Emerging-market stocks last week enjoyed their best week since June, lifted by strong US consumer data, dovish remarks from a hawkish European Central Bank (ECB) member, and expectations of a Chinese policy response to weak economic data.
The MSCI emerging markets index gained 4.2 per cent over the past week to close on 984.91, while the exchange-traded fund that follows this index, the iShares MSCI emerging markets index, rose for seven consecutive days from $38.98 to $40.74, a gain of 4.5 per cent.
Consumer spending rose 0.3 per cent in the US in February, suggesting a hastening pace of recovery.
Jens Weidmann, a member of the ECB’s governing council, and president of the Bundesbank, hinted that he would not necessarily object to a European bout of quantitative easing, which could provide succour for EM markets, which have suffered as tapering looms.
And Li Keqiang, China’s premier, went on record to say that the government has the “necessary policy tools” to address slower growth.
"It may be too early to call the bottom in emerging-market assets, but if we see signs that [Chinese data] is recovering, it could pave the way for a further rally," Allan von Mehren, the chief analyst at Danske Bank, told the Financial Times.
Despite regional tensions, the Micex, an index that follows the top 50 Russian stocks by liquidity, rallied slightly, climbing from 1,237.43 a fortnight ago to 1,344.12 at close on Friday. Still, the Moscow index remained significantly below its February value.
In May, UAE stocks will be added to the MSCI emerging markets index. Last week, Abu Dhabi's benchmark index gained 1.2 per cent over the week while the Dubai benchmark rose 0.7 per cent.
abouyamourn@thenational.ae
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Company%20Profile
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
The%20Specs
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
More on Quran memorisation:
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
ACC%20T20%20Women%E2%80%99s%20Championship
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INDIA SQUAD
Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)
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The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
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COMPANY%20PROFILE
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
The specs: 2018 Range Rover Velar R-Dynamic HSE
Price, base / as tested: Dh263,235 / Dh420,000
Engine: 3.0-litre supercharged V6
Power 375hp @ 6,500rpm
Torque: 450Nm @ 3,500rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 9.4L / 100kms