Colors: Orange Color

“The fourth quarter of 2018 was not only destructive for share prices but also for earnings estimates across all of the world's major equity indices. But with the Fed’s historic pivot on monetary policy and improving data out of Asia, equity markets have shrugged off the carnage of Q4 2018. US equities have almost made a full comeback to last year’s all-time-high level with the S&P 500 only 2% from its September zenith. The drivers are monetary policy, optimism over a US-China trade deal, improving Asia macro figures and with the Q1 earnings season starting this week, maybe a fourth engine can be added to global equities.” says Peter Garnry, Head of Equity Strategy.

Commodities traded lower for a third consecutive week with metals both industrial and precious, as well as with soft commodities, on the receiving end of investor selling. Fortress energy also showed signs of weakness with crude oil, as highlighted last week, being hit by technical selling despite the news flow being predominantly price friendly.

To promote ease of doing business and to support its customers Jebel Ali Free Zone (Jafza), the GCC’s largest special economic zone, will become the first free zone in the country to return cash and bank guarantees to its clients through its new Workforce Protection Programme initiative that is set to roll out in September of this year. The move will provide added benefits to employees and infuse AED 1.3 billion back into Dubai’s economy that companies can invest in their operations and strengthen their businesses.

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