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Gulf Today Report
Asian stocks remain mix as all eyes are on the outcome of the Federal Reserve policy meeting.
Shares rose in Hong Kong and Tokyo but fell in Seoul and Sydney. Shanghai didn’t have a significant change.
Tokyo's Nikkei 225 index added 0.3% to 28,635.21, while the Hang Seng in Hong Kong edged 0.1% higher to 29,429.26. The Kospi in South Korea sank 0.6% to 3,122.56, while the Shanghai Composite index was virtually unchanged, at 3,568.90.
According to analysts, it is expected that the Fed will be keeping its supportive policy stance unchanged due to the slow pace of economic recovery.
In a commentary, Stephen Innes of Axi expressed the market likely lost for the first half of 2021 due to the surge in the virus.
" Some are even concerned that vaccines may not prove useful enough to eradicate the virus. And these concerns will continue to linger over markets like a dark cloud until vaccine distributions get ironed out, and a definitive drop in contagion levels can thoroughly support the vaccine efficacy results,” he added.
European stocks fell on Wednesday as technology and mining sectors record losses and investors await US Federal Reserve’s policy decision.
The pan-European STOXX 600 index was down 0.02% following losses in Asian markets and Wall Street.
Despite Microsoft overnight gain, Europe’s tech sector fell by 0.9%. On the other hand, miners took a hit as Fresnillo Plc forecast lower gold output for the current year.
Meanwhile, the surge in coronavirus has affected the European economy with Europe being the worst-affected region.
"Equity markets are mixed even with a positive earnings season in the United States amid fears regarding the rollout of the vaccine and production capabilities," Sebastien Galy, macro strategist at Nordea Asset Management said in a note.
European earnings have come in largely positive, with analysts projecting a 24% drop in fourth-quarter profit for companies listed on the STOXX 600, slightly better than a 26% drop forecast a week ago, as per Refnitiv IBES data.
In Britain inflation has affected the shares, picking up more than was expected in January.
The pan-European STOXX 600 fell 1.9% while major regional bourses like Germany's DAX and France CAC 40 slid further into the red and UK's FTSE 100 held on to slim gains for the year.
Shares also fell in Tokyo, Shanghai and Sydney, Hong Kong’s Hang Seng dropped 0.3%, shares rose in India but fell in Taiwan.
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Board of Trustees of the Dubai Future Foundation, on Wednesday approved a set of new projects across key sectors, including transportation, aviation, urban planning and healthcare.
The Middle East’s premium Rotating Machinery Technology & Innovation gathering - RoTIC Symposium 2023 concluded with resounding success, bringing together industrial leaders, manufacturers, and chief engineers from various sectors. The symposium, which focused on Rotating Machinery and its
Abu Dhabi Department of Economic Development (ADDED) and MT Group, a Shanghai-based valve manufacturer, have signed an agreement to strengthen value chain for high-precision equipment in Abu Dhabi, attract more Chinese industrial investments to the emirate and promote sustainable development.
Abu Dhabi Securities Exchange (ADX) has partnered with Sharjah Islamic Bank (SIB) to streamline and facilitate greater access to Initial Public Offering (IPO) subscriptions for investors. The partnership will see both ADX and SIB work together to simplify the process of obtaining a National Investor Number (NIN)