Investors worldwide will be glued to their terminals today as Ben Bernanke, the chairman of the US Federal Reserve, delivers an address at Jackson Hole in Wyoming - but investors in the Gulf are holding fire.
Last year's annual meeting was used to signal a second round of quantitative easing, known as QE2, and expectations are high that the flagging strength of the US recovery will augur a QE3.
World equity markets have rallied on optimism that a third round of stimulus measures is on the cards, with the MSCI World Index of global stocks rising 3.29 per cent to 1,168.58 points this week.
However, expectations are such that the absence of a "constructive" solution from the Fed could bring another sell-off on world markets, said Rami Sidani, the head of Middle East and North Africa region portfolio management at Schroders, the international investment house. "If it doesn't happen, the market will be extremely disappointed and you'll see some selling," he said.
Theoretically, the additional liquidity should provide a boost to stock market investors.
But the impact on the UAE's markets has been limited since the markets will be closed from Tuesday to mark Eid Al Fitr.
"Given that most investors are going to be on holiday, regional and domestic liquidity is preferring to stay on the fence," Mr Sidani said.
There has been some slight movement on UAE markets, but they remain hobbled by low trading volumes as Ramadan draws to an end.
The Dubai Financial Market General Index rose 0.5 per cent to 1,465.01, while the Abu Dhabi Securities General Index rose 0.3 per cent to 2,590.49.
Tamweel, Emaar Properties and First Gulf Bank were among the biggest movers on the UAE markets.
Elsewhere in the Gulf, Bahrain's bourse fell but all other markets made tentative gains.
ghunter@thenational.ae
RESULTS
6.30pm: Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) Dh102,500 (D) 1,200m
Winner: Taamol, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Handicap (TB) Dh105,000 (Turf) 1,800m
Winner: Eqtiraan, Connor Beasley, Ali Rashid Al Raihe.
8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
Winner: Soft Whisper, Pat Cosgrave, Saeed bin Suroor.
9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer.
9.25pm: Handicap (TB) Dh95,000 (T) 1,000m
Winner: Etisalat, Sando Paiva, Ali Rashid Al Raihe
The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
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MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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