Bloomberg Another time-honoured axiom is being put to the test in the post-pandemic stock market, the one that says don’t fight the Federal Reserve. Last week, anyway, optimism around everything from corporate earnings to Covid-19 counts and seasonal market trends put a muzzle on central bank-obsessed skeptics. The S&P 500 shook off the gloom of the last month to post ...

Bloomberg Hong Kong is starting futures contracts that make it easier for international investors to bet on mainland Chinese stocks, intensifying rivalry between the city’s bourse and its Singapore counterpart. Analysts expect that the new product, which launches on Monday, from Hong Kong Exchanges & Clearing Ltd could take several years to gain traction, but that it will ultimately provide ...

Bloomberg Stocks in the Middle East picked up on the rally across global markets as oil’s gains through $85 a barrel emboldened investors. “GCC markets are taking cues from the positive performance in global equity markets,” said Junaid Ansari, head of investment strategy and research at Kamco Invest. “Moreover, oil is now trading at close to eight-year high levels. This ...

ABU DHABI / WAM The UAE maintains a firm belief that the international community must work together to honor shared commitments towards achieving zero poverty, said Sultan Mohammed Al Shamsi, Assistant Minister of Foreign Affairs and International Cooperation for International Development Affairs. Al Shamsi made the remarks in a statement issued on Saturday to mark the International Day for the ...

Bloomberg The global energy crisis is bleeding into the oil market. Brent crude surged as high as $85.10 a barrel, a price that would have seemed unthinkable just 18 months ago, when Covid halted global mobility and trashed demand. An underlying recovery in consumption — driven by road-fuel, freight activity, and latterly air travel — is now being fired by ...

NEW YORK / WAM The United Nations has condemned the deadly suicide bombing during Friday prayers at a mosque in the city of Kandahar, in southern Afghanistan, which killed at least 30 people and wounded dozens more. UN Secretary-General António Guterres condemned the attack in the strongest terms, describing it as “despicable”, said a statement. “The perpetrators of this latest ...

DUBAI / WAM Sharjah Islamic Bank (SIB) recorded an increase of 29.6 percent in the net profit reaching at AED 458.0 million for the nine months period ended on September 30, 2021 compared to AED 353.4 million for the same period in 2020. The Bank also reported an increase in operating profits by 29.3percent, reaching AED 652.9 million for the ...

ABU DHABI / WAM AD Ports Group on Saturday announced its financial results for the first half of the year ended on June 30, 2021, reporting revenue increase of 21% year-on-year to AED 1,832 million ($499 million) compared with AED 1,517 million ($413 million) in the first half of 2020, driven by organic growth, diversification into new businesses, new leases ...

ABU DHABI / WAM Mohamed Helal Al Mheiri, Director General of Abu Dhabi Chamber of Commerce and Industry, has received Victor Francisco Fernandes, Minister of Industry and Commerce of Angola, at the Chamber’s tower in Abu Dhabi, to discuss a number of topics of shared interest. Albino Malungo, Ambassador Extraordinary and Plenipotentiary of Angola to the UAE, attended the meeting ...

ABU DHABI / WAM Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, met with the Israeli Tourism Minister Yoel Razvozov at the opening of the Israeli Pavilion at Expo 2020 Dubai to review advancing economic cooperation and increasing direct flights between the two nations. The two ministers deliberated the prospects of further growing business opportunities across ...