30 Equity Daily MENA Equities It was a mixed day of trading for the GCC equity markets with the Bloomberg GCC 200 index () closing marginally lower. The DFM index declined for a third consecutive trading

More information

India Monitor. 11 September MSCI India index (1m) India s Trinity Trilemma

India Monitor. 11 September MSCI India index (1m) India s Trinity Trilemma India Monitor India s Trinity Trilemma The sustained weakness and increased volatility of the INR have brought the fundamentals of India s economy into focus. Whilst many emerging market economies have

More information

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM. 0.2% ADX Tadawul. Qatar Exchange KWSE -0.8% Bahrain Bourse MSM EGX 30 ISE 100

Equity Daily. MENA Equities. MENA Equity Indices (1d % change) DFM. 0.2% ADX Tadawul. Qatar Exchange KWSE -0.8% Bahrain Bourse MSM EGX 30 ISE 100 Equity Daily MENA Equities It was a dull day of trading for GCC equities as investors adopt a cautious stance amidst lack of short-term catalysts. The Bloomberg GCC 200 index declined - 0.1%. The Tadawul

More information

Financial Markets Daily

Financial Markets Daily Financial Markets Daily Fixed Income Financial markets continued to rally yesterday with investors continuing to believe in a positive Greek bailout outcome. However some shifting into safe haven assets

More information

Financial Markets Daily

Financial Markets Daily Financial Markets Daily Fixed Income Weaker than expected job data in the US last week saw sharp drop in treasury yields as rate hike expectations came crashing down. 2yr UST yields closed the week down

More information

Daily Outlook. UK production contracts in October. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events

Daily Outlook. UK production contracts in October. Source: Bloomberg, Emirates NBD Research. Day s Economic Data and Events Daily Outlook Data out of the UK disappointed yesterday as both manufacturing and industrial output failed to meet market expectations. Manufacturing for October fell 0.9%, its most in eight months, while

More information