June, 2021

• 3 June

  Swiss economy poised to gain pace

  Bloomberg The Swiss economy is recovering quickly after restrictions to curb spread of Covid-19 hit the service sector and consumption at the start of the year. Gross domestic product contracted 0.5% in the first quarter, a deeper slump than economists anticipated. But manufacturing and service sector data for May showed an upsurge in activity — the latest in a string ...

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• 3 June

  Euro-area factory bottlenecks curb output, fuel inflation

  

  Bloomberg Euro-area factories are struggling to keep up with the economic recovery as orders rise faster than production, setting the bloc up for a summer spike in inflation. Delivery delays for raw materials and components are constraining output growth, leaving companies unable to meet rising demand, according to a survey by IHS Markit. While purchasing activity rose at the fastest ...

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• 3 June

  China state media takes aim at ‘whimsical’ stock index targets

  

  Bloomberg Bullish calls on Chinese stocks appear to have gotten on the nerves of the country’s regulators, with state media reporting that authorities are against analysts forecasting specific levels for the market. “Some predictions in the market are rather whimsical and some people use exaggerated and empty terms in pursuit of influence,” according to a commentary posted on the official ...

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• 3 June

  European stocks rise as futures drift; dollar gains

  

  Bloomberg European stocks rise while US equity futures drifted on Wednesday as the tussle between economic optimism and inflation concern continues to play out in markets. The dollar ticked up. The Stoxx Europe 600 Index climbed 0.2%, with energy shares getting a boost from oil prices at multi-year highs. Contracts on the S&P 500 and Nasdaq 100 gauges fluctuated. AMC ...

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• 2 June

  UAE among top 20 nations for tourism, travel in 2020

  

  ABU DHABI / WAM The UAE was ranked among the top 20 countries in the world during the year 2020 in five indices related to the competitiveness of the tourism sector in the country according to the Federal Competitiveness and Statistics Centre (FCSC). The country’s achievements in the tourism sector included the indexes in the Travel & Tourism Competitiveness Report ...

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• 2 June

  Adnoc, Taqa to develop world class utilities at Ta’ziz in Ruwais

  

  ABU DHABI / WAM Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company PJSC (Taqa) have signed an agreement to construct the utilities facility for Ta’ziz, the new world-scale chemicals production hub and globally competitive industrial ecosystem currently under development at Ruwais, Abu Dhabi. This agreement brings together two of Abu Dhabi’s industrial champions, using the expertise ...

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• 2 June

  UAE provides Pfizer-BioNTech vaccine to 12-15 age group

  Dubai / WAM The Ministry of Health and Prevention (MoHAP) has further expanded its Covid-19 vaccination campaign by opening up booking slots for 12 to 15-year-olds for the Pfizer-BioNTech vaccine through the ministry website or Covid-19 App. The ministry also noted that those who took the second dose of the Sinopharm vaccine at least six months ago are now eligible ...

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• 2 June

  ‘UAE making progress in its green hydrogen plans’

  

  ABU DHABI / WAM Sharif Al Olama, Under-Secretary of the Ministry of Energy and Infrastructure for Energy and Petroleum Affairs, stated that the UAE is making progress in implementing its hydrogen-related plans, as well as in its collaborations with international partners to achieve a balanced energy mix, in line with its environmental preservation commitments. As part of his participation as ...

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• 2 June

  Opec+ boosts oil output in July, keeps market guessing beyond

  

  Bloomberg Opec+ stuck to its plan to hike oil output in July, but Saudi Arabia’s energy minister kept the market guessing as to whether the group will add more supply later this year to keep pace with the accelerating global recovery. “The demand picture has shown clear signs of improvement,” Saudi Energy Minister Prince Abdulaziz bin Salman said, in some ...

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• 2 June

  Money Supply aggregate M1 hits AED644.4 billion in April

  

  ABU DHABI / WAM The Central Bank of the UAE (CBUAE) has announced that the Money Supply aggregate M1 increased 0.3 percent, from AED642.3 billion at the end of March 2021 to AED644.4 billion at the end of April 2021. The Money Supply aggregate M2 decreased to AED1462.5 billion at the end of April 2021, meanwhile, the Money Supply aggregate ...

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