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The US economy posted 3.3% growth in 4Q 2023, closing the year with its economy expanding at a 2.5% clip. That’s significantly higher than analyst expectations, which economists had put at 2.0%, with some economists expecting growth as low as 0.8%, according to Reuters. Growth was driven primarily by consumer spending.
What does that mean for interest rates? The Fed probably won’t cut rates quite yet. “The strong economic performance, which appears to have spilled over into the new year, suggested that March would be too soon for the US central bank to start cutting interest rates,” Reuters said. However, there is room for rate cuts this year as US inflation decelerates, the newswire says.
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ADX |
9,626 |
-0.3% (YTD: +0.5%) |
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DFM |
4,173 |
-0.2% (YTD: +2.8%) |
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Nasdaq Dubai UAE20 |
3887 |
-0.5% (YTD: +1.2%) |
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USD : AED CBUAE |
Buy 3.67 |
Sell 3.67 |
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EIBOR |
4.9% o/n |
5.1% 1 yr |
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TASI |
12,161 |
-0.1% (YTD: +1.6%) |
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EGX30 |
27,666 |
+0.3% (YTD: +11.1%) |
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S&P 500 |
4,876 |
+0.2% (YTD: +2.4%) |
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FTSE 100 |
7,529 |
0% (YTD: -2.6%) |
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Euro Stoxx 50 |
4,582 |
+0.4% (YTD: +1.4%) |
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Brent crude |
USD 82.24 |
-0.2% |
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Natural gas (Nymex) |
USD 2.61 |
+1.3% |
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Gold |
USD 2,040.70 |
+0.2% |
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BTC |
USD 40,162.25 |
+0.5% (YTD: -8.7%) |
THE CLOSING BELL-
The ADX fell 0.3% yesterday on turnover of AED 995.1 mn. The index is up 0.5% YTD.
In the green: The National Investor (+14.9%), National Company for Tourism and Hotels (+4.7%) and National Bank of Ras Al Khaimah (+4.4%).
In the red: Commercial Bank International (-10.0%), Hayah Ins. (-7.9%) and Julphar (Gulf Pharmaceutical Industries) (-6.3%).
Over on the DFM, the index closed down 0.2% on turnover of AED 457.2 mn, while Nasdaq Dubai fell 0.5%.
