Weekly Economic Update

Size: px
Start display at page:

Download "Weekly Economic Update"

Transcription

1 Weekly Economic Update Sunday, 13 May

2 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 % US$ Bn Weekly Economic Update Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 Sunday, 13 May 2012 Recent Macroeconomic Developments Global China s trade growth continues to lose momentum China, the world s second richest nation, continues to experience sluggish growth in trade, with both imports and exports growth rates decelerating in recent months, caused largely by the economic crisis in Europe China s biggest trading partner. Exports grew at barely 5% in April, compared with 9% and 18% in March and February respectively, while imports remained flat in April as opposed to 5% and 40% growth rates in March and February, respectively. Despite the unsatisfactory trade performance, the overall trade balance in April remained positive, at $18.4 billion, due to the stagnation in imports. In contrast, domestic retail sales in China grew by 14.1% in April, reflecting policy makers determination to rebalance the economy away from external demand and towards internal demand. Even so, the growth rate of retail sales in April was lower than the 15.2% expected by analysts. Consequently, inflation eased to 3.4% in April, close to the monetary authorities target of 3.3%. More policy intervention may be needed to stimulate domestic demand if it is to play a leading role in driving China s future economic growth which has recently been slowing down China's Trade Data Trade Balance (RHS) Exports (LHS) Imports (LHS) Source: Thomson Reuters Chg Y/Y (LHS) China Retail Sales, Chg Y/Y (%) China's Inflation (%) Chg P/P (RHS)

3 Weekly Economic Update Sunday, 13 May 2012 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 % % Recent Macroeconomic Developments GCC Saudi Arabia: Central Bank continues to keep rates unchanged The Saudi Arabia Monetary Agency (SAMA), the Kingdom s central bank, kept its repo and reverse repo rates unchanged in May, at 2% and 0.25% respectively. The repo rate is the discount rate at which banks borrow money from the central bank, while the reverse repo rate is the opposite, i.e. the rate at which the central bank borrows money from the banks in a bid to control money supply in the economy. Interest rates in the Kingdom have been at very low levels since 2009 and are expected to remain so for the foreseeable future, due to the dollar peg exchange rate system of Saudi Arabia. As a result, changes in SAMA s interest rates directly depend on changes in the US Federal Reserve s monetary policy rate, which is expected to remain at close to zero percent until The low interest rate in Saudi Arabia is a welcome development given the low inflation environment largely caused by the rapid decline in global food prices since 2009 and the recent recession in Europe which has weakened the demand for non-oil commodities. Inflation in the Kingdom marginally fell to 5.3% in April, from 5.4% in March, due to lower food price inflation which dipped to 4.3% in April from 5.1% in March (Jadwa) Saudi Arabia Policy Rates and Inflation Rate 2% 0.25% Saudi Arabia's Inflation Rate (ChgY/Y) Repo Rate Reverse Repo Rate Source: Thomson Reuters and Gulf One 3

4 Weekly Economic Update 11-Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr May Apr Apr Apr Apr Apr Apr Apr Apr Apr May-12 Sunday, 13 May 2012 COMMODITIES 122 Brent Oil Price (US$/barrel) 1670 Gold Price (US$/ounce) As May 11 (US$) Current Week Ago Weekly Change Brent Oil (barrel) Gold (ounce) Silver (ounce) Copper (pound) Aluminium (kilo) Source: Thomson Reuters 4

5 Weekly Economic Update Sunday, 13 May Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr May Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr May-12 Currencies Current ( 11 May 2012) Week Ago Weekly Change International $1 $1 (%) Euro GBP Yen CNY INR CHF GCC AED BHD Euro, Yen & Pound vs Dollar Euro (LHS) Pound (LHS) Yen (RHS) The Dollar Index KWD OMR QAR SAR Source: Thomson Reuters 5

6 Weekly Economic Update Sunday, 13 May 2012 Stock markets DowJones 1.67% 12,821 CAC % 3, NASDAQ 11.21% 2,934 FTSE % 5, S&P500 Nikkei % 1, % 8,953 Source: Thomson Reuters 6

7 Weekly Economic Update Sunday, 13 May May-12 Stock markets Abu Dhabi 0.91% , Kuwait 0.39% , Doha 1.40% 8,548 Muscat 1.72% 5, Dubai 4.23% 1,515 Saudi 3.07% 7,222 Source: Zawya 7

8 Weekly Economic Update Sunday, 13 May 2012 Stock markets Stock Exchange Current A Week Ago Weekly Change (11 May) (%) Dow Jones (US) 12,821 13, Nasdaq (US) 2,934 2, S&P500 (US) 1,353 1, CAC40 (FR) 3,130 3, FTSE100 (UK) 5,576 5, Nikkei225 (JP) 8,953 9, Abu Dhabi 2,478 2, Bahrain 1,160 1, Doha 8,548 8, Dubai 1,515 1, Kuwait 6,447 6, Muscat 5,746 5, Saudi Arabia 7,222 7, Source: Thomson Reuters and Zawya 8

