Bloomberg The Hong Kong dollar is rapidly heading toward the weak end of its trading band against the greenback as traders sell the currency to buy higher-yielding US assets. The local exchange rate is one of the worst performers worldwide in the past two months with a 0.74% drop against the US dollar, and last traded at HK$7.8473. Depreciating past ...

Bloomberg The European Central Bank (ECB) should actively fight inflation until people feel price stability in their everyday lives, according to Governing Council member Robert Holzmann. “The risk of over-tightening seems dwarfed by the risk of doing too little,” Holzmann told a conference Monday in Budapest. “Monetary policy must continue to show its teeth until we see a credible convergence ...

  Bloomberg All it took was a strong US jobs report to expose the fragility of last week’s bond rally in Europe. Within minutes of the print, German bonds had erased almost half of their day-before rally, which had been turbocharged by expectations central banks were nearing an end to their hiking cycles. Jubilation is giving way to fresh anxiety ...

  Bloomberg European stocks and US equity futures slumped as an unexpectedly strong US jobs report raised the prospect of more rate hikes from the Federal Reserve. Concern over US-China geopolitical tensions also weighed on sentiment. The Stoxx Europe 600 index dropped more than 1% after closing on February 3 in a bull market, with the technology and real estate ...

  Bloomberg India’s weighting in MSCI’s emerging-market benchmark dropped after the brutal selloff in Adani group’s stocks, giving away its second spot to Taiwan after a rally in the latter’s market. As of the end of January, Taiwan’s weighting in the MSCI Emerging Markets Index rose to 14.2%, behind leader China’s 31.2%, while India’s fell to the third spot with ...

  Dubai / WAM The World Government Summit 2023 will be held in Dubai from February 13-15, under the slogan “Shaping Future Governments”. The summit witnesses the participation of presidents, governments, ministers, officials, heads of international organisations and companies, thought leaders, global experts and prominent business leaders from the private sector. Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs ...

Bloomberg Oil will rise back above $100 a barrel this year and may face a serious supply problem in 2024 as spare production capacity runs out, according to Goldman Sachs Group Inc. With sanctions likely to cause Russian oil exports to drop and Chinese demand expected to recover as the country ends its Covid Zero policy, prices will rise above ...

  ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a cable of condolences to President of Pakistan, Arif Alvi, over the death of Former President Pervez Musharraf. HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has dispatched similar cable of condolences to ...

Dubai / WAM Dubai received 14.36 million international overnight visitors in 2022, growing 97 per cent YoY from the 7.28 million tourist arrivals in 2021, according to the latest data published by Dubai’s Department of Economy and Tourism (DET). The growth, which enabled the emirate to surpass global and regional tourism recovery levels, contributes to the goal of the Dubai ...

  Dubai / WAM Dubai Customs and Dubai Chambers discussed cooperation to support businesses and the private sector and enhance the emirate’s competitiveness following Dubai’s strategic plans and vision. These were the highlights of the meeting between Ahmed Mahboob Musabih, Director-General of Dubai Customs, CEO of Ports, Customs and Free Zone Corporation and Dubai Chambers’ delegation headed by Mohammad Ali ...