January, 2023

• 5 January

  British Pound stands to lose out from yen’s comeback this year

  

    Bloomberg Few major currencies stand to lose out as much from the yen’s comeback as the British pound this year. Investors have been dumping sterling on the view that a weakening UK economy will prevent the Bank of England from being as hawkish as its counterparts in the rest of the world. The difference is most pronounced when compared ...

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• 5 January

  Deutsche Bank strategist feels ‘lonely’ on stock rally

    Bloomberg The year ahead will be better for European stocks than many think as inflation peaks and rates normalise, according to a Deutsche Bank AG strategist. “Although earnings are likely to fall in 2023, fewer macro risks and lower rate volatility should be supportive for equity markets,” Maximilian Uleer wrote in a cross-asset outlook note. Consensus is “overly pessimistic ...

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• 5 January

  Citi trims India’s current account deficit forecast

  

    Bloomberg Citigroup Inc has trimmed India’s current account deficit forecast for the current financial year ending in March, after services exports grew unexpectedly and oil prices moderated. The shortfall in current account, the broadest measure of trade in goods and services, will probably be at 2.9% of gross domestic product, according to Citi’s India economist Samiran Chakraborty. That is ...

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• 5 January

  Rupee bond sales set to halt

    Bloomberg Rupee-denominated bond sales are set to grind to a halt in a few days as India’s government upgrades an online portal used by companies to file regulatory documents. Starting from January 7, the Ministry of Corporate Affairs portal will be unavailable for companies to file a so-called PAS-3 form, or “return-of-allotment” form, as the administration migrates to a ...

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• 4 January

  BOJ boosts bond buying for fourth day to cap rise in yields

  

    Bloomberg The Bank of Japan’s (BOJ) decision to double its 10-year yield ceiling was meant to improve market functioning. So far it’s triggered even heavier intervention from the central bank, threatening to reduce liquidity further in the local bond market. The BOJ announced a fourth day of unscheduled bond buying, offering to buy unlimited amounts of two- and five-year ...

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• 4 January

  China markets kick off ’23 with a bang as policy shift quickens

  

    Bloomberg Chinese shares are off to a strong start in 2023, putting behind a dismal year as fears of isolationist policies give way to signs of an economic powerhouse turning friendlier to both the outside world and its own entrepreneurs. The MSCI China Index has risen 5.3% since trading resumed, marking the best start to any year since 2009, ...

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• 4 January

  Stocks, futures climb on China, rates optimism

  

    Bloomberg Stocks advanced with US futures as favourable news reports from China and data from Europe boosted risk appetite. The dollar falls and Treasuries rise. Contracts on all three major US gauges rise, while the Stoxx Europe 600 Index saw broad gains. Hong Kong shares rallied as China considered further support for property developers. Tesla Inc rises, poised for ...

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• 4 January

  UAE condemns storming of Al-Aqsa Mosque courtyard by Israeli minister

  

    Abu Dhabi / WAM The UAE on Tuesday strongly condemned the storming of Al-Aqsa Mosque courtyard by an Israeli minister under the protection of Israeli forces. In a statement, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) reiterated its firm position on the need to provide full protection for Al-Aqsa Mosque and halt serious and provocative violations taking ...

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• 4 January

  Ducab powers Egypt’s wind farm with sustainable energy solutions

  

    Dubai / WAM Ducab Group—one of the UAE’s largest industrial manufacturing businesses—is supplying 633 kilometres of medium voltage and earthing cable to a new Egyptian 70-turbine windfarm in a move that reinforces the strong industrial partnership between the UAE and Egypt. The Gulf of Suez project, for Egypt’s New and Renewable Energy Authority will play a key role in ...

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• 4 January

  UAE President names Al Mazrouei as new Armed Forces Chief of Staff

    Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan on Tuesday issued a Federal Decree appointing Staff Lieutenant General Engineer Issa Saif Mohammed Al Mazrouei as Chief of Staff of the UAE Armed Forces, at the rank of minister. The Decree shall be published in the Official Gazette and come into force on the date ...

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