9 Weekly Economic Update Sunday, 13 May 2012 Miscellaneous GULF projects Projects planned or under way Projects planned or under way Change on week (%) Projects planned or under way Change on year (%) 01-May May-11 ($m) ($m) ($m) Bahrain 63,874 63, , Kuwait 204, , , Oman 117, , , Qatar 229, , , Saudi Arabia 748, , , UAE 556, , , GCC 1,919,851 1,914, ,793, Iran 300, , , Iraq 315, , , Gulf Total 2,536,415 2,529, ,361, Source: MEED 9

10 Weekly Economic Update Sunday, 13 May 2012 Gulf One Investment Bank B.S.C. (c) ( Gulf One ) is a leading knowledge-based investment bank that is focused on providing professional and highquality infrastructure related investments for the MENA (Middle East and North Africa) region. Its mission is to mobilise local and global capital to accelerate the realisation of infrastructure projects and corporatisation through innovative financial solutions. Gulf One was jointly founded in 2006 by Dr. Nahed Taher, Chief Executive Officer (CEO), and Mr. Ziyad Omar, Chief Investment Officer (CIO). Headquartered in Bahrain, Gulf One operates under a conventional wholesale banking licence granted by the Central Bank of Bahrain (CBB), CR This Weekly Economic Update has been prepared by staff in the Research Department of Gulf One under the general direction of Dr. Nahed Taher. The Research team comprises: Dr. Mohammed Salisu Chief Economist Gulf One Investment Bank m.salisu@gulf1bank.com Ms. Lobna Bousrih Research Analyst Gulf One Investment Bank l.bousrih@gulf1bank.com Ms. Sana Harrabi Research Analyst Gulf One Investment Bank s.harrabi@gulf1bank.com All comments and enquiries about this Weekly Economic Update should be sent to Dr. Mohammed Salisu at the above address. Disclaimer This Weekly Economic Update was prepared by Gulf One Investment Bank B.S.C. (c) ( Gulf One ) and is of a general nature and is not intended to provide specific advice on any matter, nor is it intended to be comprehensive or to address the circumstances of any particular individual or entity. This material is based on current public information that we consider reliable at the time of publication, but it does not provide tailored investment advice or recommendations. It has been prepared without regard to the financial circumstances and objectives of persons and/or organisations who receive it. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. In addition, the views expressed in this Economic Update do not necessarily represent the views of the Management or Board of Directors of Gulf One. This Weekly Economic Update or any portion hereof may not be reprinted, sold or redistributed without the prior written consent of Gulf One. 10

Weekly Economic Update Sunday, 13 January 2013

Weekly Economic Update Sunday, 13 January 2013 Weekly Economic Update Sunday, 13 January 2013 1 2010-Q4 2011-Q1 2011-Q2 2011-Q3 2011-Q4 2012-Q1 2012-Q2 2012-Q3 % Weekly Economic Update Sunday, 13 January 2013 Recent Macroeconomic Developments GLOBAL

More information

Weekly Economic Update

Weekly Economic Update Weekly Economic Update Sunday, 18 March 2012 1 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11

More information

Weekly Economic Update

Weekly Economic Update Weekly Economic Update Sunday, 29 January 2012 1 Weekly Economic Update % 2008-Q1 2008-Q2 2008-Q3 2008-Q4 2009-Q1 2009-Q2 2009-Q3 2009-Q4 2010-Q1 2010-Q2 2010-Q3 2010-Q4 2011-Q1 2011-Q2 2011-Q3 2011-Q4

More information

Weekly Economic Update Sunday, 06 March 2011

Weekly Economic Update Sunday, 06 March 2011 1 Recent Macroeconomic Developments GLOBAL China sets yet another 5-year economic growth target China has set a 7% economic growth target for the next 5 years, broadly in line with the targets set in the

More information

Weekly Economic Update

Weekly Economic Update Weekly Economic Update Sunday, 04 March 2012 1 Weekly Economic Update Sunday, 04 March 2012 Recent Macroeconomic Developments Global EU Leaders sign fiscal discipline treaty to rein in debt All European

More information

[ ] WEEKLY CHANGES AGAINST THE USD

[ ] WEEKLY CHANGES AGAINST THE USD January 22, 2018 [ ] MACRO & MARKETS COMMENTARY» The U.S economy and inflation expanded at a Modest to Moderate pace during December 2017, while wages continued to push higher according to the Federal

More information

[ ] WEEKLY CHANGES AGAINST THE USD

[ ] WEEKLY CHANGES AGAINST THE USD February 19, 2018 [ ] MACRO & MARKETS COMMENTARY» Last week, Global stock markets witnessed one of their best weeks in almost six years after two consecutive weeks in the red. The last week rally was mainly

More information

WEEKLY CHANGES AGAINST THE USD MACRO & MARKETS COMMENTARY

WEEKLY CHANGES AGAINST THE USD MACRO & MARKETS COMMENTARY July 31, 2017 [ W E E K LY E C O N O M I C C O M M E N TA R Y ] WEEKLY ANALYSIS FOR THE MOST CRITICAL ECONOMIC AND FINANCIAL DEVELOPMENTS MACRO & MARKETS COMMENTARY» Federal Open Market Committee (FOMC)

