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Gulf Today Report
Asian stocks remain mixed on Tuesday as investors worry about higher interest rates.
Market benchmarks in Tokyo, Shanghai and Hong Kong declined. Seoul and Sydney advanced.
The Shanghai Composite Index lost 0.3% to 3,539.91 and the Nikkei 225 in Tokyo sank 0.4% to 29,554.75. The Hang Seng in Hong Kong lost 0.2% to 29,405.45.
The Kospi in Seoul advanced 1.6% to 3,060.39 after the government reported factory production increased by a better-than-forecast 7.5% in January over a year earlier, up from December's 2.5%.
Oil prices rebound due to passing of US stimulus bill
In a report, Stephen Innes, chief analyst at Axi said "bond markets rowed back into calmer waters. Stocks should continue to move higher to the beat of the US consumer’s capacity to spend their way out of this recession.”
European stocks decline on Tuesday as heavyweight mining and energy stocks fell due to weak commodity prices.
The pan-regional STOXX 600 index fell 0.2% in early trading.
Oil majors Royal Dutch Shell, BP and Total fell between 1% and 2% as crude prices dropped on worries about slowing demand in China.
The pan-European STOXX 600 fell 0.7% by 08:10 GMT, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6%, on Wall Street, the Dow slumped 1.16%.
Tokyo is leading the Asian market with gains jumping 1.7 per cent while Sydney piled on 0.9 per cent. Euro Stoxx 50 futures fell 0.9% at 06:56 GMT, while German DAX futures shed 0.7% and UK's FTSE futures lost 0.5%.
Japan's Nikkei 225 surged 1.9% to 24,794.44. Australia's S&P/ASX 200 added 1.6% to 6,291.10. In Europe, Stoxx 50 futures were up 1.5% by 06:40 GMT, while German DAX futures and London's FTSE futures gained 1.6% and 1.3%, respectively.
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Brent crude futures fell 20 cents, or 0.3%, to $65.12 a barrel by 05:27 GMT while US West Texas Intermediate (WTI) crude futures were down 21 cents, or 0.3%, at $61.14 a barrel, after losing $1.32 on Wednesday.
Spot gold was up 0.1% at $1,794.67 per ounce by 01:15 GMT while US gold futures rose 0.1% to $1,795.40 per ounce.
DP World, UAE Region in collaboration with the UAE Food & Beverage Manufacturers Group recently hosted ‘The Food & Beverages (F&B) Manufacturing Industry 2021 Dialogue’ emphasising the significance of the sector to the UAE’s economy. The entity’s recently