Asian and Arabian Gulf stock markets declined yesterday as investor focus returned to Europe's worsening debt crisis even as data from China's manufacturing industry signalled a recovery.
Investor sentiment was dampened after Moody's Investors Service on Tuesday lowered its outlook on Germany's credit rating to negative from stable.
Japan's Nikkei Index declined 1.4 per cent to 8,365.90. Korea's Topix Index fell 1.5 per cent to 706.46, while Hong Kong's Hang Seng Index lost 0.1 per cent to 18,877.30.
HSBC's monthly purchasing managers' index, which offers a benchmark of manufacturing activity, rose to 49.5 from 48.2. Typically, figures above 50 indicate growth.
In the UAE, the Abu Dhabi Securities Exchange General Index slipped 0.02 per cent to 2,464.04, while the Dubai Financial Market General Index lost 0.29 per cent to 1,500.64.
Arabtec Holding, one of the region's biggest developers, lost 0.3 per cent to Dh2.89. Dubai Islamic Bank fell 0.5 per cent to Dh1.89.
"The overall underlying picture in Europe is what is causing a drag on markets currently," said Julian Bruce, the director of institutional sales trading based in Dubai at EFG Hermes.
Elsewhere in the region: Kuwait's measure fell 0.6 per cent to 5,751.27; Bahrain's index added 0.1 per cent to 1,109.77; Oman's MSM 30 Index fell 0.2 per cent to 5,400.02; Qatar's QE Index slipped 0.2 per cent to 8,232.01.
The Saudi Tadawul All-Share Index lost0.05 per cent to 6,666.80.
halsayegh@thenational.ae
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Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Killing of Qassem Suleimani
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RESULT
Esperance de Tunis 1 Guadalajara 1
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’
Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