More information

[ ] WEEKLY CHANGES AGAINST THE USD. » The Bank of England raised its benchmark interest rate to its highest level in MACRO & MARKET COMMENTARY

[ ] WEEKLY CHANGES AGAINST THE USD. » The Bank of England raised its benchmark interest rate to its highest level in MACRO & MARKET COMMENTARY August 06, 2018 [ ] MACRO & MARKET COMMENTARY» The Bank of England raised its benchmark interest rate to its highest level in almost a decade. Raising the interest rate is suggesting that inflation continues

More information

Saudi Chartbook. Summary. December 2014

Saudi Chartbook. Summary. December 2014 December 1 Saudi Chartbook Summary Real Economy: Economic data for October showed signs of cooling. The non-oil PMI fell following a 39-month peak in the previous month. Data on consumer spending showed

More information

WEEKLY CHANGES AGAINST THE USD

WEEKLY CHANGES AGAINST THE USD October 09, 2017 [ W E E K LY E C O N O M I C C O M M E N TA R Y ] WEEKLY ANALYSIS FOR THE MOST CRITICAL ECONOMIC AND FINANCIAL DEVELOPMENTS MACRO & MARKETS COMMENTARY» The storm impacted job report showed

More information

WEEKLY CHANGES AGAINST THE USD MACRO & MARKETS COMMENTARY

WEEKLY CHANGES AGAINST THE USD MACRO & MARKETS COMMENTARY July 10, 2017 [ W E E K LY E C O N O M I C C O M M E N TA R Y ] WEEKLY ANALYSIS FOR THE MOST CRITICAL ECONOMIC AND FINANCIAL DEVELOPMENTS MACRO & MARKETS COMMENTARY» The minutes of FOMC meeting in June

More information

[ ] WEEKLY CHANGES AGAINST THE USD MACRO & MARKET COMMENTARY. » Emerging Market had another unstable week as plunging currencies promoted

[ ] WEEKLY CHANGES AGAINST THE USD MACRO & MARKET COMMENTARY. » Emerging Market had another unstable week as plunging currencies promoted June 11, 2018 [ ] MACRO & MARKET COMMENTARY» Emerging Market had another unstable week as plunging currencies promoted central bank to act accordingly. The Central Bank of Turky and The Reserve Bank of

More information

[ ] MACRO & MARKET COMMENTARY. » U.S. started the process to draft plans on a further $200 billion in Chinese

[ ] MACRO & MARKET COMMENTARY. » U.S. started the process to draft plans on a further $200 billion in Chinese July 16, 2018 [ ] MACRO & MARKET COMMENTARY» U.S. started the process to draft plans on a further $200 billion in Chinese imports after tensions between the two largest economies in the world intensified,

More information

Global Markets Update QNB Economics 7 August 2016

Global Markets Update QNB Economics 7 August 2016 Global Markets Update QNB Economics 7 August 2016 Executive Summary Key Takeaways US yields rose on strong jobs data, raising expectations of possible Federal Reserve action; Saudi rates increased on concerns

More information

WEEKLY CHANGES AGAINST THE USD

WEEKLY CHANGES AGAINST THE USD December 04, 2017 [ W E E K LY E C O N O M I C C O M M E N TA R Y ] WEEKLY ANALYSIS FOR THE MOST CRITICAL ECONOMIC AND FINANCIAL DEVELOPMENTS MACRO & MARKETS COMMENTARY» The U.S senate passed the long-awaited

More information

Global Markets Update QNB Economics 12 November 2017

Global Markets Update QNB Economics 12 November 2017 Global Markets Update QNB Economics 12 November 2017 Executive Summary Key Takeaways Advanced economy 10-year yields rose on expectations of reduced quantitative easing; Saudi Arabia s corruption probe

More information

Monthly Economic and Financial Developments January 2013

Monthly Economic and Financial Developments January 2013 Release Date: 8 March 2013 Monthly Economic and Financial Developments January 2013 In an effort to provide the public with more frequent information on its economic surveillance activities, the Central

More information

[ ] WEEKLY CHANGES AGAINST THE USD

[ ] WEEKLY CHANGES AGAINST THE USD February 12, 2018 [ ] MACRO & MARKETS COMMENTARY» In the early hours of last Friday, U.S Congress approved a major budget deal that opens the door for more increase in defense and non-defense spending

More information

[ ] WEEKLY CHANGES AGAINST THE USD

[ ] WEEKLY CHANGES AGAINST THE USD January 15, 2018 [ ] MACRO & MARKETS COMMENTARY» The European central bank (ECB) has indicated it should revisit its communication stance in early 2018, according to the ECB s minutes of December meeting

More information

[ ] WEEKLY CHANGES AGAINST THE USD

[ ] WEEKLY CHANGES AGAINST THE USD February 26, 2018 [ ] MACRO & MARKETS COMMENTARY» Federal Reserve officials see the economic growth and the acceleration of inflation as a good signal to continue to raise interest rate gradually over

