Finance World

Equitativa, the largest REIT manager in the GCC and manager of Emirates REIT (CEIC) Limited, reports the unaudited first-half financial results for Emirates REIT, the world's largest Shari'a compliant REIT, for the period ending 30 June 2018.

Currencies

Strong German economy lifts Euro

All sectors of the German economy grew in the second quarter, data showed, with robust domestic activity helping to cushion against risks to exports from an uncertain global trade outlook. Construction and state spending expanded the most, both up 0.6 per cent quarter on quarter. Private consumption extended its growth run to six straight quarters, reflecting steady falls in unemployment during what has been a long phase of economic recovery. Turkish crisis seems to be calming down a bit, attention is starting to focus on other things, such as the risk appetite. That should lift the Euro overall.

GCC sovereign issuance has had another strong first half, with the two multi-tranche sovereign bond transactions of Saudi Arabia and Qatar leading issuance of over USD 30 billion in the hard currency market, according to Fisch Asset Management. The Zurich-based asset manager believes that full-year issuance could surpass last year’s levels.

A lack of savings, poor financial discipline and no long-term plans are among the biggest worries facing expatriates in the UAE, according to the experts at Guardian Wealth Management.

The Dollar Index retreated from its 2018 peak of 96.98 following news that China will resume trade talks with the U.S. later this month. The news allowed the Yuan and other emerging market currencies to rally after a steep selloff led by the Turkish crisis and ongoing trade tensions. However, most Asian equity indices remained in the red, suggesting that investors aren’t confident that trade discussions will end successfully.  After all, the world’s largest two economies seemed very close to reaching a deal in May but instead, both sides have been slapping tariffs on each other’s imports since then.