Colors: Orange Color

The strong beginning to 2019 across financial markets and commodities has extended into its third week. Dovish comments from the US Federal Open Market Commission, rate and tax cut announcements from China, and raised expectations of a breakthrough in the trade talks between the two have all helped fire up the markets so far this month.

Global markets, led by emerging market bonds and stocks, advanced alongside US stocks where a robust earning season has so far helped offset the negative impacts of a prolonged government shutdown and global growth worries. Given what is on the plate next week one can argue that we are now moving from the starter to the main course in terms important market moving events. Among the most important we find:

The year 2019 has started on a strong note after a challenging fourth quarter of 2018. The sentiments were boosted by corporate earnings, optimism over US-China trade talks and the formal pause of interest rate hikes by the Fed, which led to a positive close in the month of January across the global markets. Further, oil prices also witnessed a strong rebound as Brent surged by 16.6% during the month.

United Arab Bank P.J.S.C ("UAB" or “the Bank”) reports its Financial Results for the Twelve Months to 31st December 2018.

UAB reported a Net Profit of AED77m in 2018 which represents an increase of 345% compared to 2017 as the successful execution of its Transformation Strategy paved the way for a return to sustainable profitability.  UAB embarked on its journey to become a safer, stronger and sustainable Bank. Central to this Transformation Strategy were four key pillars: pro-actively deleverage higher risk non-core portfolios; reduce costs; enhance the Bank’s risk and control frameworks; and strengthen key banking fundamentals.

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