More information

Monthly Economic and Financial Developments April 2006

Monthly Economic and Financial Developments April 2006 Release Date: 30 May Monthly Economic and Financial Developments April In an effort to provide the public with more frequent information on its economic surveillance activities, the Central Bank has decided

More information

Global Markets Update QNB Economics 12 March 2017

Global Markets Update QNB Economics 12 March 2017 Global Markets Update QNB Economics 12 March 2017 Executive Summary Key Takeaways US yields rose on a highly likely Fed rate hike this week; Eurozone yields rose after the ECB president lowered expectations

More information

WEEKLY CHANGES AGAINST THE USD MACRO & MARKETS COMMENTARY

WEEKLY CHANGES AGAINST THE USD MACRO & MARKETS COMMENTARY July 17, 2017 [ W E E K LY E C O N O M I C C O M M E N TA R Y ] WEEKLY ANALYSIS FOR THE MOST CRITICAL ECONOMIC AND FINANCIAL DEVELOPMENTS MACRO & MARKETS COMMENTARY» The Federal Reserve (FED) might be

More information

Global Markets Update QNB Economics 01 May 2016

Global Markets Update QNB Economics 01 May 2016 Global Markets Update QNB Economics 1 May 16 Executive Summary Key Takeaways Weaker than expected US GDP led to lower US sovereign bond yields while better than expected Eurozone GDP led to higher European

More information

Global Markets Update QNB Economics 30 October 2016

Global Markets Update QNB Economics 30 October 2016 Global Markets Update QNB Economics 30 October 2016 Executive Summary Key Takeaways Global bond yields jumped on stronger than expected global activity data No major movements in global currencies Japanese

More information

WEEKLY CHANGES AGAINST THE USD MACRO & MARKETS COMMENTARY

WEEKLY CHANGES AGAINST THE USD MACRO & MARKETS COMMENTARY July 03, 2017 [ W E E K LY E C O N O M I C C O M M E N TA R Y ] WEEKLY ANALYSIS FOR THE MOST CRITICAL ECONOMIC AND FINANCIAL DEVELOPMENTS MACRO & MARKETS COMMENTARY» Central banker s comments dominated

More information

Market and Economic Charts. Retail Fund Management Team Investec Asset Management

Market and Economic Charts. Retail Fund Management Team Investec Asset Management Market and Economic Charts Retail Fund Management Team Investec Asset Management 30 April 2010 Looking at Markets Global SA Economics Major Index Performance Major Index Performance Market Drivers Inflation

More information

Global Markets Update QNB Economics 03 July 2016

Global Markets Update QNB Economics 03 July 2016 Global Markets Update QNB Economics 03 July 2016 Executive Summary Key Takeaways Sovereign bond yields fell globally as the continued fallout from Brexit raised expectations for widespread monetary easing

More information

FALCOM RESEARCH FALCOM Financial Services P. O. Box 884 Riyadh Kingdom of Saudi Arabia

FALCOM RESEARCH FALCOM Financial Services P. O. Box 884 Riyadh Kingdom of Saudi Arabia FALCOM RESEARCH Gaurav Kumar Analyst Snehdeep Fulzele Head of Research +966 1 2118455 snehdeep.fulzele@falcom.com.sa FALCOM Financial Services P. O. Box 884 Riyadh 11421 Kingdom of Saudi Arabia GCC Stock

More information

Global Markets Update QNB Economics 19 February 2017

Global Markets Update QNB Economics 19 February 2017 Global Markets Update QNB Economics 19 February 2017 Executive Summary Key Takeaways Yields in advanced economies were stable while local factors dominated emerging market performance The Egyptian pound

More information

GCC/ MENA macro outlook. Khatija Haque, Head of MENA Research March 2018

GCC/ MENA macro outlook. Khatija Haque, Head of MENA Research March 2018 GCC/ MENA macro outlook Khatija Haque, Head of MENA Research March 18 1 % y/y GCC: Is the worst behind us? Average GCC GDP growth 1 and 17 have been challenging on a number of fronts for the GCC. Lower

More information

Weekly Market Review. 27th January to 1st February 2013

Weekly Market Review. 27th January to 1st February 2013 Weekly Market Review 27th January to 1st February 2013 Contents International Equity Markets GCC Equity Markets Currencies Commodities Interest Rates International Equity Markets S&P rose 0.68% and DJI

More information

Forex Market JAPANESE YEN EURO. 1M %chg

Forex Market JAPANESE YEN EURO. 1M %chg Tue, 23 Apr 2019 Forex Market JAPANESE YEN 112.00 111.00 110.00 109.00 108.00 CLOSE 111.93 1M %chg 3M %chg 1.84% 2.35% -USD/JPY ended flat yest at 111.94. It has slipped down to 111.65 today on exporter

More information

Weekly Market Review. 31 st March th April 2014

Weekly Market Review. 31 st March th April 2014 Weekly Market Review 31 st March 2014-4 th April 2014 Contents International Equity Markets GCC Equity Currencies Commodities Interest Rates International Equity Markets U.S. Labor Department data showed

