domingo, 15 de julio de 2012

DIFC:WEEKLY ECONOMIC COMMENTARY 15 JULY 2012


The Eurogroup made some progress on the Spanish bank deal lifting up the stock markets in developed countries, but the summer rally seems to have ended; the flurry of data from China suggesting no hard landing with GDP growth at 7.6% and slowing inflation, did however help Asian markets recover from their losing streak. Regional markets were mostly down, though the Qatar government’s Sukuk sale led to a positive impact. The euro was at its weakest level in two years, while the yen continued to rise against the greenback for a third consecutive week. The end of the strike at Norwegian Statoil pushed down the oil price, but it crossed the $100 mark on fresh Iran sanctions; gold prices gained on Fri erasing losses suffered earlier in the week.