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Economy
Dollar nears higher as Treasury yields rise, Reuters
© Reuters. An employee counts $100 bills at a currency exchange shop in Jakarta, Indonesia (Reuters photo)
From Kevin Buckland
TOKYO (Reuters) – Treasury yields were close to their highest level in 10 weeks against a basket of major currencies as they rose to new highs in the post-financial crisis era. Tuesday, amid speculation that US interest rates will remain high for a longer period.
China’s central bank supported the currency by setting a stronger-than-expected daily official midpoint. The yuan was steady in early trade under mounting pressure in recent weeks as investors grew impatient with China’s slow response to monetary policy despite a sluggish economy and slumping real estate sector.
The dollar index, which measures the U.S. currency’s performance against six developed market currencies such as the yen and the euro, fell 0.1 percent to 103.24, but was not far from silver’s high of 103.68, not seen since June 12.
“A rise in U.S. long-term yields and a disappointing response from Chinese policymakers to ongoing pressures in China’s real estate and financial markets continue to provide upward momentum for the U.S. dollar,” Westpac currency analyst Richard Franulovich wrote in a note.
“If Powell leaves the door open to raising (interest rates) … the U.S. dollar could develop,” Franulovich said of Federal Reserve Chairman Jerome Powell’s upcoming speech at the annual conference in Jackson Hole, Wyoming, on Friday.
Against the Japanese currency, the dollar fell 0.1% to 146.125 yen, after earlier rising to 146.425 and nearing Thursday’s peak of 146.565, the highest since Nov. 10.
Price is more sensitive to changes in long-term returns. The benchmark 10-year bond yield hit its highest level since November 2007 at 4.366 percent on Tuesday.
It rose 0.1 percent to $1.09055.
Meanwhile, China’s central bank on Tuesday set the yuan’s midpoint at 7.1992 per dollar in an attempt to end the currency’s slide after it fell to a nine-and-a-half-month low of 7.349 in offshore trade last week.
After rising about 0.1 percent after the Chinese central bank’s decision, the yuan was little changed in recent offshore trade and hit 7.2872.
The Australian dollar was little changed at $0.6413.
(Prepared by Towa Muhammad for Arabic Bulletin)
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By the end of yesterday’s trade, local bourses attracted liquidity of about 1.75 billion dirhams, while the market capitalization of the Dubai Financial Market gained more than 12.14 billion dirhams, surpassing its highest level in eight years, supported by gains. Leading stocks and “Banks” in “Real Estate” sectors.
After 410.29 million shares were traded by executing more than 24.38 thousand transactions, liquidity was distributed in the Abu Dhabi Securities Market of 986.8 million dirhams and 768.32 million dirhams in the Dubai Financial Market.
The Dubai Financial Market General Index rose 1.56%, or 63.68 points, to end at 4138.4 points, its highest level since August 2015, and the Abu Dhabi General Market Index (FADGI) edged up 0.003%. 9822.56 points level.
The Dubai financial market’s performance strengthened, with shares of “Emaar Properties” rising 5.2% to close at a 9-year high, and shares of “Emirates NBD” rising 3.9% and shares of “Emaar Development” up around 5.5%. , and “Dubai Islamic” shares. 0.7%.
Emaar Properties shares topped the performance, attracting more than Dh337.3 million in liquidity.
Responding to this, General Manager of Al Ansari Financial Services Company, Abdul Qader Shad told “Emirates Today”: “It can be said that the financial markets were remarkable yesterday due to the rise of the Dubai Financial Market. Over the past 8 years, Emaar Properties has been heavily supported by the company’s share price rise.” A rally in shares of ADNOC Logistics supported the Abu Dhabi securities market yesterday and pushed it to close in the green zone. 4%, and ADNOC Drilling 1.84%.
Aaron Leslie John, Chief Market Analyst, Century Financial, said, “The Dubai Financial Market Index hit an 8-year high in early trade and crossed 4100 points, supported by gains in leading stocks. Light of the real estate boom the emirate is witnessing.” “Confidence in the country’s economic growth in general has increased according to recently announced indicators.”
In the same context, equity investment expert Mahmoud Atta pointed out that one of the most important reasons for improving the gains of the Dubai financial market is that listed companies have recorded consistent and good profits compared to stock markets in the region. The banking and real estate sectors, which are characterized by strong financial and operational fundamentals, are attractive stocks for portfolio investors in addition to foreign investment funds.
Organizing World Investors Conference in Singapore
The Dubai Financial Market yesterday announced the third session of the 2023 Global Investors Conference in Singapore, giving investors an opportunity to meet senior representatives of the Dubai market in Singapore.
The conference will be held on September 27 and 28 in collaboration with Goldman Sachs within the framework of the Singapore Corporate Days 2023 initiative, the market said in a statement, confirming Dubai Financial Market’s commitment to expanding the scope of global communication and interaction. Investors, to demonstrate the strength of the capital markets in the Emirate of Dubai.
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Here are the AI highlights for September 20.
September 20, 2023
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According to Reuters, major indexes fell on Wall Street on Tuesday as investors risk aversion ahead of the Federal Reserve’s two-day monetary policy meeting.
All three indices ended the session lower amid widespread selling ahead of the announcement of the central bank’s interest rate decision, which is expected to remain unchanged.
According to preliminary data, the S&P 500 index fell 9.84 points, or 0.22 percent, to end at 4,443.69, while the Nasdaq Composite lost 32.05 points, or 0.23 percent, to 13,677.80. The Dow Jones industrial average was down 106.46 points, or 0.31 percent, at 34,517.84.
Gulf markets
Most stock markets in the Gulf region ended higher on Tuesday, with the Egyptian stock market closing higher ahead of the US Reserve’s decision on interest rates.
The U.S. Federal Reserve is expected to keep borrowing costs unchanged at 5.25 percent to 5.5 percent on Wednesday. Traders will be looking for signs of how long the central bank will keep interest rates at current levels.
Monetary policy in the six Gulf Cooperation Council countries is generally guided by that of the US Federal Reserve, as most currencies in the Gulf countries are pegged to the dollar.
The Saudi index was up 0.3 percent, with shares in Alinum Bank up 1.9 percent and Saudi Arabian Mining Company (MADEN) shares up 4.9 percent for two sessions of losses.
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