More information

Saudi Arabian Economy

Saudi Arabian Economy Saudi Arabian Economy Research Department ARC Research Team, Tel. +966 11 211 9370, devassyp@alrajhi-capital.com Saudi Arabian economy continued to expand in Q3 Saudi Arabian economy has continued to expand

More information

Global Markets Update QNB Economics 15 October 2017

Global Markets Update QNB Economics 15 October 2017 Global Markets Update QNB Economics 15 October 2017 Executive Summary Key Takeaways US yields fell after inflation came in lower-than-expected; Turkish rates rose after a diplomatic dispute with the US

More information

Emirates NBD Research UAE Sector Chart Pack

Emirates NBD Research UAE Sector Chart Pack Emirates NBD Research UAE Sector Chart Pack Thanos Tsetsonis athanasiost@emiratesnbd.com May 218 1 mn b/d USD / b UAE: Downside risks to 218 growth forecast due to lower oil production estimates Highlights

More information

Saudi Chartbook. Summary. November Real Economy: Economic data for September showed a downward trend in economic activity.

Saudi Chartbook. Summary. November Real Economy: Economic data for September showed a downward trend in economic activity. Saudi Chartbook Summary Real Economy: Economic data for September showed a downward trend in economic activity. Government Finance: The net monthly change in government accounts with SAMA remained negative

More information

Global Markets Update QNB Economics 29 October 2017

Global Markets Update QNB Economics 29 October 2017 Global Markets Update QNB Economics 29 October 2017 Executive Summary Key Takeaways US yields rose due to strong Q3 GDP and durable goods data The Euro slid after the ECB announced that it would reduce

More information

Global Markets Update QNB Economics 01 October 2017

Global Markets Update QNB Economics 01 October 2017 Global Markets Update QNB Economics 01 October 2017 Executive Summary Key Takeaways US yields continued to rise on prospects of a third rate hike this year as well renewed optimism around potential tax

More information

FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES

FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES Minneapolis Options Report December 13 th Commodity Markets Option trading rose relative to two weeks ago to a more average level last week

More information

Monthly Economic and Financial Developments February 2007

Monthly Economic and Financial Developments February 2007 Release Date: 3 April Monthly Economic and Financial Developments February In an effort to provide the public with more frequent information on its economic surveillance activities, the Central Bank has

More information

Global Markets Update QNB Economics 19 June 2016

Global Markets Update QNB Economics 19 June 2016 Global Markets Update QNB Economics 19 June 16 Executive Summary Key Takeaways Most advanced economy sovereign bond yields fell on heightened risk aversion due to a worse US outlook and data and rising

More information

Research Bulletin December US Debt Ceiling Debacle: Implications for the GCC Countries

Research Bulletin December US Debt Ceiling Debacle: Implications for the GCC Countries US Debt Ceiling Debacle: Implications for the GCC Countries List of Content Overview 2 The US Debt Ceiling 3 US versus the Eurozone 4 Implications of a default for the rest of the world 6 Implications

More information

Snapshot of SA Economy

Snapshot of SA Economy Snapshot of SA Economy Kgotso Radira 1 September 29 Economic Outlook Global share indices 2 Indices 18 16 14 12 1 8 6 4 25 26 27 28 29 S&P 5 FTSE 1 DAX Nikkei 3 Global interest rates 7 % 6 5 4 3 2 1 1999

More information

Global Markets Weekly Report 17 th December Ehsan Khoman Head of MENA Research and Strategy

Global Markets Weekly Report 17 th December Ehsan Khoman Head of MENA Research and Strategy Global Markets Weekly Report 17 th December 218 Ehsan Khoman Head of MENA Research and Strategy ehsan.khoman@ae.mufg.jp 1 8 6 4 2-2 -6-8 -1 Global Bond Yields Global bond yields were mixed as first a risk-on

More information

Vision Asset Management Co. (S.A.O.C)

Vision Asset Management Co. (S.A.O.C) Vision Asset Management Co. (S.A.O.C) Factsheets CONTENTS Market Update.....2 Funds Snapshot.. 4 Equity Funds Diversified Vision Emerging GCC Fund.....5 Country Specific Vision Emerging Oman Fund.......6

More information

SACU INFLATION REPORT. December 2017

SACU INFLATION REPORT. December 2017 SACU INFLATION REPORT December 20 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall not

More information

Saudi Arabian Economy

Saudi Arabian Economy Saudi Arabian Economy Economic Research Research Department ARC ResearchTeam, Tel. +966 1 211 9370, devassyp@alrajhi-capital.com IMF hikes Saudi Arabia s 2018 growth forecast The IMF raised Saudi Arabia

More information

Global Markets Update QNB Economics 28 August 2016

Global Markets Update QNB Economics 28 August 2016 Global Markets Update QNB Economics 28 August 2016 Executive Summary Key Takeaways Yields rose in Brazil and South Africa on political concerns; Indonesian rates jumped on worries about the cost of cleaning

More information

The Weekly Market View Aug

The Weekly Market View Aug Diverging expectations for central banks action across Atlantic Strong headline job data in the US pushed market expectations for September rate hike higher, as reflected through implied probabilities

More information

Vol. 16 No. 29. Weekly Economic Highlights

Vol. 16 No. 29. Weekly Economic Highlights Vol. 16 No. 29 Weekly Economic Highlights Week Ending 18 July 2014 0 1. INTEREST RATES Deposit Rates During the week ending 18 th July 2014, interest rates remained largely unchanged at all banking institutions.

