The Federal Reserve won’t start cutting interest rates until at least July 2024, a Financial Times poll showed, with nearly 60% of the participants expecting cuts to begin in 3Q 2024 or later. Some 75% of the 40 economists surveyed believe that the Fed will only trim rates by half a percentage point or less in 2024 from its current 22-year high of 5.25-5.5%. Most of them, however, agreed that the Fed’s rate hike cycle is now over.

Wall Street expects officials to act sooner: Investors rushed into stocks, bonds, gold, and risk assets at the end of last week as markets were flooded with bets that the Fed will begin cutting rates as early as March, expecting rates to stand at around 4% by the end of next year.

ADX

9,481

-0.4% (YTD: -7.2%)

DFM

3,969

-0.2% (YTD: +19.0%)

Nasdaq Dubai UAE20

3,779

-0.6% (YTD: -5.8%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.1% o/n

5.5% 1 yr

TASI

11,174

+0.3% (YTD: 6.6%)

EGX30

24,704

-1.7% (YTD: 69.2%)

S&P 500

4,549

-0.4% (YTD: +18.5%)

FTSE 100

7,515

+0.3% (YTD: +0.9%)

Euro Stoxx 50

4,483

+0.7% (YTD: +18.2%)

Brent crude

USD 74.24

-3.8%

Natural gas (Nymex)

USD 2.57

-5.4%

Gold

USD 2,047.90

+0.6%

BTC

USD 43,834

0.0% (YTD: +165.3%)

THE CLOSING BELL-

The DFM fell 0.2% yesterday on turnover of AED 229.87 mn. The index is up 19.0% YTD.

In the green: Commercial Bank of Dubai (+1.7%), Gulf Navigation Holding (+1.1%) and Emaar Development (+1.1%).

In the red: Shuaa Capital (-9.8%), Dubai National Ins. & Reins. (-5.3%) and Dubai Islamic Ins. and Reins. (-3.6%).

The ADX fell 0.4% yesterday on turnover of AED 1.03 bn. The index is down 7.2% YTD.

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