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Gulf Today Report
Europe stock slipped on Monday as eyes remain on Brexit negotiations, however, it still maintains its position for the best month as people remain optimistic for a vaccine.
London's FTSE 100 slipped 0.3%, while the pan-European STOXX 600 index fell 0.5% after four weeks of gains which have seen it rise nearly 15% so far in November.
UK awaits the outcome of the talks between UK Prime Minister Boris Johnson and EU Commission president Ursula von der Leyen.
Investors hope for a trade deal but talk crumbling five weeks before the deadline is also a possibility.
Asian shares fell on Monday despite the optimism for a vaccine led economic recovery and a high finish on Wall Street the previous week.
Japan's benchmark Nikkei 225 dipped 0.8% to 26,433.62 as markets throughout the region quickly lost early gains. South Korea's Kospi lost 0.9% to 2,608.79. Australia's S&P/ASX 200 slipped 1.3% to 6,517.80. Hong Kong's Hang Seng edged down 1.5% to 26,501.58, while the Shanghai Composite edged 0.1% lower to 3,404.90.
Stephen Innes, chief global market strategist at Axi said despite the fluctuation, investors are hopeful for a vaccination that would help in recovering the economy.
Innes said, “vaccines offer the promise that the major disruptions of the pandemic will fade from the scene on 2021. Economic life will gradually heal; the world will start to move on from all the human suffering that the virus has wrought.”
However, China’s manufacturing sector has recovered, it is experiencing growth, a ray of hope for the region.
The pan-European STOXX 600 gained 0.5%, building on a 5% rally this week as investors bought into utilities as well as travel-related stocks. Asian shares rose on Wednesday after the announcement of a COVID-19 vaccine that is more than 90% effective.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.06% to 609.41, which is near its January 2018 high of 617.12. The pan-European STOXX 600 index fell 0.6%, taking some shine off gains of more than 13% this month.
The pan-European STOXX 600 fell 0.3% after gaining at the beginning of the week. In the last two weeks, the index has advanced by 12%. MSCI's broadest index of Asian shares outside Japan edged up 0.1%, reversing earlier losses. For the week it rose to about 0.7%.
Brent crude futures climbed 19 cents, or 0.3%, to $56.10 a barrel while US West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.4%, to $52.81 a barrel.
Spot gold was down 0.1% to $1,849.16 per ounce while US gold futures eased 0.2% to $1,847.50.
The UAE has succeeded in providing all public and private services, which greatly contributed to mitigating the expected impact of the pandemic on the real estate sector, thanks to the proactive measures of the government, says Binghatti.