More information

Saudi Business & Economic Report

Saudi Business & Economic Report Saudi Business & Economic Report Summary In H15 1, the global economy was sluggish, owing to an unexpected output contraction in the US in Q15 1 and weakening domestic demand in emerging economies. The

More information

SACU INFLATION REPORT. April 2018

SACU INFLATION REPORT. April 2018 SACU INFLATION REPORT April 2018 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall not

More information

Research Bulletin February The Eurozone Economic Turbulence and Policy Paralysis: Implications for the GCC Economies

Research Bulletin February The Eurozone Economic Turbulence and Policy Paralysis: Implications for the GCC Economies The Eurozone Economic Turbulence and Policy Paralysis: Implications for the GCC Economies List of Contents Overview 02 Genesis of the Eurozone Crisis 03 Rising costs of borrowing 05 What does the future

More information

Monthly Economic and Financial Developments December 2008

Monthly Economic and Financial Developments December 2008 Release Date: 02 February 2009 Monthly Economic and Financial Developments December 2008 In an effort to provide the public with more frequent information on its economic surveillance activities, the Central

More information

Update: Opening the Tadawul up to Foreign Investors. Overview. CMA draft proposals. April 2015

Update: Opening the Tadawul up to Foreign Investors. Overview. CMA draft proposals. April 2015 Update: Opening the Tadawul up to Foreign Investors Overview Last week the Capital Markets Authority (CMA) confirmed that the region s largest, diverse and most mature capital market, the Saudi Stock Exchange

More information

SACU INFLATION REPORT. February 2017

SACU INFLATION REPORT. February 2017 SACU INFLATION REPORT February 2017 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall

More information

MacroVoices Oil Discussion: OPEC Can t Fix The Problem of Low Oil Prices

MacroVoices Oil Discussion: OPEC Can t Fix The Problem of Low Oil Prices MacroVoices Oil Discussion: OPEC Can t Fix The Problem of Low Oil Prices Art Berman November 30, 2016 Slide 1 Overview: OPEC Can t Fix The Problem of Low Oil Prices OPEC may reach some agreement today

More information

OPEC extends oil output cut through March 2018

OPEC extends oil output cut through March 2018 Economics Research Desk Market Highlights: Oil & Gas update 25 May 2017 OPEC extends oil output cut through March 2018 Oil prices swung between sharp gains and losses in volatile trade on Thursday, after

More information

GCC Bonds and Sukuk Market Survey H Highlights

GCC Bonds and Sukuk Market Survey H Highlights Kuwait Financial Centre Markaz Fixed Income Research Survey H1 214 Highlights Notes Before Reading This Report: * GCC: Gulf Cooperation Council * GCC Aggregate Bonds and Sukuk market includes: * GCC Central

More information

Saudi Arabian Economy

Saudi Arabian Economy Research Department ARC Research Team Tel. +966 11 211 9449, alsudairim@alrajhi-capital.com Saudi Arabian Economy Saudi economy: Reforms on track The Government announced an increase in gasoline prices

More information

Russia: Macro Outlook for 2019

Russia: Macro Outlook for 2019 October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia

More information

The Weekly Market View Sep

The Weekly Market View Sep Markets volatile whilst economic data do not show any improvement Most equity markets ended the week on a higher note. The very significant volatility, however, makes it very difficult to infer from last

More information

SACU INFLATION REPORT. January 2018

SACU INFLATION REPORT. January 2018 SACU INFLATION REPORT January 2018 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall

More information

COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET

COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION NOVEMBER 2018 RIYADH, SAUDI ARABIA NOVEMBER 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS

More information

LHV Persian Gulf Fund

LHV Persian Gulf Fund LHV Persian Gulf Fund I half year interim report 2014 (Translation of the Estonian original) LHV Persian Gulf Fund I half year report 01.01.2014 30.06.2014 Fund name Fund type Fund Manager LHV Persian

More information

LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC

LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC GLOBAL LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC Secondary Market Bid Levels: Europe Slide 2 European CLO New Issue Volume Monthly Slide

More information

30 June 2014 NAV: SAR AUM: Million SAR Bloomberg: JADSEQT Reuters: LP Zawya: JADSAUD.MF

30 June 2014 NAV: SAR AUM: Million SAR Bloomberg: JADSEQT Reuters: LP Zawya: JADSAUD.MF Jun-07 Oct-07 Feb-08 Jun-08 Oct-08 Feb-09 Jun-09 Oct-09 Feb-10 Jun-10 Oct-10 Feb-11 Jun-11 Feb-12 Jun-12 Oct-12 Feb-13 Oct-13 Feb-14 Jun-14 Jadwa Saudi Equity 30 June 2014 NAV: 310.1983 SAR AUM: 279.08

