This trend can be mainly attributed to factors like the growing presence of high net-worth individuals and the UAE’s removal from the FATF’s grey list
realty3 hours ago
As calls grew louder from analysts and investors for further measures from Beijing to support the economy, China’s central bank on Thursday completed its largest weekly injection of funds into the financial system in seven months — a move traders saw as a substitute for a cut in banks’ required reserve ratio.
The HSBC Flash China manufacturing purchasing managers index, or PMI — a preliminary read-out that provides an early peek at data for August — fell to 47.8 this month, its lowest level since November and well down from July’s final figure of 49.3.
“Inventory numbers are the highest on record. Orders to inventory are the lowest since December 2008. Foreign orders to inventory are the lowest since January 2009. It’s very hard to put a positive spin on anything within the data,” said Robert Rennie, chief currency strategist at Westpac Bank In Sydney. “Bottom line — a very poor update with some very poor China data to come.”
Falling demand from debt-ridden Europe, China’s single biggest export market, has put the Chinese economy under pressure, with the ripples now being felt throughout east Asia. Sixth consecutive quarters of slowing Chinese growth have also taken a toll on commodities markets, with falling prices and an uncertain outlook prompting miner BHP Billiton to shelve a $20 billion expansion project in Australia.
This trend can be mainly attributed to factors like the growing presence of high net-worth individuals and the UAE’s removal from the FATF’s grey list
realty3 hours ago
Sama 2.0 will answer real-time questions, help travellers design curated travel experiences, and find answers for customers
aviation3 hours ago
Spot gold was slightly down at $2,335.13 per gram on Monday
uae4 hours ago
As authorities sprang into action to drain waterlogging, tenants and homeowners had to navigate the aftermath of nature's unpredictability
uae4 hours ago
The 51-year-old recently competed in the Masters Indoor World Cup — his 10th international tournament since undergoing surgery
sports5 hours ago
Met Department advised people to take precautions during strong convective cloud activity associated with rainfall over Eastern and Northern areas
uae5 hours ago
Earlier, interest-free loans were announced for Emiratis whose businesses were affected by the rains, with a grace period of 6 to 12 months
uae7 hours ago