Big Four MENA division KPMG Middle East, South Asia, and Caspian (MESAC) posted a 22.4% y-o-y increase in its annual revenues in 2023, Zawya reports. The firm’s performance was backed up by the regional division posting double-digit growth across audit, tax and advisory services. MESAC Advisory services performed the best of all, with revenues surging over 30% y-o-y, according to a KPMG earnings release. KPMG firms posted an overall global revenue of USD 36 bn for FY23, an 8% increase on FY22.

MEANWHILE- Traders are shrugging off the turkey doldrums, but don’t expect a lot of wild action on exchanges in the final trading days of 2023.

The S&P 500 is nearing an all-time high: S&P 500 rose 0.4% during yesterday’s trading, closing about 0.5% away from its all-time high as expectations of the US Federal Reserve moving forward with rate cuts in 2024 keep market sentiment high, Bloomberg wrote.

The Nikkei and shares in Australia are up in early trading this morning, Shanghai is flat, and Hong Kong is shaking off a two-day holiday. Aussie shares are at a two-year high, CNBC. Shares in Europe look set to open in the green later this morning, while Wall Street could dip into the red at the opening bell.

ADX

9,517

+0.3% (YTD: -6.8%)

DFM

4,029

+0.3 (YTD: +20.8%)

Nasdaq Dubai UAE20

3,783

+0.5% (YTD: -5.7%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.2% o/n

5.4% 1 yr

TASI

11,873

+0.5% (YTD: +13.3%)

EGX30

23,995

-1.0% (YTD: +64.4%)

S&P 500

4,775

+0.4% (YTD: +24.4%)

FTSE 100

7,698

0.0% (YTD: +3.3%)

Euro Stoxx 50

4,521

-0.1% (YTD: +19.2%)

Brent crude

USD 81.07

+2.5%

Natural gas (Nymex)

USD 2.55

-2.3%

Gold

USD 2,079

0.0%

BTC

USD 42,482

-2.7% (YTD: +156.9%)

THE CLOSING BELL-

The ADX rose 0.3% yesterday on turnover of AED 2.16 bn. The index is down 6.8% YTD.

In the green: Emirates Stallions Group (+15.0%), National Marine Dredging (+14.7%) and Sudatel Telecommunication Group (+4.5%).

In the red: Ooredoo (-7.4%), Gulf Cement (-5.4%) and Chimera S&P Turkey (-4.8%).

The DFM rose% 0.3% yesterday on turnover of AED 138.08 mn. The index is up 20.8% YTD.

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