More information

MONETARY POLICY COMMITTEE STATEMENT FOR FIRST QUARTER Governor s Presentation to the Media. 16 th May, 2018

MONETARY POLICY COMMITTEE STATEMENT FOR FIRST QUARTER Governor s Presentation to the Media. 16 th May, 2018 1 MONETARY POLICY COMMITTEE STATEMENT FOR FIRST QUARTER 2018 Governor s Presentation to the Media 16 th May, 2018 INTRODUCTION 2 The presentation is structured as follows: 1. Decision of the Monetary Policy

More information

Three-speed recovery. GDP growth. Percent Emerging and developing economies. World

Three-speed recovery. GDP growth. Percent Emerging and developing economies. World Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below

More information

Economic Outlook: Global and India. Ajit Ranade IEEMA T & D Conclave December 12, 2014

Economic Outlook: Global and India. Ajit Ranade IEEMA T & D Conclave December 12, 2014 Economic Outlook: Global and India Ajit Ranade IEEMA T & D Conclave December 12, 2014 Global scenario US expected to drive global growth in 2015 Difference from % YoY Growth October Actual October Projections

More information

TURNING THE CORNER. Glenn Hutchins July Glenn Hutchins All rights reserved.

TURNING THE CORNER. Glenn Hutchins July Glenn Hutchins All rights reserved. Glenn Hutchins July 15 Glenn Hutchins 15. All rights reserved. The Worst Economic Recovery in History Recoveries from Worst Recessions Note: Annual GDP Growth for the years subsequent to each recession

More information

Nigeria Economic Update QNB Group. September 2014

Nigeria Economic Update QNB Group. September 2014 Nigeria Economic Update QNB Group September 21 Nigeria Overview A rebasing of GDP in 213 has made Nigeria the biggest economy in Africa with the largest population; the economy is growing rapidly but remains

More information

1 RED June/July 2018 JUNE/JULY 2018

1 RED June/July 2018 JUNE/JULY 2018 1 RED June/July 20 JUNE/JULY 20 2 RED June/July 20 MAJOR HIGHLIGHTS Headline consumer inflation grew by 4.9 per cent in June 20 compared to 4.8 per cent recorded in May 20 Inflation rate (% y/y) 4.9 (June)

More information

Saudi Chartbook Summary

Saudi Chartbook Summary June 8 Saudi Chartbook Summary Real Economy: Whilst POS transactions increased 8 percent, the non-oil PMI index declined further. Meanwhile, non-oil exports in March increased by.8 percent year-on-year.

More information

SACU INFLATION REPORT. February 2016

SACU INFLATION REPORT. February 2016 SACU INFLATION REPORT February 2016 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall

More information

The World Economic & Financial System: Risks & Prospects

The World Economic & Financial System: Risks & Prospects The World Economic & Financial System: Risks & Prospects Dr. Jacob A. Frenkel Chairman & CEO Group of Thirty (G30).Bank Indonesia 7th Annual International Seminar Global Financial Tsunami: What Can We

More information

GCC Capital Markets Watch 2018

GCC Capital Markets Watch 2018 GCC Capital Markets Watch 018 USD.bn raised from IPOs in 018 in the GCC, compared to USD 3.3bn in 017. Q4 018 generated USD 1bn of proceeds. 17 IPOs in 018 in the GCC, down from 8 in 017. Five IPOs took

More information

MENA IPO Eye. MENA IPO market is set to scale up activity Q The MENA IPO Eye is a. the latest developments,

MENA IPO Eye. MENA IPO market is set to scale up activity Q The MENA IPO Eye is a. the latest developments, MENA IPO Eye Q1 21 MENA IPO market is set to scale up activity The momentum seen in IPO activity in Middle East and North Africa (MENA) last year, particularly Mayur Pau MENA IPO Leader The MENA IPO Eye

More information

Figure 1. ANZ Heavy Traffic Index and GDP. Heavy traffic index, 3-month avg (LHS) Figure 2. ANZ Light Traffic Index and GDP

Figure 1. ANZ Heavy Traffic Index and GDP. Heavy traffic index, 3-month avg (LHS) Figure 2. ANZ Light Traffic Index and GDP ANZ Research ANZ NZ Truckometer 1 March 19 This is not personal advice. It does not consider your objectives or circumstances. Please refer to the Important Notice. CONTACT: Sharon Zollner Chief Economist

More information

31 May 2014 NAV: SAR AUM: Million SAR Bloomberg: JADSEQT Reuters: LP Zawya: JADSAUD.MF

31 May 2014 NAV: SAR AUM: Million SAR Bloomberg: JADSEQT Reuters: LP Zawya: JADSAUD.MF Jun-07 Oct-07 Feb-08 Jun-08 Oct-08 Feb-09 Jun-09 Oct-09 Feb-10 Jun-10 Oct-10 Feb-11 Jun-11 Feb-12 Jun-12 Oct-12 Feb-13 Oct-13 Feb-14 Jadwa Saudi Equity 31 May 2014 NAV: 320.1035 SAR AUM: 291.01 Million

More information

-0.14% % Forex Market 2.96% -1.57% JAPANESE YEN EURO. 1M %chg

-0.14% % Forex Market 2.96% -1.57% JAPANESE YEN EURO. 1M %chg Mon, 08 Apr 2019 Forex Market JAPANESE YEN 113.00 112.00 111.00 110.00 109.00 108.00 107.00 106.00 105.00 CLOSE 111.73 1M %chg 3M %chg -0.14% 2.96% -USD/JPY gyrated post-nfp, but found it's topside capped

More information

MIXED MESSAGES. KEY POINTS The ANZ Truckometer indexes lifted in August.

