April, 2023

• 14 April

  JPMorgan surges most in almost 11 months on higher NII outlook

  

  BLOOMBERG  JPMorgan Chase & Co surged the most in almost 11 months after boosting its guidance for net interest income (NII) and reporting an unexpected increase in deposits. NII soared 49% in the first quarter, a bigger jump than analysts expected, and the bank said it now expects the figure to clock in at about $81 billion for this year. ...

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• 14 April

  Euro now a harbinger for an emerging currency rally: Citi

  BLOOMBERG  Strength in the euro is emboldening Citigroup Inc strategists to boost their bullish call on emerging-market currencies. The euro area’s brightening outlook and the likelihood of a shallow US recession suggest a “lack of catalysts” for a stronger dollar, the Citigroup team including Dirk Willer and Luis Costa said in a report. The euro climbed to its highest level ...

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• 14 April

  China megabanks plan funding spree to plug capital shortfall

  BLOOMBERG  China’s megabanks are planning at least 40 billion yuan ($5.8 billion) of bond sales, kicking off a major funding push to comply with global capital requirements by early 2025. Industrial & Commercial Bank of China Ltd (ICBC) and its three closest rivals are planning to tap domestic debt markets to sell a new category of total loss-absorbing capacity (TLAC) bonds ...

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• 14 April

  Sheikh Mohammed bin Rashid issues law on autonomous vehicles in Dubai

  

  DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued Law No. (9) of 2023 regulating the operations of autonomous vehicles in Dubai. The new law aims to accelerate Dubai’s smart mobility transformation, attract investments in the sector and provide a regulatory environment that facilitates ...

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• 14 April

  Dubai records AED11.6bn in weekly real estate deals

  

  DUBAI / WAM A total of 2,709 real estate transactions worth AED11.6 billion were conducted during the week ending on April 14, according to figures released by the Dubai Land Department (DLD). The DLD report showed that 226 plots were sold for AED5.76 billion, 2,020 apartments and villas were sold for AED4.43 billion. The top three transactions were an AED3.87 ...

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• 14 April

  UAE’s Dewa briefs World Hydrogen Mena delegation on its most prominent projects

  

  DUBAI / WAM Dubai Electricity and Water Authority (Dewa) accompanied a high-level delegation from the World Hydrogen Mena on a tour of its Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world using the Independent Power Producer (IPP) model, which will have a production capacity of 5,000 megawatts (MW) by 2030. The visiting delegation ...

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• 14 April

  Youth network UCN launched to support objectives of COP28

  

  ABU DHABI / WAM The Universities Climate Network (UCN), a network of universities and higher education institutions in the UAE chaired by NYU Abu Dhabi, has been launched to encourage youth engagement in the country in the lead up to COP28, the UN Climate Conference to be held later this year in Dubai. The UCN is comprised of 12 UAE-based ...

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• 14 April

  UAE takes part in second FMCBG meet under G20 Finance Track for 2023

  

  WASHINGTON / WAM Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation to the Second Finance Ministers and Central Bank Governors (FMCBG) meeting of the Finance Track of the G20 for 2023, which was held on the sidelines of the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) ...

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• 14 April

  BofA strategists prefer global tech stocks to tech-heavy US market

  

  BLOOMBERG Investors should avoid US stocks as expectations of a recession have become universal, according to Bank  of America Corp’s (BofA) Michael Hartnett. The strategist is specifically negative on technology shares, which have a higher concentration in the US than international markets, as they’re set to come under pressure from increased regulatory scrutiny and higher interest rates. That’s already starting ...

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• 14 April

  Nasdaq futures decline as bank earnings deluge begins

  

  BLOOMBERG US equity future and bonds slumped as inflation once again took centre stage and traders mulled the likelihood of multiple interest rate hikes this year. Contracts on the Nasdaq 100 and S&P 500 fell following comments from Federal Reserve Governor Christopher Waller who said he favoured more policy tightening in the central bank’s battle with inflation. Swaps traders are ...

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