Finance World

Trade Bank of Iraq (TBI) has been assigned Long-term Issuer Default Rating (IDR) of ‘B-‘ with Stable Outlook by Fitch Ratings.

The impressive B- marks the first time an Iraqi Bank has received an official rating through an international ratings agency.

SaxoSelect, the digital service that enables Saxo Bank clients to invest in pre-selected investments, saw a 14% increase in total Assets Under Management (AUM) across all its portfolios, with 10% coming from capital inflows and 4% from investment performance.  The increase in AUM in the current market signals a desire from investors to make their money work, take calculated risk and look for a differentiated offering to traditional portfolios.

Fisch Asset Management and S&P Dow Jones Indices today addressed the GCC’s shifting Fixed Income index landscape, at a seminar hosted by the Gulf Bond and Sukuk Association (GBSA). The Zurich-based asset manager and the global benchmark provider highlighted historic and emerging index trends, along with their impact on GCC and broader EM bond markets.

Currencies

End of QE bullish for Euro

The European Central Bank has confirmed it is ending its huge net asset purchase programme to stimulate the eurozone economy this month. The ECB has stopped its bond-buying scheme, worth €30bn a month, despite a recent slowdown in the bloc's recovery. The move, first announced in June, is a big step towards unwinding the policies brought in to stabilise the eurozone in the wake of the financial crisis. Updated ECB projections published Thursday showed the economy continuing to expand, albeit at a slightly slower pace than previously expected. End of QE as well as economic growth, even if at lower rate should be supportive of Euro against USD.

Commodities received a late boost after the Opec+ group managed to agree to a decent output cut; gold, meanwhile, received a bid following a weak US jobs report. The market’s overall focus stayed with the US-China trade war and the increased prospect of a US slowdown.