MIXED MESSAGES. KEY POINTS The ANZ Truckometer indexes lifted in August. ANZ RESEARCH 11 September 18 CONTACT: Sharon Zollner Chief Economist Telephone: +6 9 357 9 Email: Sharon.Zollner@anz.com The next issue of the ANZ Truckometer is scheduled for release on 9 October 18 at

More information

RMB internationalization:

RMB internationalization: RMB internationalization: Recent Development and headwinds Alicia Garcia-Herrero Chief Economist for Emerging Markets, BBVA Key points 1 Why is China pushing to internationalize the RMB? 2 Recent development

More information

SACU INFLATION REPORT. October 2018

SACU INFLATION REPORT. October 2018 SACU INFLATION REPORT October 2018 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall

More information

MONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER Governor s Presentation to the Media. 22 nd November, 2017

MONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER Governor s Presentation to the Media. 22 nd November, 2017 1 MONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER 2017 Governor s Presentation to the Media 22 nd November, 2017 INTRODUCTION 2 The presentation is structured as follows: 1. Decision of the Monetary

More information

All the BRICs dampening world trade in 2015

All the BRICs dampening world trade in 2015 Aug Weekly Economic Briefing Emerging Markets All the BRICs dampening world trade in World trade in has been hit by an unexpectedly sharp drag from the very largest emerging economies. The weakness in

More information

SACU INFLATION REPORT. February 2018

SACU INFLATION REPORT. February 2018 SACU INFLATION REPORT February 2018 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall

More information

Market Update. 14 May 2015 BANK MUSCAT ASSET MANAGEMENT

Market Update. 14 May 2015 BANK MUSCAT ASSET MANAGEMENT Market Update 14 May 2015 BANK MUSCAT ASSET MANAGEMENT GCC Equity Markets Most of the regional markets have witnessed negative performance so far this month, except Qatar, Oman, and Bahrain up 2.9%, 0.6%,

More information

GCC Quarterly. Quarterly. 18 April GCC oil production and price

GCC Quarterly. Quarterly. 18 April GCC oil production and price USD per barrel mn barrels per day GCC Quarterly Oil production in the GCC declined by more than 4% in Q1 213, according to Bloomberg estimates, on the back of weaker global demand. Although we retain our

More information

DAILY METALS & ENERGY REPORT December 31, 2012

DAILY METALS & ENERGY REPORT December 31, 2012 FINANCIAL MARKET OVERVIEW Asset Last Chg % Chg Commodity Gold / US Dollar FX Spot 1654.9-8.39-0.50% Silver / US Dollar FX Spot 30-0.16-0.53% Crude oil $ Spot 90.66-0.25-0.27% COMEX Copper $ 358.95-1.15-0.32%

More information

SACU INFLATION REPORT. January 2017

SACU INFLATION REPORT. January 2017 SACU INFLATION REPORT January 2017 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall

More information

Saudi Arabian Economy

Saudi Arabian Economy Saudi Arabian Economy Economic Research Research Department ARC Research Team, Tel. +966 1 211 9370, devassyp@alrajhi-capital.com Saudi economy continues to improve The recent data released by SAMA indicates

More information

SACU INFLATION REPORT. July 2018

SACU INFLATION REPORT. July 2018 SACU INFLATION REPORT July 2018 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall not

More information

Global Markets Group. Trade Performance: Narrowing Surplus Author: Juniman Chief Economist. Economic Research. Trade Outlook Monthly Report

Global Markets Group. Trade Performance: Narrowing Surplus Author: Juniman Chief Economist. Economic Research. Trade Outlook Monthly Report Global Markets Group Trade Outlook Monthly Report Economic Research November 2016 Trade Performance: Narrowing Surplus Author: Juniman Chief Economist Trade Highlights Exports in September 2016 fell to

More information

LEBANON WEEKLY REPORT

LEBANON WEEKLY REPORT ECONOMY Beirut recorded the 3 rd lowest occupancy rate among Arab markets. The average room rate in Beirut hotels was USD 169 in 2013, down from USD 201 in 2012. OCCUPANCY RATE AT BEIRUT HOTELS REACHES

More information

Saudi Chartbook. Summary. March 2017

Saudi Chartbook. Summary. March 2017 March 7 Saudi Chartbook Summary Real Economy: Data for January showed a generally positive picture in economic activity. While cash withdrawals from ATMs and POS transactions fell slightly, month-on-month,

More information