Oil markets are expected to be at the forefront of investors' minds during the week ahead after the price of crude dropped to the lowest levels in two years last week.
Brent crude futures, which fell US$7 during the week to settle at $90.62 on Friday, dipped as low as $88.99 per barrel on Thursday.
The European benchmark has fallen by as much as $39.11 per barrel since prices peaked in February.
Prices of West Texas Intermediate futures slid $4.67 during the week to $79.36.
The slowing pace of world growth led Bank of America Merrill Lynch to lower forecasts for the price of oil this year.
"The euro-zone crisis is infecting global oil prices as contagion spreads from banking woes to economic growth expectations," analysts wrote in a research report.
"Given weakening oil demand in Europe, softer growth in emerging markets and the US, plus stronger than expected supply growth, we lower our Brent and WTI crude oil forecasts for [the second half of this year] to $106 and $97 per barrel, respectively. For 2013, we see prices averaging $110 and $100 per barrel," the report added.
Oil prices could have even further to fall as a result of slack demand from Europe, analysts from Capital Economics wrote in a research report.
"Over the next 18 months we expect Brent to trade mostly in a range of $70 to $100 per barrel, with the risks on this horizon skewed to the downside," the report said. "The temptation is to lower our forecasts further. However, after such precipitate declines in oil prices, it would not be surprising to see a small, albeit temporary, bounce."
Despite the gloom on oil markets, the S&P AFE 40 Index of Arab blue-chip stocks closed the week unchanged at 52.54.
But stocks fell when trading resumed yesterday in Saudi Arabia, with the Saudi Tadawul All-Share Index falling 0.9 per cent to 6,774.26 yesterday.
Market heavyweights including Saudi Basic Industries Corporation (Sabic), Al Rajhi Bank and Zain Saudi Arabia were hardest hit, as Saudi trading pointed to a poor start for the UAE and other Arabian Gulf markets this week.
Stocks were mixed on Thursday after the failure of the UAE and Qatar to secure inclusion in the MSCI Emerging Markets index for the fourth year running. Despite falling after MSCI's announcement, the Dubai Financial Market General Index nevertheless closed the week 0.4 per cent higher at 1,470.45.
The Abu Dhabi Securities Exchange General Index rose 0.7 per cent to 2,508.59, the fourth straight week of gains.
Although the failure of the UAE and Qatar to gain an upgrade to emerging market status was a setback, it was unlikely to have much effect on local stocks as many traders had considered an upgrade to be a remote possibility, said Yazan Abdeen, a fund manager at ING Investment Management.
"MSCI was a non-event. I don't see the market reacting to it," he said.
Mr Abdeen expects few catalysts for the market until the third quarter of the year and the release of quarterly earnings.
However, he warned that with the summer setting in, local markets would be tied to developments in Europe for many of the coming weeks.
Macro-economic indicators from the United States pointed to struggling recovery, with the Markit Flash preliminary purchasing managers' index (PMI) of 52.9 the lowest reading in 11 months.
A PMI figure above 50 indicates economic expansion, while below 50 signals contraction.
On Thursday, the US Federal Reserve announced an extension of US$267 billion stimulus measures known as "Operation Twist" until the end of the year.
The European Central Bank lowered eligibility requirements for banks' asset-backed securities in an effort to increase the availability of collateral for struggling euro-zone lenders.
ghunter@thenational.ae
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
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
More from Janine di Giovanni
Zayed Sustainability Prize
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
A MINECRAFT MOVIE
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Starring: Jack Black, Jennifer Coolidge, Jason Momoa
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