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China slowdown, US banks weigh on global stocks
China’s central bank unexpectedly cut interest rates yesterday to arrest the country’s economic slowdown
Global banks are pricing in a soft landing as greenback weakens
But corporate defaults are expected to rise as high rates bite
Slowing US inflation is bringing the greenback back down to earth
And that could be good news for emerging markets
EM currency volatility on the decline + Gulf state firms go shopping
One measure of EM currency volatility is at its lowest since October 2021
Adnoc L&S shares surge on stock market debut
Adnoc L&S’ USD 729 mn IPO was 163x oversubscribed when it closed last month
Adnoc L&S IPO raises USD 769 mn following huge investor demand
The share sale was 163x oversubscribed
Orascom Construction, Metito to build USD 2.4 bn desalination plant in Abu Dhabi. PLUS: Standard Chartered eyes Egypt, FX crisis hits Arab Alloys industrial complex
The project will process more than 500k cbm of seawater per day
Adnoc ups offering of logistics arm amid huge investor demand
The company could raise as much as USD 769 mn from the IPO
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