Worries about the stand-off in Washington over the US debt ceiling prompted a sell-off of global equities, while analysts pondered what effect anaemic trading on local markets would have on the UAE’s only listed bourse.
The Dubai Financial Market General Index fell 0.09 per cent to 1,506.13, while Abu Dhabi’s measure fell 0.5 per cent to 2,627.99.
Analysts pointed to slow months ahead for local stocks and a negative outlook for the markets they trade on.
The Dubai Financial Market’s shares fell 0.87 per cent to Dh1.14 per share ahead of its release of earnings, after Goldman Sachs lowered its target price on Dubai’s stock market.
The American investment bank cited “disappointment over the MSCI emerging market review, the impact of a seasonally slow summer, a lack of near-term positive catalysts and global macroeconomic concerns”, as it reiterated its “sell” rating.
The lone bright spot on the UAE’s markets was Dana Gas, where stocks jumped their most since January 2010 as reports surfaced that the company had become a takeover target.
Vallares, the investment vehicle backed by Nat Rothschild and ex-BP boss Tony Hayward, is exploring a bid for the Sharjah-based gas company, according to media reports.
Dana’s shares rose 5.08 per cent to 62 fils per share, even as most other local stocks fell.
The sell-off came as traders on international markets speculated on the possibility that the world’s largest economy would not break the political gridlock ahead of the August 2 debt ceiling deadline.
The sell-off on world markets continued throughout the day, as the Nikkei 225 fell 1.45 per cent to 9,901.35 and London’s FTSE 100 fell 0.62 per cent to 5,820.62. [TK]
One-year credit default swaps on the US, which insure against credit events and are seen as reflecting the likelihood that a debtor will default, also rose 4.36 per cent to hit 80 basis points.
ghunter@thenational.ae
Biography
Favourite book: Zen and the Art of Motorcycle Maintenance
Holiday choice: Anything Disney-related
Proudest achievement: Receiving a presidential award for foreign services.
Family: Wife and three children.
Like motto: You always get what you ask for, the universe listens.
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
Results
1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000
2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000
3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000
RESULTS
Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.
Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.
Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.
Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.
Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.
Catchweight 80kg
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.
Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.
Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.
Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.
Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.
Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)