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Emirates NBD International
The CBE held its benchmark rates steady in June
ECONOMICS, MENA MACRO
We expect the Bank of England to keep chasing inflation.
Khatija Haque and Edward Bell discuss the more hawkish monetary policy stance from the Fed and the implications for growth in the US and the GCC.
The Federal Reserve is going to keep chasing inflation with higher and higher rates.
FX, FIXED INCOME
PMI surveys indicate global slowdown
UK inflation at fresh 40-year high
US home sales decline in May
Focus remains on tighter policy
Central bankers talk up tighter policy
Policy differentials and evaporating risk sentiment help support the USD against peers.
Prices yet to show any response to higher rates
MARKETS, FIXED INCOME
Looking at the recent PMI surveys for the MENA region which show increasing input costs for businesses, and how these may impact consumer inflation.
GCC MACRO, ECONOMICS
The tourism sector in Dubai is recording a strong recovery as visitor numbers increase
Egyptian CPI inflation accelerated in May compared with April
The Dubai PMI rose to 55.7 in May
PMIS, GCC MACRO
The Reserve Bank of India hiked its benchmark interest rate by 50bps
Dubai PMI at 35-month high
PMIs show rising input costs in MENA
UAE PMI rises in May on strong domestic demand
Dubai PMI slips but still strong in April
Regional PMIs indicate price pressures
Domestic demand has been strong in the first half of 2022 but consumption is likely to slow in H2.
Saudi Arabia PMI was unchanged at 55.7 in May while Egypt PMI remained in contraction territory at 47.0
But the impact on markets may fall far short of what is intended.
The PMI was the highest since mid-2019.
We have downgraded our growth forecast for Morocco
The series has been rebased with 2021 as the new base year, and component weights have been adjusted.
A round-up of our recent publications and forecasts in May 2022
Domestic liquidity conditions remain tight however.
ECONOMICS, GCC MACRO
A round-up of the most widely followed monthly macro data points from the US, compared to expectations and the previous month s results.
ECONOMICS, GLOBAL MACRO
The Dubai PMI survey accelerated to a post pandemic high in March
PMIS, UAE PMI
The headline PMI for Dubai slipped in January from the two-and-a-half year high recorded in December as the Omicron variant and supply chain issues weighed on activity.
ECONOMICS, DUBAI ECONOMY TRACKER
Hospitality and real estate services saw the sharpest rebound from pandemic lows.
ECONOMICS, GCC MACRO
Improvement in business conditions underpinned by relaxation of travel restrictions, Expo 2020 and strengthening domestic demand.
Monthly Insights - May 2022
Monthly Insights - April 2022
Monthly Insights - March 2022
Monthly Insights - February 2022
Conditions still appear tight despite OPEC commentary
Fundamentals and market conditions should still support a stronger dollar.
Outlook remains uncertain as Fed turns more hawkish
Gold is failing to live up to haven status amid broad selling in markets.
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