The banking sector led gains on UAE markets on Thursday after lenders reported bumper earnings.
Shares in Abu Dhabi and Dubai gained 0.6 per cent, led by banks including National Bank of Abu Dhabi and Emirates NBD.
Banks in the UAE are provisioning less for loans that may not be repaid, while strong demand for consumer lending is offsetting the impact of lower interest rates on earnings.
Emerging-market stocks ended a four-day advance as Chinese shares fell the most in a month and weaker oil prices weighed on Russian equities. The rouble dropped past the lower limit of the central bank’s trading band.
The MSCI Emerging Markets Index lost 0.4 per cent to 983.48 by midafternoon in London. The gauge has tumbled 11 per cent from last month’s 2014 high amid a deteriorating global outlook.
The Emerging Markets Index has fallen 1.9 per cent this year and trades at 10.6 times 12-month estimated earnings. The MSCI World Index’s multiple is 14.4 and the gauge is down 1 per cent this year.
European stocks have led a rout that erased as much as US$5.5 trillion from the value of shares worldwide amid speculation that the European Central Bank’s stimulus measures will not be enough to spur growth. Investors are analysing economic data to gauge the health of the economy after the IMF said this month that the euro zone risks falling back into recession.
Copper rose to $6,684 a tonne and nickel jumped 0.6 per cent. China is the biggest buyer of industrial metals, and Germany is the third-largest. West Texas Intermediate oil advanced 1 per cent to $81.35 per barrel.
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