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Gulf Today Report
European shares rose on Tuesday boosting markets optimism of strong economic recovery and investors looked past concerns over US hedge fund default in the banking stock.
The pan-European STOXX 600 index rose 0.5% by 08:13 GMT, trading less than a per cent below its record high, with bank stocks leading the gains.
Swiss lender Credit Suisse gained by 0.8% recovering from its near 14% slide in the previous session following the likelihood of recording losses due to Archegos Capital, defaulting on margin calls.
The German DAX rose 0.6% to scale a new record peak, boosted by automakers and a 1.7% rise in Deutsche Bank.
Asian shares were mixed on Tuesday following the reopening of the Suez Canal.
Japan's benchmark slipped 0.1% in morning trading to 29,347.21. Australia's S&P/ASX 200 lost early gains to fall 0.4% to 6,772.10.
South Korea's Kospi added 0.6% to 3,053.78. Hong Kong's Hang Seng gained 0.3% to 28,408.74, while the Shanghai Composite slipped 0.3% to 3,423.83.
One cause for market optimism was the reopening of the Suez Canal, one of the world’s most vital waterways, after a stuck cargo ship was freed. At least 113 of over 420 vessels that had waited for the Ever Given to be freed were expected to cross the canal by Tuesday morning Egypt time.
It's expected to take at least another 10 days to fully clear the backlog on either end.
Shares in Taiwan, India and Thailand were higher, as upbeat Chinese exports data also underpinned risk appetite.
The pan-European STOXX 600 index rose 0.5%, inching closer to a record peak set last year.
Japan's benchmark Nikkei 225 dipped 0.9% to 29,178.80 while in Europe, the pan-European STOXX 600 index inched up 0.1%.
A steady surge of growth throughout the second quarter has propelled Dubai International’s (DXB) half yearly traffic to 27.9 million passengers. DXB achieved the milestone despite a significant reduction in capacity resulting from the 45-day closure of its northern runway in May-June for a major refurbishment project.
Michael Bolliger, Chief Investment Officer Emerging Markets at UBS Global Wealth Management, has stated that he expects the UAE’s economy to grow by over five percent in 2022. In an interview with the Emirates News Agency (WAM), Bollinger said that the UAE’s economy grew by 3.8 per cent in 2021, due to appropriate government incentives
President Abdel Fattah Al Sisi accepted the resignation of Amer and named him a presidential adviser, the state-owned newspaper Al Ahram reported.
China will step up support for the economy, Premier Li Keqiang has said, urging economically important provinces to take the lead in implementing growth policies, state media reported a day after data showed growth unexpectedly slowed last month. China’s economy continued to recover in July but there were “small fluctuations”, Li said during a