Brent crude futures fell back below $126 a barrel today, after US government officials said they had received assurances from oil producers Kuwait, the UAE, and Saudi Arabia that they would increase production to offset the blockade of Iran.
Brent futures were trading down 37 cents at $125.85 this morning, from above $126 the day before.
Local bourses followed global markets into the green after an injection of optimism from the US which signaled its confidence in the country's economic recovery.
The Dubai Financial Market General Index was up 1.2% in early trading to 1,702.07. The index is up 25.7 per cent during the year to date. The Abu Dhabi Securities General Markets Index rose 0.41 per cent 2,633.90, bringing its year to date increase to 9.7 per cent.
Abu Dhabi property companies were the early risers, adding to previous gains. Eshraq Properties rose 5.26 per cent. Aldar Properties gained 5.15 per cent. Sorouh Real Estate was up 5.84 per cent. Aldar and Sorouh have continued their rise after Sunday night's potential merger announcement.
Shares in Taqa, the Abu Dhabi National Energy Company, rose after the company announced a 10 per cent dividend. The stock was up 2.38 per cent to Dh1.29.
The rises come against a backdrop of increasing local optimism about the recovery of the UAE property market, and encouragement an economic recovery is taking hold in the US.
Last night the US Federal Reserve held off on expanding its post-crisis programme of pumping money into the country's economy, noting improvements in the labour market.
Gold futures were down 1 per cent today on the news, losing 17 cents to $1677.20 a troy ounce. The precious metal has fallen for three straight days as investors take flight from the safe haven stock on signs the US economy is recovering.
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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.”
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Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
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