Emirates NBD Research
 

Find anything about our articles and more.
Enter a query in the search input above, and results will be displayed as you type.

Try typing "Dubai Economics", "Dubai GDP", "GCC Macro"

Emirates NBD
Search
Subscribe
   
  • Home
  • Economics

    Emirates NBD Research provides detailed coverage of 16 GCC and MENA economies, analysing them from a top down macro and strategic perspective as well as by a bottom up sector by sector approach.

    • SUBTOPICS
    • GCC Macro
    • MENA Macro
    • Global Macro
    • Sector Economics
    • Monthly Insights

     

    Latest Article UAE and Saudi PMIs slip in February
    Latest Article Indian GDP returns to growth but misses expectations
    Latest Article Vaccination rollouts will determine 2021 growth rate

     

  • Markets

    Emirates NBD Research publishes reports on global forex, rates and commodities, as well as regional fixed income and equity markets.

    • SUBTOPICS
    • Foreign Exchange
    • Fixed Income
    • Commodities
    • Equities
    • Monthly Insights

     

    Latest Article Oil at 100: No.
    Latest Article Emerging markets at risk of higher US yields
    Latest Article US yields race ahead

     

  • Daily
  • PMIs

    Emirates NBD sponsors Purchasing Managers’ Indices for the UAE, Saudi Arabia, Egypt and Dubai. The indices are compiled by IHS Markit, the leading global provider of financial market data.

    • SUBTOPICS
    • UAE PMI
    • Saudi Arabia PMI
    • Egypt PMI
    • Dubai PMI
    • Methodology

     

    Latest Article UAE and Saudi PMIs slip in February
    Latest Article Dubai PMI signals slower start to 2021
    Latest Article Regional PMIs show slight improvement in January

     

  • About Us
  • EmiratesNBD.com
  • Subscribe
MARKETS > ECONOMICS

Monthly Insights June 2019

Published Date: 24 June 2019

Facebook
Linkedin
Twitter
Email
Print

 

While risk assets received a boost from the Fed’s more dovish tone at the June FOMC meeting, rising geopolitical tensions, uncertainty around US-China trade discussions and a continued softening in economic data globally are likely to weigh on markets over the summer.   

 

Global macro: Central banks are adopting more dovish stances amidst rising concerns over trade, and to some extent pitching themselves against each other in what might eventually turn into a rerun of the fabled currency wars.

 

GCC macro: We have revised down our 2019 GDP growth forecast for the UAE to 2.0% from 3.1% previously.  Dubai’s economy will likely remain the country’s main engine of non-oil growth.  We expect GDP growth to accelerate to 2.6% in 2020.            

           .                      

MENA macro: The upside surprise to Egyptian inflation in May reaffirms our view that the Central Bank of Egypt (CBE) will keep its benchmark interest rates on hold over its next several MPC meetings (July, August, September).

 

Interest Rates: Government bonds rallied on the back of accommodative bias being adopted by major central banks. 

 

Credit Markets: Credit spreads on GCC bonds remain range-bound amid rising geopolitical concerns.

 

Currencies: The dollar has gained ground over the course of the month, benefiting from safe haven bids as trade tensions continue to escalate.

 

Equities: As we approach the second half of 2019, global equities appears to be caught in a tug-of-war between the adrenalin of easy monetary policy across economies and the weight of slowing global economic growth along with rising geopolitical risks.

 

Commodities: Industrial metals have been among the biggest casualties of the US-China trade war. Even as some markets face significant supply risks, lower expectations for demand are dragging prices lower and we are revisiting several of our price assumptions. ​

 

Click here to Download Full article

 

 

 

 

Written By:
,

RELATED ARTICLES

Monthly Insights: January 2021
17.01.2021

Economic Calendar - 11 January 2021
10.01.2021

Brexit is not over yet
04.01.2021

Joe Biden wins presidential election
08.11.2020

Green bond market has room to expand in MENA
21.10.2020

See all

LATEST ARTICLES

Monthly Insights: February 2021
23.02.2021

Oil at 100: No.
02.03.2021

Emerging markets at risk of higher US yields
22.02.2021

See all
 

 Subscribe to our newsletter


Never miss out what is going on in UAE Economics

KEEP READING MORE

Monthly Insights: February 2021

A round-up of our key research insights and forecasts in February 2021

MONTHLY INSIGHTS, MENA - 23.02.2021

Dubai PMI moves back into expansion territory in December

The Dubai PMI rose to 51.0 in December 2020.

PMIS, ECONOMICS - 11.01.2021

Oman and Bahrain tap bond markets early in 2021

Oman and Bahrain were the first GCC sovereigns to tap capital markets this year, as they sought to take advantage of the low-rate environment to finance expected budget deficits.

ECONOMICS, GCC - 26.01.2021

 

Rally in risk to weigh on dollar

A sustained rally in risk markets could take the fizz out of the dollar in the near term.

MARKETS, FX - 08.02.2021

Oil at 100: No.

Spare capacity remains ample amid demand still in recovery mode

MARKETS, COMMODITIES - 02.03.2021

Jordan set to return to growth

Having come through 2020 comparatively less scathed than some of its MENA peers, we expect a modest ongoing improvement in Jordan's economy in 2021, provided the Covid-19 pandemic starts to abate.

ECONOMICS, MENA MACRO - 27.01.2021

Kuwait: Bigger draft budget for FY2022 but political gridlock remains a risk

The budget for the coming fiscal year starting 1 April 2021 shows a deficit of KWD 12.1bn.

ECONOMICS, GCC MACRO - 27.01.2021

  • Economics
  • Markets
  • PMIs
  • About Us
  • Subscribe to our publications
  • Economics
  • GCC Macro
  • MENA Macro
  • Global Macro
  • Sector Economics
  • Markets
  • Foreign Exchange
  • Fixed Income
  • Commodities
  • Equities
  • PMIs
  • UAE PMI
  • Saudi Arabia PMI
  • Egypt PMI
  • Dubai Economy Tracker
  • Methodology
  • About Us
  • Subscribe to our publications

 


Terms and Conditions
Copyright © 2021 Emirates NBD Bank PJSC. All Rights Reserved