Global financial markets bounced back last month. The losses experienced in January were largely recovered. Improving risk sentiment took higher-yielding assets back to 2014 highs as the threat of a breach of the US debt ceiling passed as a non-event and growth data improved views of the global recovery.
With central bankers keeping the door open to loose monetary policy, markets took all asset classes higher against the US dollar. The euro gained 2.36 per cent against the dollar while the British pound appreciated 2 per cent.
Gold continued to shine amid increasing price pressure from around the globe and consolidated above US$1,250. Traditionally a hedge against inflation, gold has benefited as inflation data from around the world slowly begins to gain momentum.
While in the short term deflationary pressures seem to have ceased, the recent run of data suggests that in the long term, deflation still remains a key challenge for the euro zone.
The euro zone finds itself in a precarious scenario and remains the most sensitive of the developed economies: growth forecasts remain sluggish. Analysis from a recent European Commission study showed that growth in the euro area during 2014 would rise to 1.2 per cent – well below the US and China at 2.9 per cent and 7.4 per cent respectively.
Amid lagging growth, deflationary pressures and record unemployment, the ECB president, Mario Draghi, will continue to keep his options open to boost the recovery. If price pressures continue to wane, Mr Draghi might be forced to introduce another round of liquidity programmes which would involve the euro significantly depreciating against its major counterparts.
Although we don’t expect Mr Draghi to spring any major surprises at the ECB policy meeting this week, his views of the progress of the euro area will no doubt mean he maintains a largely loose and accommodative tone.
With the US debt ceiling vote passing in Congress, the focus and performance of US equity markets was driven by a mixed month of domestic growth-related data. Although retail sales, industrial and manufacturing production figures all factored in the negative, payrolls bounced back after a dismal January – albeit more slowly than expected.
But the best news of that report was the improvement in the unemployment rate, which fell to 6.6 per cent from 6.7 per cent, and this amid an increasing participation rate.
In her first testimony to Congress as the Fed chief, Janet Yellen, like her European counterparts, maintained her accommodative stance towards the ongoing taper. Although the data was mixed in February, we don’t foresee the picture to have changed too much and expect another $10 billion round cut when the Fed’s open market committee (FOMC) reconvenes.
By the time its two-day meeting kicks off on March 18, the FOMC will have an accurate gauge of the condition of the US labour market, with February payrolls due out at the end of this week. Expectations are for an addition of 150,000 in the payrolls with the unemployment rate expected to stand at 6.6 per cent. But if the past two reports are anything to go by, we could be in for some surprises. With weather patterns affecting industrial, manufacturing and retail numbers, this kind of drag could slow down the jobs growth in February’s report, which would then risk a further taper.
And finally, all eyes will be on Ukraine. Threats of escalation are an unfortunate possibility, and equity markets will remain sensitive in the week ahead. Gold will thrive amid the tension, benefiting from its safe haven status and finding a new range of consolidation between $1,320 and $1,380, with a test of $1,430 on the cards if the threat of violence increases.
Gaurav Kashyap is the head of futures at Alpari ME
business@thenational.ae
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Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
John Wick: Chapter 4
Director: Chad Stahelski
Stars: Keanu Reeves, Laurence Fishburne, George Georgiou
Rating: 4/5
MATCH INFO
Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
Results:
2.15pm: Handicap (PA) Dh60,000 1,200m.
Winner: AZ Dhabyan, Adam McLean (jockey), Saleha Al Ghurair (trainer).
2.45pm: Maiden (PA) Dh60,000 1,200m.
Winner: Ashton Tourettes, Sam Hitchcott, Ibrahim Aseel.
3.15pm: Conditions (PA) Dh60,000 2,000m.
Winner: Hareer Al Reef, Gerald Avranche, Abdallah Al Hammadi.
3.45pm: Maiden (PA) Dh60,000 1,700m.
Winner: Kenz Al Reef, Gerald Avranche, Abdallah Al Hammadi.
4.15pm: Sheikh Ahmed bin Rashid Al Maktoum Cup (TB) Dh 200,000 1,700m.
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
4.45pm: The Crown Prince Of Sharjah Cup Prestige (PA) Dh200,000 1,200m.
Winner: ES Ajeeb, Sam Hitchcott, Ibrahim Aseel.
ATP WORLD No 1
2004 Roger Federer
2005 Roger Federer
2006 Roger Federer
2007 Roger Federer
2008 Rafael Nadal
2009 Roger Federer
2010 Rafael Nadal
2011 Novak Djokovic
2012 Novak Djokovic
2013 Rafael Nadal
2014 Novak Djokovic
2015 Novak Djokovic
2016 Andy Murray
2017 Rafael Nadal
2018 Novak Djokovic
2019 Rafael Nadal
Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
Shooting Ghosts: A U.S. Marine, a Combat Photographer, and Their Journey Back from War by Thomas J. Brennan and Finbarr O’Reilly
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
More from Neighbourhood Watch:
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
Listen to Extra Time
The specs: 2018 Maserati GranTurismo/GranCabrio
Price, base Dh485,000 (GranTurismo) and Dh575,000 (GranCabrio)
Engine 4.7L V8
Transmission Six-speed automatic
Power 460hp @ 7,000rpm
Torque 520Nm @ 4,750rpm
Fuel economy, combined 14.3L (GranTurismo) and 14.5L (GranCabrio) / 100km
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
Coming 2 America
Directed by: Craig Brewer
Starring: Eddie Murphy, Arsenio Hall, Jermaine Fowler, Leslie Jones
3/5 stars
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Dubai World Cup nominations
UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer
USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.
Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.
RESULTS
9pm: Maiden (PA) Dh70,000 (Dirt) 2,000m
Winner: Mubhir Al Ain, Antonio Fresu (jockey), Ahmed Al Mehairbi (trainer)
9.30pm: Handicap (TB) Dh70,000 (D) 2,000m
Winner: Exciting Days, Oscar Chavez, Doug Watson
10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m
Winner: Suny Du Loup, Marcelino Rodrigues, Hamad Al Marar
10.30pm: Maiden (PA) Dh70,000 (D) 1,800m
Winner: Jafar Des Arnets, Oscar Chavez, Ahmed Al Mehairbi
11pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Taj Al Izz, Richard Mullen, Ibrahim Al Hadhrami
11.30pm: Maiden (PA) Dh70,000 (D) 1,400m
Winner: Majdy, Antonio Fresu, Jean de Roualle
12am: Maiden (PA) Dh70,000 (D) 1,400m
Winner: Hamloola, Sam Hitchcott, Salem Al Ketbi