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Our various FX products and services help you conduct your international transactions easily.
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Everyday banking is a lot easier with our digital banking platforms and services.
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Introducing Signature, a programme of distinction reserved for the upper crust of Emirates NBD
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Life is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Everyday banking is a lot easier with our digital banking platforms and services.
Learn more about our services and get the most out of your banking relationship with us.
We welcome you to a bespoke banking experience tailored to suit your private banking & wealth management needs, should you, your family, or your business have USD 5 Million (or currency equivalent) and above as Assets Under Management with us.
Asian equities are rising, in a global rally where investors are rushing into the riskier corners of the market betting that the Fed will soon start cutting rates. Hong, Japan, and Australia gained, while stocks in China fell, as traders await cues from the Third Plenum of the Communist Party. Australian and Japanese yields followed their US counterpart’s drop overnight. For now, the benefits of additional liquidity down the road are overpowering concerns about market unfriendly policies Donald Trump could implement as president. Yesterday markets recorded again new all-time highs, still with a cyclical twist to it. Value sectors like industrials (+2.5%) and materials (+2%) outperformed, small caps topped gains (+3.5%)/, while technology continued to lag (-0.4%). The Dow Industrials gained 1.9%, as against a flattish Nasdaq100. Above-consensus retail sales constituted a positive economic surprise even as inflation remains contained, a kind of backdrop that warrants the rerating of long-lagging pockets of the market geared to the economic cycle. The Russel 2000 is now poised for its biggest five-day run since 2020, conversely the IT megacaps have come under pressure, with Nvidia leading losses. The earnings season rolled on with Morgan Stanley dropping on its wealth management division falling short of estimates, while Bank of America rose after saying net interest income would climb by the end of the year. United Health climbed on strong earnings, and Amazon outperformed kicking off its Prime Day event, while Charles Schwab sank as new brokerage accounts missed estimates. In a sign investors do not see inflationary pressures round the corner, longer-dated yields fell, with the 10-year settling well below 4.2% and the 30-year below 4.4%. Gold (+1.9%) continued to climb, reaching new all-time highs on growing investor’s conviction about future rate cuts. Crude oil (-1.5%) and copper (-1.8%) were weaker, mainly on concerns about Chinese economic growth following below-consensus data on Monday.
In June US retail sales excluding autos rose the most in three months, a sign consumers regained their footing at the end of the second quarter. If on the one hand consumers have felt the brunt of tighter rates, on the other the disinflation process has gifted them with increased purchasing power since the inflation peak. A key survey on the housing market on the other hand provided mixed results. The National Association of Homebuilders Index slipped to the lowest level for the year, while a more forward-looking measure from the same report, a gauge of sales expectations for the next six months, rose for the first time since March. In Germany the ZEW survey signaled some unease amongst investors about the strength of the economy. The difference between the future expectations and the current component of the index stopped growing. This would be an indication both for markets, as the ZEW survey tends to lead future euro area equity returns, and for business activity, pointing to lingering malaise amongst manufacturers and a slower pace of rate cuts by the ECB.
The IMF issued an update to its World Economic Outlook, warning that with inflation abating slowly in many countries rates can stay high for “even longer”. Stubborn services inflation was seen as the culprit, and global fragmentation and rising tariffs as a threat. In spite of this, the Fund still sees a soft landing, with global growth unchanged at 3.2% for this year and revised a trifle higher to 3.3% for 2025. The outlook for China and India was revised higher, while Saudi Arabia’s projections were slashed the most, following the kingdom’s decision to roll over cuts to its oil production. Slower growth could thwart the Crown Prince’s plans to transform the economy. And the Fund calculated the country needs a Brent price of $96 to balance the budget now.
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