Dubai property set to outperform, says Damac
Damac Properties reported an 11.7 per cent fall in third-quarter profits on Monday, as the developer’s chairman acknowledged that this year would be remembered as “the year of market turmoil and macroeconomic pressures”. However, Hussain Sajwani said that “with a medium to long-term view, we believe that Dubai is well positioned for continued growth, and we expect the city to consistently outperform more established metropolitan centres”.
2.3 %
The price of central London’s most expensive homes fell again in October, continuing a decline which began earlier this year because of increased property taxes and the Brexit vote, a consultancy said on Monday. In the latest sign that the property market is cooling since Britons voted to leave the European Union, Knight Frank said prices fell by an annual 2.3 per cent last month in London’s most desirable postcodes, the biggest drop in seven years.
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“The immediate impact will be on the Fed. The probability of a hike in interest rates in December, followed by two further hikes 2017, has fallen sharply. The dollar which has been trending higher in anticipation, has consequently reversed.”
Dominic Rossi, chief investment officer for Fidelity investments, on the effects of Donald Trump winning the US election on Wednesday
India scraps its largest banknotes
Indians awoke to confusion on Wednesday after the government withdrew the highest-denomination currency notes overnight to halt money laundering in a country where many in the poor and middle-class still make day-to-day transactions in cash. The prime minister Narendra Modi made a surprise televised announcement that, as of midnight on Tuesday, all 500 and 1,000-rupee notes had no cash value. People holding the discontinued notes can deposit them in banks and post office savings accounts before the end of the year.
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