UAE Holds Talks with Taliban to Run Kabul Airport
The United Arab Emirates (UAE) has officially held talks with the Taliban group to run the airport of Kabul, competing with Gulf rival Qatar in influence over the new rules of Afghanistan. The relationship between UAE and Qatar has been strained, with both Gulf nations aiming to capture opportunities on a global scale.
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The European Commission stated on Wednesday that governments of the euro zone should keep spending in 2022 to help its pandemic-struck economies. However, this spending shall be done in different degrees, depending on the nations’ debt levels.
Bahrain stated that it plans to build five offshore cities, trade & transport infrastructure and tourism projects, as part of the Gulf nation’s economic growth and fiscal balance plan announced the previous month. The strategic projects would utilize around $30 billion in investment.
The U.S. dollar edges higher for another trading session, after consolidating overnight, as investors revitalized their bets that the Federal Reserve will hike interest rates, in efforts to tame rising inflation. The dollar index, compared to a basket of six currencies, jumped 0.37% to 96.855.
Gold futures stumble once again, deepening losses from the previous trading session, as Federal Reserve Jerome Powell has been re-nominated for a second quarter. This affects the prices of the bullions as investors prospect faster tightening of monetary policy. With the dollar greenback edging higher, the precious metal dropped 0.42% in value to price at $1782 per ounce.
Crude oil prices decline as investors & traders eagerly await a response from the Organization of Petroleum Exporting Countries (OPEC) and it allies regarding the release of crude oil barrels by the United States. Brent futures stumbled by 0.27% to $82.12 per barrel, while WTI oil dropped 0.15% in value to price at $78.41 a barrel.
USA: S&P500 -0.59%, Dow Jones Industrial Average -0.47%, Nasdaq Composite -1.09%
Europe: FTSE 100 +0.11%, DAX -1.04%, CAC 40 -0.75%
Asia: Nikkei 225 -1.58%, Hang Seng +0.14%, CSI 300 +0.06%, Nifty 50 -0.50%
A letter seen by Reuters unveiled that salesmen from India have threatened to disrupt & derange supplies to stores which are partnered with the renowned Reliance giant. As per the Reuters report, Indian salesmen from companies such as Reckitt Benckiser, Uniliever and Colgate-Palmolive stated that their sales declined 20-25% in the last year as small, family-owned and independent businesses were increasingly in partnership with Reliance to provide lower prices, dominating the market.
According to people familiar with the matter, Apple has informed to its suppliers that the demand for the iPhone 13 has slowed down. The company has already cut iPhone 13 production by 10 million units due to global semiconductor chip shortages, as well as coronavirus-related manufacturing issues in Asia. The news of weaker iPhone 13 demand has pushed the Apple stock downwards by 2.92% in early trading sessions.